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<p style="border:none;margin:0in;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p align=center style="border:none;margin:0in;text-align:center;"><font style="position:relative;"><font style="height:1px;left:0px;position:absolute;top:-10px;width:720px;"><img height=1 src="drdgold202020fx0x0.gif" width=720></font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">UNITED STATES </font></b><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">SECURITIES AND
EXCHANGE COMMISSION</font></b></font></p>

<p align=center style="border:none;margin:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">WASHINGTON, D.C. 20549</font></b></font></p>

<p align=center style="border:none;margin:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">FORM 20-F</font></b></font></p>

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<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr>
  <td valign=top width=5% style="padding:0in .05in 0in .05in;">
  <p align=center style="margin:0in;margin-left:.1in;text-align:center;text-indent:-.1in;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>
  </td>
 <td valign=top width=95% style="padding:0in .05in 0in .05in;">
  <p style="margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=top width=5% style="height:4.0pt;padding:0in .05in 0in .05in;">
  <p align=left style="border:none;margin:0in;margin-left:.1in;text-align:left;text-indent:-.1in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></font></p>
  </td>
 <td valign=top width=95% style="height:4.0pt;padding:0in .05in 0in .05in;">
  <p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">REGISTRATION STATEMENT PURSUANT TO
  SECTION&nbsp;12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</font></b></font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=100% style="padding:0in .05in 0in .05in;">
  <p align=center style="border:none;margin:0in;margin-left:.1in;text-align:center;text-indent:-.1in;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">OR</font></b></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in .05in 0in .05in;">
  <p align=left style="border:none;margin:0in;margin-left:.1in;text-align:left;text-indent:-.1in;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#9745;</font></b></font></p>
  </td>
 <td valign=top width=95% style="padding:0in .05in 0in .05in;">
  <p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ANNUAL REPORT PURSUANT TO SECTION&nbsp;13
  OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended
  June 30, 2020</font></b></font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=100% style="padding:0in .05in 0in .05in;">
  <p align=center style="border:none;margin:0in;margin-left:.1in;text-align:center;text-indent:-.1in;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">OR</font></b></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in .05in 0in .05in;">
  <p align=left style="border:none;margin:0in;margin-left:.1in;text-align:left;text-indent:-.1in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></font></p>
  </td>
 <td valign=top width=95% style="padding:0in .05in 0in .05in;">
  <p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">TRANSITION REPORT PURSUANT TO
  SECTION&nbsp;13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></b></font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=100% style="padding:0in .05in 0in .05in;">
  <p align=center style="border:none;margin:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">OR</font></b></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in .05in 0in .05in;">
  <p align=left style="border:none;margin:0in;margin-left:.1in;text-align:left;text-indent:-.1in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></font></p>
  </td>
 <td valign=top width=95% style="padding:0in .05in 0in .05in;">
  <p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">SHELL COMPANY REPORT PURSUANT TO SECTION 13
  OR 15(d) OF THE SECURITIES EXCHANGE ACT 1934</font></b></font></p>
  </td>
 </tr>
</table>


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<p align=center style="border:none;margin:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Commission file number 0-28800</font></b></font></p>

<p align=center style="border:none;margin:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p align=center style="border:none;margin:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">DRDGOLD LIMITED</font></b></font></p>

<p align=center style="border:none;margin:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">(Exact name of Registrant as specified in its
charter and translation of Registrant's name into English)</font></font></p>

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<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr>
  <td colspan=3 valign=top width=100% style="padding:0in .05in 0in .05in;">
  <p align=center style="border:none;margin:0in;margin-left:.1in;text-align:center;text-indent:-.1in;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">REPUBLIC OF SOUTH AFRICA</font></b></font></p>
  <p align=center style="border:none;margin:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">(Jurisdiction of incorporation or organization)</font></font></p>
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="padding:0in .05in 0in .05in;">
  <p align=center style="border:none;margin:0in;text-align:center;"><a name="XBRL_CS_b2ae52cfa36f43939357cdb9f"></a><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Constantia Office Park Cnr 14th Avenue and Hendrik
  Potgieter Road Cycad House, Building 17, Ground Floor Weltevreden Park 1709</font></b></font><a name="XBRL_CS_b2ae52cfa36f43939357cdb9f_bclEnd"></a><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">, <a name="XBRL_CS_4ddb974fde254ab486f43719d"></a>South Africa<a name="XBRL_CS_4ddb974fde254ab486f43719d_bclEnd"></a></font></b></font></p>
  <p align=center style="border:none;margin:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;(Address of principal executive offices)</font></font></p>
  <p align=center style="border:none;margin:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Riaan Davel, Chief Financial Officer, Tel.
  no. +27 11&nbsp;470 2600, Email riaan.davel@drdgold.com</font></b></font></p>
  <p align=center style="border:none;margin:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Francois Bouwer, Group Financial
  Accountant, Tel. no. +27 11&nbsp;470 2600, Email </font></b><b><font color=windowtext face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-decoration:none;">francois.bouwer@drdgold.com&nbsp;</font></b></font></p>
  <p align=center style="border:none;margin:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">(Name, Telephone, Email and/or Facsimile
  number and Address of Company Contact Person)</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=32% style="padding:0in .05in 0in .05in;">
  <p align=center style="margin:0in;margin-left:.1in;text-align:center;text-indent:-.1in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=32% style="padding:0in .05in 0in .05in;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=36% style="padding:0in .05in 0in .05in;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 </tr>
</table>


</div>


<p align=center style="border:none;margin:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Securities registered or to be registered
pursuant to Section&nbsp;12(b) of the Act</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr>
  <td valign=top width=46% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="border:none;margin:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Title of each class:</font></u></b></font></p>
  </td>
 <td valign=top width=16% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="border:none;margin:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Trading symbol</font></u></b></font></p>
  </td>
 <td valign=top width=38% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="border:none;margin:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Name of each exchange on which registered:</font></u></b></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=46% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="border:none;margin:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Ordinary shares (traded in the form of
  American Depositary Shares, each American Depositary Share representing ten
  underlying ordinary shares.)</font></font></p>
  </td>
 <td valign=top width=16% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="border:none;margin:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">DRD</font></font></p>
  </td>
 <td valign=top width=38% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="border:none;margin:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">The New York Stock Exchange, Inc.</font></font></p>
  </td>
 </tr>
</table></div>



<p align=center style="border:none;margin:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Securities registered or to be registered
pursuant to Section&nbsp;12(g) of the Act </font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">None&nbsp;</font></b></font></p>

<p align=center style="border:none;margin:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Securities for which there is a reporting
obligation pursuant to Section&nbsp;15(d) of the Act </font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">None&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Indicate the number of outstanding shares of
each of the issuer's classes of capital or common stock as of the close of the
period covered by the annual report. &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="XBRL_CS_bcd474cfa541416ab4c99f518"></a></font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">864,588,711<a name="XBRL_CS_bcd474cfa541416ab4c99f518_bclEnd"></a> ordinary shares of no par
value outstanding as of June 30, 2020. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Indicate by check mark if the registrant is a
well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744; </font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">No&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9745;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">If this report is an annual report or transition
report, indicate by check mark if the registrant is not required to file
reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934.&#160;&#160; Yes&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160; No&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9745;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Indicate by check mark whether the registrant
(1)&nbsp;has filed all reports required to be filed by Section&nbsp;13 or 15(d)
of the Securities Exchange Act of 1934 during the preceding 12&nbsp;months (or
for such shorter period that the registrant was required to file such reports),
and (2)&nbsp;has been subject to such filing requirements for the past
90&nbsp;days. &#160;&#160; Yes&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9745;</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160; No&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Indicate by check mark whether the registrant has submitted
electronically every Interactive Date File required to be submitted pursuant to
Rule 405 of Regulation S-T (</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#167;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;"> 232.405 of this chapter) during the preceding 12 months (or for
such shorter period that the registrant was required to submit such files)</font><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">. Yes&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9745;</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; No&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or
an emerging growth company. See definition of &#8220;large accelerated filer,&#8221;
&#8220;accelerated filer,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the
Exchange Act.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Large accelerated filer&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160; Accelerated
filer&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9745;</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160; Non-accelerated filer&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></b></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;"> &nbsp;</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Emerging growth company&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">If any emerging growth company that prepares
its financial statements in accordance with U.S. GAAP, indicate by check mark
if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act&#160; </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;The term &#8220;new or revised financial
accounting standard&#8221; refers to any update issued by the Financial Accounting
Standards Board to its Accounting Standards Codification after April 5, 2012.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Indicate by check mark which basis of
accounting the registrant has used to prepare the financial statements included
in this filing</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">. </font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">U.S. GAAP</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;"> &nbsp;</font></b></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160; International Financial Reporting
Standards as issued by the </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">International
Accounting Standards Board</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;"> &nbsp;</font></b></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9745;</font></b></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160; &nbsp;</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Other</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;"> &nbsp;</font></b></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">If &#8220;Other&#8221; has been checked in response to
the previous question, indicate by check mark which financial statement item
the registrant has elected to follow.&#160;&#160; Item&nbsp;17&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160; Item&nbsp;18&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">If this is an annual report, indicate by
check mark whether the registrant is a shell company (as defined in Rule 12b-2
of the Exchange Act).&#160;&#160; Yes&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160; No&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9745;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Indicate by check mark whether the registrant
has filed all documents and reports required to be filed by Sections 12, 13 or
15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of
securities under a plan confirmed by a court.&#160; </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Yes&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160; No&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font style="height:1px;left:0px;margin-left:0px;margin-top:0px;position:absolute;width:720px;"><img height=1 src="drdgold202020fx0x1.gif" width=720></font></p>





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<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:10.15pt;">
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  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">TABLE OF CONTENTS</font></b></p>
  </td>
 </tr>
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  <td width=11% style="height:10.15pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Page</font></u></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td colspan=3 width=100% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">PART I</font></b></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ITEM 1.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">IDENTITY OF DIRECTORS, SENIOR
  MANAGEMENT AND ADVISERS </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ITEM 2.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">OFFER STATISTICS AND EXPECTED
  TIMETABLE </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ITEM 3.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">KEY INFORMATION </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3A.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Selected Financial Data </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3B.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Capitalization And
  Indebtedness </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3C.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Reasons For The Offer And Use
  Of Proceeds </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3D.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Risk Factors </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ITEM 4.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">INFORMATION ON THE COMPANY </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">19</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4A.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">History And Development Of The
  Company </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">19</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4B.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Business Overview </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">21</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4C.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Organizational Structure </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">29</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4D.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Property, Plant And Equipment </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">30</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ITEM 4A.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">UNRESOLVED STAFF COMMENTS </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">37</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ITEM 5.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">OPERATING AND FINANCIAL REVIEW
  AND PROSPECTS </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">38</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5A.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Operating Results&#160; </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">38</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5B.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Liquidity And Capital
  Resources </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">47</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5C.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Research And Development,
  Patents And Licenses, Etc </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">48</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5D.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Trend Information </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">48</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5E.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Off-Balance Sheet Arrangements
  </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">50</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5F.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Tabular Disclosure Of
  Contractual Obligations </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">50</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5G.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Safe Harbor </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">50</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ITEM 6.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">DIRECTORS, SENIOR MANAGEMENT
  AND EMPLOYEES </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">50</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6A.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Directors And Senior
  Management </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">50</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6B.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Compensation </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">53</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6C.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Board Practices </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">56</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6E.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Share Ownership </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">60</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ITEM 7.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">MAJOR SHAREHOLDERS AND RELATED
  PARTY TRANSACTIONS </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">62</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7A.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Major Shareholders </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">62</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7B.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Related Party Transactions </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">63</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7C.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Interests Of Experts And
  Counsel </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">63</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ITEM 8.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">FINANCIAL INFORMATION </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">63</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">8A.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Consolidated statements And
  Other Financial Information </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">63</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">8B.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Significant Changes </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">63</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ITEM 9.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">THE OFFER AND LISTING </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">64</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">9A.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Offer And Listing Details </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">64</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">9B.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Plan Of Distribution </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">64</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">9C.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Markets </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">64</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">9D.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Selling Shareholders </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">64</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">9E.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Dilution </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">64</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">9F.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Expenses Of The Issue </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">64</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ITEM 10.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ADDITIONAL INFORMATION </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">64</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10A.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Share Capital </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">64</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10B.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Memorandum of Incorporation </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">64</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10C.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Material Contracts </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">67</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10D.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Exchange Controls </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">68</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10E.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Taxation </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">70</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10F.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Dividends And Paying Agents </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">73</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10G.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Statement By Experts </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">73</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10H.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Documents On Display </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">73</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10I.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Subsidiary Information </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">73</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ITEM 11.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">QUANTITATIVE AND QUALITATIVE
  DISCLOSURES ABOUT MARKET RISK </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">73</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ITEM 12.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">DESCRIPTION OF SECURITIES
  OTHER THAN EQUITY SECURITIES </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">74</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">12A.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Debt Securities </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">74</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">12B.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Warrants and Rights </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">74</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">12C.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other Securities </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">74</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">12D</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">American Depositary Shares </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">75</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></p>
  </td>
 </tr>
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<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:.2in;">
  <td colspan=3 nowrap width=100% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">TABLE OF CONTENTS</font></b></p>
  </td>
 </tr>
<tr style="height:13.95pt;">
  <td colspan=3 width=100% style="height:13.95pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">PART II</font></b></p>
  </td>
 </tr>
<tr style="height:10.2pt;">
  <td width=11% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ITEM 13.</font></p>
  </td>
 <td width=79% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">DEFAULTS, DIVIDEND ARREARAGES
  AND DELINQUENCIES </font></p>
  </td>
 <td width=10% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">76</font></p>
  </td>
 </tr>
<tr style="height:10.95pt;">
  <td width=11% style="height:10.95pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ITEM 14.</font></p>
  </td>
 <td width=79% style="height:10.95pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">MATERIAL MODIFICATIONS TO THE
  RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS </font></p>
  </td>
 <td width=10% style="height:10.95pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">76</font></p>
  </td>
 </tr>
<tr style="height:10.2pt;">
  <td width=11% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ITEM 15.</font></p>
  </td>
 <td width=79% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">CONTROLS AND PROCEDURES </font></p>
  </td>
 <td width=10% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">76</font></p>
  </td>
 </tr>
<tr style="height:10.2pt;">
  <td width=11% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ITEM 16A.</font></p>
  </td>
 <td width=79% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">AUDIT COMMITTEE FINANCIAL
  EXPERT </font></p>
  </td>
 <td width=10% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">77</font></p>
  </td>
 </tr>
<tr style="height:10.2pt;">
  <td width=11% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ITEM 16B.</font></p>
  </td>
 <td width=79% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">CODE OF ETHICS </font></p>
  </td>
 <td width=10% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">77</font></p>
  </td>
 </tr>
<tr style="height:10.2pt;">
  <td width=11% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ITEM 16C.</font></p>
  </td>
 <td width=79% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">PRINCIPAL ACCOUNTANT FEES AND
  SERVICES </font></p>
  </td>
 <td width=10% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">77</font></p>
  </td>
 </tr>
<tr style="height:10.2pt;">
  <td width=11% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ITEM 16D.</font></p>
  </td>
 <td width=79% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">EXEMPTIONS FROM THE LISTING
  STANDARDS FOR AUDIT COMMITTEES </font></p>
  </td>
 <td width=10% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">78</font></p>
  </td>
 </tr>
<tr style="height:10.2pt;">
  <td width=11% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ITEM 16F</font></p>
  </td>
 <td width=79% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">CHANGE IN REGISTRANT'S
  CERTIFYING ACCOUNTANT </font></p>
  </td>
 <td width=10% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">78</font></p>
  </td>
 </tr>
<tr style="height:10.2pt;">
  <td width=11% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ITEM 16G.</font></p>
  </td>
 <td width=79% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">CORPORATE GOVERNANCE </font></p>
  </td>
 <td width=10% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">78</font></p>
  </td>
 </tr>
<tr style="height:10.2pt;">
  <td width=11% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ITEM 16H.</font></p>
  </td>
 <td width=79% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">MINE SAFETY DISCLOSURES </font></p>
  </td>
 <td width=10% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">78</font></p>
  </td>
 </tr>
<tr style="height:10.2pt;">
  <td width=11% style="height:10.2pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=79% style="height:10.2pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=10% style="height:10.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.95pt;">
  <td colspan=3 width=100% style="height:13.95pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">PART III</font></b></p>
  </td>
 </tr>
<tr style="height:10.2pt;">
  <td width=11% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ITEM 17.</font></p>
  </td>
 <td width=79% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">FINANCIAL STATEMENTS </font></p>
  </td>
 <td width=10% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">79</font></p>
  </td>
 </tr>
<tr style="height:10.2pt;">
  <td width=11% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ITEM 18.</font></p>
  </td>
 <td width=79% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">FINANCIAL STATEMENTS </font></p>
  </td>
 <td width=10% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">79</font></p>
  </td>
 </tr>
<tr style="height:10.2pt;">
  <td width=11% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ITEM 19.</font></p>
  </td>
 <td width=79% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">EXHIBITS </font></p>
  </td>
 <td width=10% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">81</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td nowrap valign=bottom width=11% style="height:.2in;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=79% style="height:.2in;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:.2in;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:24.0pt;">
  <td nowrap valign=bottom width=11% style="height:24.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=79% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">SIGNATURES</font></p>
  </td>
 <td width=10% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">84</font></p>
  </td>
 </tr>
<tr style="height:10.2pt;">
  <td width=11% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></p>
  </td>
 <td width=79% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></p>
  </td>
 <td width=10% style="height:10.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>











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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-layout-grid-align:auto;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;mso-vertical-align-alt:auto;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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<p style="border:none;margin:0in;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Preparation
of Financial Information </font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">We
are a South African company and currently all our operations are located in
South Africa. Accordingly, our books of account are maintained in South African
Rand. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Our financial
statements included in our corporate filings are prepared in accordance with
International Financial Reporting Standards (IFRS), as issued by the
International Accounting Standards Board (IASB)</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our consolidated financial
statements included in this Annual Report are prepared in accordance with IFRS
as issued by the IASB. All financial information, except as otherwise noted is prepared
in accordance with IFRS as issued by the IASB. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face=Times,serif style="border:none;"><font face=Times,serif lang=EN-US style="font-size:9.0pt;line-height:normal;">We present our financial information in
rand, which is our presentation and reporting currency. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">All references to &#8220;dollars&#8221; or &#8220;$&#8221; herein are
to United States Dollars and references to &#8220;rand&#8221; or &#8220;R&#8221; are to South African
rands. </font></font><font face=Times,serif style="border:none;"><font face=Times,serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Solely for your convenience, this Annual Report contains
translations of certain rand amounts into dollars at specified rates. These
rand amounts do not represent actual dollar amounts, nor could they necessarily
have been converted into dollars at the rates indicated. Unless otherwise
indicated, rand amounts have been translated into dollars at the rate of R17.32
per $1.00, the year end exchange rate on June 30, 2020.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face=Times,serif style="border:none;"><font face=Times,serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In
this Annual Report, we present certain non-IFRS financial measures such as the
financial items &#8220;cash operating costs per kilogram&#8221;, &#8220;all-in sustaining costs
per kilogram&#8221; and &#8220;all-in costs per kilogram&#8221; which have been determined using
industry guidelines promulgated by the World Gold Council, which we use to
determine costs associated with producing gold, cash generating capacities of
the mines and to monitor performance of our mining operations. An investor
should not consider these items in isolation or as alternatives to, operating
costs, profit/(loss) for the year or any other measure of financial performance
presented in accordance with IFRS or as an indicator of our performance. While
the World Gold Council has provided definitions for the calculation of cash
operating costs, the calculation of cash operating costs per kilogram, all-in
sustaining costs </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">per kilogram </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">and
all-in costs per kilogram may vary significantly among gold mining companies,
and these definitions by themselves do not necessarily provide a basis for
comparison with other gold mining companies. See Glossary of Terms and
Explanations and Item 5A. Operating Results &#8211; &#8220;Cash operating costs, all-in
sustaining costs and all-in costs&#8221; and &#8220;Reconciliation of cash operating costs
per kilogram, all-in sustaining costs per kilogram, all-in costs per kilogram&#8221;.
</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">DRDGOLD Limited</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">When
used in this Annual Report, the term the &#8220;Company&#8221; refers to DRDGOLD Limited
and the terms &#8220;we,&#8221; &#8220;our,&#8221; &#8220;us&#8221; or &#8220;the Group&#8221; refer to the Company and its
subsidiaries as appropriate in the context. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Acquisition of gold assets from
Sibanye-Stillwater and subsequent exercise of option to purchase shares</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On July 31, 2018, we completed the acquisition of
the gold assets associated with Sibanye Gold Limited, trading as
Sibanye-Stillwater&#8217;s (&#8220;</font><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Sibanye-Stillwater</font></b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;) West Rand Tailings
Retreatment Project (&#8220;</font><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">WRTRP</font></b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;), subsequently renamed Far West Gold
Recoveries Proprietary Limited (&#8220;</font><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">FWGR</font></b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;).&#160; This acquisition significantly
increased our assets and revenues and added 2.72 million ounces to our Ore
Reserves.&#160; In connection with the acquisition, we issued to Sibanye-Stillwater
new shares </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">in the Company </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">equal to 38.05% of outstanding shares, and granted
Sibanye-Stillwater an option to acquire up to a total of 50.1% of our shares within
a period of 2 years from the effective date of the acquisition at a 10%
discount to the prevailing market value (the &#8220;</font><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Option</font></b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;). &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">On January 8, 2020, Sibanye-Stillwater exercised the Option. On
January 22, 2020 Sibanye-Stillwater subscribed for 168,158,944 DRDGOLD shares
at an aggregate subscription price of R1,086 million,. These shares were issued
at a price of R6.46 per share, being a 10% discount to the 30-day volume
weighted average traded price.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=windowtext face="Times New Roman,serif" style="border:none;"><b><font color=windowtext face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;text-decoration:none;">Special</font></b></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;"> Note Regarding Forward-Looking Statements</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">This
Annual Report contains certain &#8220;forward-looking&#8221; statements within the meaning
of Section 21E of the U.S. Securities Exchange Act of 1934, regarding </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">expected </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">future events or other </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">expected </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">future financial performance and information
relating to us that are based on the beliefs of our management, as well as
assumptions made by and information currently available to our management. Some
of these forward-looking statements include phrases such as &#8220;anticipates,&#8221;
&#8220;believes,&#8221; &#8220;could,&#8221; &#8220;estimates,&#8221; &#8220;expects,&#8221; &#8220;intends,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; or
&#8220;will continue,&#8221; or similar expressions or the negatives thereof or other
variations on these expressions, or similar terminology, or discussions of
strategy, plans or intentions, including</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> statements in connection with, or relating
to, among other things: </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">our reserve calculations and underlying assumptions;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">the trend information discussed in Item 5D.- Trend Information,
including target gold production and cash operating costs;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">estimated future throughput capacity and production;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">expected trends in our gold production as well as the demand for
and the price of gold; </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">our anticipated labor, electricity, water, crude oil and steel
costs;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">our expectation that existing cash will be sufficient to fund our
operations in the next 12 months including our anticipated commitments;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">estimated production costs, cash operating costs per ounce, all-in
sustaining costs per ounce and all-in costs per ounce;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">expectations on future gold price, supply and pricing trends including
expected impact of the global environment on gold prices;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">expected gold production and cash operating costs expected in
fiscal year 2021; </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">our prospects in litigation and disputes;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">statements with respect to the legal review for increasing the
deposition capacity of the Brakpan/Withok Tailings Storage Facility (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">TSF</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;),
and expected potential increase in capacity and life of mine; </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">expected deposition capacity from improvements in our dams and new
dam construction; and</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">expected effective gold mining tax rate.</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> &nbsp;</font></font></p>


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<p style="border:none;margin:0in;margin-left:.25in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.25in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; Such statements reflect our current
views with respect to future events and are subject to risks, uncertainties and
assumptions. Many factors could cause our actual results, performance or
achievements to be materially different from any future results, performance or
achievements that may be expressed or implied by such forward-looking
statements, including, among others: </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the global impact of the COVID-19 pandemic and potential
announcement of further national lockdowns, including in South Africa; </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">adverse changes or uncertainties in general economic conditions in
South Africa; </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">regulatory developments adverse to us or difficulties in
maintaining necessary licenses or other governmental approvals;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">future performance relating to the FWGR Phase 2 assets;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">challenges in replenishing mineral ore reserves;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">changes in our competitive position;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">changes in, or that affect our business strategy;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">our ability to achieve anticipated efficiencies and other cost
savings in connection with past and future acquisitions;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the success of our business strategy, development activities and
other initiatives,</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">adverse changes in our gold production as well as the demand for
and the price of gold; </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">changes in technical and economic assumptions underlying DRDGOLD&#8217;
mineral reserve estimates;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">any major disruption in production at our key facilities; </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">adverse changes in foreign exchange rates;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">adverse environmental changes;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">adverse changes in ore grades and recoveries, and to the quality
or quantity of reserves;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">unforeseen technical production issues, industrial accidents and
theft;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">anticipated or unanticipated capital expenditure on property,
plant and equipment; </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the impact of HIV/AIDS, tuberculosis and the spread of other
contagious diseases, such as coronavirus (COVID-19); and</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">various other factors, including those set forth in Item 3D. Risk
Factors. </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For a discussion of such risks, see Item 3D. Risk
Factors. The risk factors described in Item 3D. could affect our future
results, causing these results to differ materially from those expressed in any
forward-looking statements. These factors are not necessarily all of the
important factors that could cause our results to differ materially from those
expressed in any forward-looking statements. Other unknown or unpredictable
factors could also have material adverse effects on future results.</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Investors are cautioned not to place undue
reliance on these forward&#8209;looking statements, which speak only as of the
date thereof. We do not undertake any obligation to update publicly or release
any revisions to these forward&#8209;looking statements to reflect events or
circumstances after the date of this Annual Report or to reflect the occurrence
of unanticipated events.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=windowtext face="Times New Roman,serif" style="border:none;"><b><font color=windowtext face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;text-decoration:none;">Special</font></b></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;"> Note Regarding Links to External, or
Third-party Websites</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Links to external, or third-party websites, are provided solely
for convenience. We take no responsibility whatsoever for any third-party
information contained in such third-party websites, and we specifically
disclaim adoption or incorporation by reference of such information into this
report.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Imperial units of measure and metric
equivalents</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The table below sets forth units stated in this document, which
are measured in Imperial and Metric</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">. </font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:.2in;">
  <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Metric</font></u></b></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Imperial</font></u></b></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Imperial</font></u></b></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Metric</font></u></b></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1 metric tonne</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.10229 short tons</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1 short ton</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.9072 metric tonnes</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1 kilogram</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.20458 pounds</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1 pound</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.4536 kilograms</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1 gram</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.03215 troy ounces</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1 troy ounce</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">31.10353 grams</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1 kilometer</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.62150 miles</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1 mile</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.609 kilometers</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1 meter</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.28084 feet</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1 foot</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.3048 meters</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1 liter</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.26420 gallons</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1 gallon</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.785 liters</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1 hectare</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.47097 acres</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1 acre</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.4047 hectares</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1 centimeter</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.39370 inches</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1 inch</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.54 centimeters</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1 gram/tonne</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.0292 ounces/ton</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1 ounce/ton</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">34.28 grams/tonnes</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0 degree Celsius</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">32 degrees Fahrenheit</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0 degrees Fahrenheit</font></p>
  </td>
 <td width=25% style="height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">- 18 degrees Celsius</font></p>
  </td>
 </tr>
</table></div>




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</DIV>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:11.45pt;">
  <td nowrap valign=bottom width=25% style="height:11.45pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=75% style="height:11.45pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td colspan=2 nowrap width=100% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Glossary of Terms and Explanations</font></b></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td nowrap valign=bottom width=25% style="height:11.45pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=75% style="height:11.45pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td colspan=2 nowrap valign=bottom width=100% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The table below sets forth a glossary of
  terms used in this Annual Report:</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=25% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=75% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:56.25pt;">
  <td valign=top width=25% style="height:56.25pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Adjusted EBITDA</font></p>
  </td>
 <td valign=top width=75% style="height:56.25pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Adjusted EBITDA means earnings
  before interest, tax, depreciation, amortisation, share-based payment
  expense, change in estimate of environmental rehabilitation recognised in
  profit or loss, gain/(loss) on disposal of property, plant and equipment,
  gain/(loss) on financial instruments and retrenchment costs. This is a
  non-IFRS financial measure and should not be considered a substitute measure
  of net income reported by us in accordance with IFRS.</font></p>
  </td>
 </tr>
<tr style="height:33.75pt;">
  <td valign=top width=25% style="height:33.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Administration expenses and other costs
  excluding non-recurring items</font></p>
  </td>
 <td valign=top width=75% style="height:33.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Administration expenses and
  other costs excluding loss on disposal of property, plant and equipment and
  transaction costs.</font></p>
  </td>
 </tr>
<tr style="height:58.15pt;">
  <td valign=top width=25% style="height:58.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">All-in sustaining costs per kilogram </font></p>
  </td>
 <td valign=top width=75% style="height:58.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">All-in sustaining costs is a
  measure on which guidance is provided by the World Gold Council and includes
  cash operating costs of production, plus movement in gold in process on a
  sales basis, corporate administration expenses and other (costs)/income, the
  accretion of rehabilitation costs and sustaining capital expenditure. Costs
  other than those listed above are excluded. All-in sustaining costs per
  kilogram are calculated by dividing total all-in sustaining costs by kilograms
  of gold produced. This is a non&#8209;IFRS financial measure and should not
  be considered a substitute measure of costs and expenses reported by us in
  accordance with IFRS.</font></p>
  </td>
 </tr>
<tr style="height:45.6pt;">
  <td valign=top width=25% style="height:45.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">All-in costs per kilogram </font></p>
  </td>
 <td valign=top width=75% style="height:45.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">All-in costs is a measure on
  which guidance is provided by the World Gold Council and includes all-in
  sustaining costs, retrenchment costs, care and maintenance costs, ongoing
  rehabilitation expenditure, growth capital expenditure and capital
  recoupments. Costs other than those listed above are excluded. All-in costs
  per kilogram are calculated by dividing total all-in costs by kilograms of
  gold produced. This is a non&#8209;IFRS financial measure and should not be
  considered a substitute measure of costs and expenses reported by us in
  accordance with IFRS.</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td valign=top width=25% style="height:11.45pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Assaying </font></p>
  </td>
 <td valign=top width=75% style="height:11.45pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The chemical testing process
  of rock samples to determine mineral content.</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td valign=top width=25% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">$/oz </font></p>
  </td>
 <td valign=top width=75% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">US dollar per ounce.</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td valign=top width=25% style="height:11.45pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Called gold content </font></p>
  </td>
 <td valign=top width=75% style="height:11.45pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The theoretical gold content
  of material processed.</font></p>
  </td>
 </tr>
<tr style="height:.3in;">
  <td valign=top width=25% style="height:.3in;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Care and maintenance </font></p>
  </td>
 <td valign=top width=75% style="height:.3in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Costs to ensure that the Ore
  Reserves are open, serviceable and legally compliant after active mining
  activity at a shaft has ceased.</font></p>
  </td>
 </tr>
<tr style="height:33.75pt;">
  <td valign=top width=25% style="height:33.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash operating costs of production </font></p>
  </td>
 <td valign=top width=75% style="height:33.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash operating costs of
  production are operating costs less ongoing rehabilitation expenses, care and
  maintenance costs and net other operating costs/(income). This is a
  non&#8209;IFRS financial measure and should not be considered a substitute
  measure of costs and expenses reported by us in accordance with IFRS.</font></p>
  </td>
 </tr>
<tr style="height:37.5pt;">
  <td valign=top width=25% style="height:37.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash operating costs per kilogram </font></p>
  </td>
 <td valign=top width=75% style="height:37.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash operating costs are operating
  costs incurred directly in the production of gold and include labor costs,
  contractor and other related costs, inventory costs and electricity costs.
  Cash operating costs per kilogram are calculated by dividing cash operating
  costs by kilograms of gold produced. This is a non&#8209;IFRS financial
  measure and should not be considered a substitute measure of costs and
  expenses reported by us in accordance with IFRS.</font></p>
  </td>
 </tr>
<tr style="height:21.0pt;">
  <td valign=top width=25% style="height:21.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cut&#8209;off grade </font></p>
  </td>
 <td valign=top width=75% style="height:21.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The minimum in-situ grade of
  ore blocks for which the cash operating costs per ounce, excluding overhead
  costs, are equal to a projected gold price per ounce.</font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=top width=25% style="height:11.25pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">CIL Circuit</font></p>
  </td>
 <td valign=top width=75% style="height:11.25pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Carbon-in-leach circuit.</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td valign=top width=25% style="height:11.45pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Depletion </font></p>
  </td>
 <td valign=top width=75% style="height:11.45pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The decrease in the quantity
  of ore in a deposit or property resulting from extraction or production.</font></p>
  </td>
 </tr>
<tr style="height:50.45pt;">
  <td valign=top width=25% style="height:50.45pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Deposition </font></p>
  </td>
 <td valign=top width=75% style="height:50.45pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Deposition is the geological
  process by which material is added to a landform or land mass. Fluids such as
  wind and water, as well as sediment flowing via gravity, transport previously
  eroded sediment, which, at the loss of enough kinetic energy in the fluid, is
  deposited, building up layers of sediment. Deposition occurs when the forces
  responsible for sediment transportation are no longer sufficient to overcome
  the forces of particle weight and friction, creating a resistance to motion. </font></p>
  </td>
 </tr>
<tr style="height:19.9pt;">
  <td valign=top width=25% style="height:19.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Dor&#233; </font></p>
  </td>
 <td valign=top width=75% style="height:19.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Unrefined gold and silver
  bullion bars consisting of approximately 90% precious metals which will be
  further refined to almost pure metal.</font></p>
  </td>
 </tr>
<tr style="height:19.15pt;">
  <td valign=top width=25% style="height:19.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Grade </font></p>
  </td>
 <td valign=top width=75% style="height:19.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The amount of gold contained
  within auriferous material generally expressed in ounces per ton or grams per
  tonne of ore.</font></p>
  </td>
 </tr>
<tr style="height:21.75pt;">
  <td valign=top width=25% style="height:21.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Growth capital expenditure </font></p>
  </td>
 <td valign=top width=75% style="height:21.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Capital additions that are not
  sustaining capital expenditure. This is a non&#8209;IFRS financial measure
  and should not be considered a substitute measure of costs and expenses
  reported by us in accordance with IFRS.</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td valign=top width=25% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">g/t </font></p>
  </td>
 <td valign=top width=75% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Grams per tonne.</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td valign=top width=25% style="height:11.45pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Metallurgical plant </font></p>
  </td>
 <td valign=top width=75% style="height:11.45pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">A processing plant (mill)
  erected to treat ore and extract the contained gold.</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td valign=top width=25% style="height:12.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Mine call factor </font></p>
  </td>
 <td valign=top width=75% style="height:12.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The gold content recovered
  expressed as a percentage of the called gold content.</font></p>
  </td>
 </tr>
<tr style="height:8.45pt;">
  <td valign=top width=25% style="height:8.45pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Mt </font></p>
  </td>
 <td valign=top width=75% style="height:8.45pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Million tons.</font></p>
  </td>
 </tr>
<tr style="height:.3in;">
  <td valign=top width=25% style="height:.3in;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ore </font></p>
  </td>
 <td valign=top width=75% style="height:.3in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">A mixture of valuable and
  worthless materials from which the extraction of at least one mineral is
  technically and economically viable.</font></p>
  </td>
 </tr>
<tr style="height:21.0pt;">
  <td valign=top width=25% style="height:21.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other operating costs / (income)</font></p>
  </td>
 <td valign=top width=75% style="height:21.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Expenses incurred, and income
  generated in the course of operating activities, which are not directly
  attributable to production activities.</font></p>
  </td>
 </tr>
<tr style="height:22.15pt;">
  <td valign=top width=25% style="height:22.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Pay-limit </font></p>
  </td>
 <td valign=top width=75% style="height:22.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The minimum in-situ grade of
  ore blocks or sites for which cash operating costs, including all overhead
  costs, are equal to a projected gold price per ounce.</font></p>
  </td>
 </tr>
<tr style="height:21.0pt;">
  <td valign=top width=25% style="height:21.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Operating costs </font></p>
  </td>
 <td valign=top width=75% style="height:21.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Operating costs are cost of
  sales less depreciation, change in estimate of rehabilitation provision,
  movement in gold in process and finished inventory &#8211; gold bullion, and
  retrenchment costs.</font></p>
  </td>
 </tr>
<tr style="height:45.75pt;">
  <td valign=top width=25% style="height:45.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Proven Ore Reserves </font></p>
  </td>
 <td valign=top width=75% style="height:45.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Reserves for which (a) the
  quantity is computed from dimensions revealed in outcrops, trenches, workings
  or drill holes; grade and/or quality are computed from the results of
  detailed sampling and (b) the sites for inspection, sampling and measurement
  are spaced so closely and the geologic character is so well defined that
  size, shape, depth, and mineral content of Ore Reserves are well established.</font></p>
  </td>
 </tr>
<tr style="height:40.9pt;">
  <td valign=top width=25% style="height:40.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Probable Ore Reserves </font></p>
  </td>
 <td valign=top width=75% style="height:40.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Reserves for which quantity
  and grade and/or quality are computed from information similar to that used
  for Proven Ore Reserves, but the sites for inspection, sampling, and
  measurement are farther apart or are otherwise less adequately spaced. The
  degree of assurance, although lower than that for Proven Ore Reserves, is
  high enough to assume continuity between points of observation.</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td valign=top width=25% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">oz/t </font></p>
  </td>
 <td valign=top width=75% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ounces per ton.</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td valign=top width=25% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Refining </font></p>
  </td>
 <td valign=top width=75% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The final purification process
  of a metal or mineral.</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td valign=top width=25% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Rehabilitation </font></p>
  </td>
 <td valign=top width=75% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The process of restoring mined
  land to a condition approximating its original state.</font></p>
  </td>
 </tr>
<tr style="height:22.15pt;">
  <td valign=top width=25% style="height:22.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Reserves </font></p>
  </td>
 <td valign=top width=75% style="height:22.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">That part of a mineral deposit
  which could be economically and legally extracted or produced at the time of
  the reserve determination.</font></p>
  </td>
 </tr>
<tr style="height:22.15pt;">
  <td valign=top width=25% style="height:22.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Sediment</font></p>
  </td>
 <td valign=top width=75% style="height:22.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The deposition of solid
  fragmental material that originated from weathering of rocks and was
  transported from a source to a site of deposition.</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td valign=top width=25% style="height:9.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Slimes </font></p>
  </td>
 <td valign=top width=75% style="height:9.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The tailings discharged from a
  processing plant after the valuable minerals have been recovered.</font></p>
  </td>
 </tr>
<tr style="height:33.75pt;">
  <td valign=top width=25% style="height:33.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Sustaining capital expenditure </font></p>
  </td>
 <td valign=top width=75% style="height:33.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Sustaining capital expenditure
  are those capital additions that are necessary to maintain current gold
  production. This is a non&#8209;IFRS financial measure and should not be
  considered a substitute measure of costs and expenses reported by us in
  accordance with IFRS.</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td valign=top width=25% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">t&#8217;000 </font></p>
  </td>
 <td valign=top width=75% style="height:10.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Tonnes in thousands.</font></p>
  </td>
 </tr>
<tr style="height:20.45pt;">
  <td valign=top width=25% style="height:20.45pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Tailings </font></p>
  </td>
 <td valign=top width=75% style="height:20.45pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Finely ground rock from which
  valuable minerals have been extracted by milling, or any waste rock, slimes
  or residue derived from any mining operation or processing of any minerals.</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=25% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Tailings dam </font></p>
  </td>
 <td valign=top width=75% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">A dam created from waste
  material of processed ore after the economically recoverable gold has been
  extracted.</font></p>
  </td>
 </tr>
<tr style="height:19.9pt;">
  <td valign=top width=25% style="height:19.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Tonnage/Tonne </font></p>
  </td>
 <td valign=top width=75% style="height:19.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Quantities where the metric
  tonne is an appropriate unit of measure. Typically used to measure reserves
  of gold&#8209;bearing material in&#8209;situ or quantities of ore and waste
  material mined, transported or milled.</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td valign=top width=25% style="height:9.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Tpm </font></p>
  </td>
 <td valign=top width=75% style="height:9.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Tonne per month.</font></p>
  </td>
 </tr>
<tr style="height:20.45pt;">
  <td valign=top width=25% style="height:20.45pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Yield </font></p>
  </td>
 <td valign=top width=75% style="height:20.45pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The amount of recovered gold
  from production generally expressed in ounces or grams per ton or tonne of
  ore.</font></p>
  </td>
 </tr>
</table></div>




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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font style="display:none;mso-hide:all;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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<p style="border:none;margin:0in;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font style="display:none;mso-hide:all;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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<p style="border:none;margin:0in;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p align=center style="border:none;margin:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">PART I</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND
ADVISERS</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not
applicable.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font style="display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not
applicable.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><a name="_DV_M123"></a><a name="_DV_M34"></a><a name="_DV_M35"></a><a name="_DV_M36"></a><a name="_DV_M37"></a><a name="_DV_M38"></a><a name="_DV_M39"></a><a name="_DV_M40"></a><a name="_DV_M53"></a><a name="_DV_M54"></a><a name="_DV_M55"></a><a name="_DV_M56"></a><a name="_DV_M57"></a><a name="_DV_M58"></a><a name="_DV_M59"></a><a name="_DV_M60"></a><a name="_DV_M61"></a><a name="_DV_M62"></a><a name="_DV_M130"></a><a name="_DV_M131"></a><a name="_DV_M132"></a><a name="_DV_M133"></a><a name="_DV_M32"></a><a name="_DV_M33"></a><a name="_DV_M63"></a><a name="_DV_M89"></a><a name="_DV_M90"></a><a name="_DV_M107"></a><a name="_DV_M111"></a><a name="_DV_M112"></a><a name="_DV_M124"></a><a name="_DV_M125"></a><a name="_DV_M1288"></a><a name="_DV_M1289"></a><a name="_DV_M1292"></a><a name="_DV_M1293"></a><a name="_DV_M1294"></a><a name="_DV_M1295"></a><a name="_DV_M1296"></a><a name="_DV_M1297"></a><a name="_DV_M1298"></a><a name="_DV_M126"></a><a name="_DV_M127"></a><a name="_DV_M134"></a><a name="_DV_M135"></a><a name="_DV_M136"></a><a name="_DV_M137"></a><a name="_DV_M141"></a><a name="_DV_M143"></a><a name="_DV_M145"></a><a name="_DV_M146"></a><a name="_DV_M43"></a><a name="_DV_M44"></a><a name="_DV_M45"></a><a name="_DV_M46"></a><a name="_DV_M64"></a><a name="_DV_M65"></a><a name="_DV_M66"></a><a name="_DV_M67"></a><a name="_DV_M68"></a><a name="_DV_M69"></a><a name="_DV_M70"></a><a name="_DV_M72"></a><a name="_DV_M73"></a><a name="_DV_M74"></a><a name="_DV_M75"></a><a name="_DV_M76"></a><a name="_DV_M77"></a><a name="_DV_M78"></a><a name="_DV_M79"></a><a name="_DV_M80"></a><a name="_DV_M81"></a><a name="_DV_M82"></a><a name="_DV_M83"></a><a name="_DV_M84"></a><a name="_DV_M85"></a><a name="_DV_M86"></a><a name="_DV_M87"></a><a name="_DV_M91"></a><a name="_DV_M92"></a><a name="_DV_M93"></a><a name="_DV_M94"></a><a name="_DV_M95"></a><a name="_DV_M96"></a><a name="_DV_M97"></a><a name="_DV_M98"></a><a name="_DV_M100"></a><a name="_DV_M101"></a><a name="_DV_M102"></a><a name="_DV_M1"></a><a name="_DV_M2"></a><a name="_DV_M3"></a><font style="border:none;display:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 3. KEY INFORMATION</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">3A. SELECTED FINANCIAL DATA</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The
following selected consolidated financial data as at June 30, 2020 and 2019 and
for the years ended June 30, 2020, 2019 and 2018 is derived from our
consolidated financial statements set forth elsewhere in this Annual Report,
which have been prepared in accordance </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">with
IFRS, as issued by the IASB</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. These
consolidated financial statements have been audited by KPMG&nbsp;Inc.&#160; The
selected consolidated financial data as at June 30,&nbsp;2018, 2017 and 2016,
and for the years ended June 30, 2017 and 2016 is derived from audited
consolidated financial statements not appearing in this Annual Report which
have been prepared in accordance with </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">IFRS,&nbsp;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> as issued by the IASB. The selected consolidated financial data set
forth below should be read in conjunction with Item 5. Operating and Financial
Review and Prospects and with the consolidated financial statements and the
notes thereto and the other financial information appearing elsewhere in this
Annual Report.</font></font></p>


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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font style="display:none;mso-hide:all;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">5</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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<p style="border:none;margin:0in;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:15.0pt;">
  <td nowrap valign=bottom width=28% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=6 nowrap valign=bottom width=72% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Selected
  Consolidated Financial Data</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=28% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=6 nowrap valign=bottom width=72% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(in
  millions, except share, per share and ounce data)</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=28% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td width=28% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td colspan=6 width=72% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Year ended June 30,</font></u></b></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020<sup>1</sup></font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2018</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2017</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2016</font></b></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">$&#8217;m</font></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R'm</font></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R'm</font></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R'm</font></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R'm</font></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R'm</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Profit or loss Data</font></b></p>
  </td>
 <td width=12% style="border:none;height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="border:none;height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="border:none;height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="border:none;height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="border:none;height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="border:none;height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Revenue </font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">241.6</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4,185.0</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,762.1</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,490.4</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,339.9</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,433.1</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Results from operating activities </font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">54.2</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">937.9</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">125.2</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">52.0</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(24.6)</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">119.6</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Profit/(loss) for the year attributable
  to equity owners of the parent </font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">36.7</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">635.0</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">78.5</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6.5</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">13.7</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">61.9</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Adjusted EBITDA<sup>2</sup></font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">81.5</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,411.6<sup>2</sup></font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">254.1<sup>2</sup></font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-<sup>2</sup></font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-<sup>2</sup></font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-<sup>2</sup></font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0in 0in 0in 6.75pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Per Share Data</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Basic earnings/(loss) per share (cents) </font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4.8</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">82.5</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">11.8</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.5</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.2</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">14.7</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Diluted earnings/(loss) per share (cents)
  </font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4.7</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">81.0</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">11.5</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.5</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.2</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">14.7</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Dividends proposed per share for the year
  (ZAR cents) </font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">85.0</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">20.0</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.0</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.0</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">62.0</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Dividends proposed per American
  Depositary Shares for the year&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (USD cents) </font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">49.1</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">14.2</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.6</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.8</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">45.2</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Exchange rate (USD1:ZAR)<sup>1</sup></font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">17.32</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">14.07</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">13.72</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">13.05</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">14.68</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Intraday high (USD1:ZAR) </font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">19.34</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">15.69</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">14.57</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">14.75</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">16.87</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Intraday low (USD1:ZAR) </font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">13.80</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">13.07</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">11.50</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">12.42</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">12.24</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Number of shares issued as at June 30 </font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">864,588,711</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">864,588,711</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">696,429,767</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">431,429,767</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">431,429,767</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">431,429,767</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0in 0in 0in 6.75pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Statement of financial position data</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total assets </font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">327.7</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5,675.2</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4,059.9</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,360.5</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,287.4</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,419.1</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Equity (Net assets) </font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">233.3</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4,040.2</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,688.5</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,267.2</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,302.4</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,339.6</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ordinary share capital<sup>3</sup></font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">355.5</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6,157.4</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5,072.3</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4,177.2</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4,177.2</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4,177.2</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td width=28% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td width=12% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td width=12% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td width=12% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td width=12% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td width=12% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">September</font></b></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">August</font></b></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">July</font></b></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">June</font></b></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">May</font></b></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">April</font></b></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Exchange Rate Data</font></b></p>
  </td>
 <td width=12% style="border:none;height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="border:none;height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="border:none;height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="border:none;height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="border:none;height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="border:none;height:13.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Intraday high (USD1:ZAR) </font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">17.26</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">17.78</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">17.37</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">17.61</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">18.95</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">19.34</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Intraday low (USD1:ZAR) </font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">16.07</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">16.54</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">16.34</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">16.33</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">17.29</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">17.79</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=28% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:36.75pt;">
  <td colspan=7 valign=top width=100% style="height:36.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><sup><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1</font></sup><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Translations into Dollars in this
  table are for the purpose of convenience only and are computed at the closing
  exchange rate at June 30, 2020 of R17.32 per $1.00, or the annual average as
  noted. You should not view such translations as a representation that such
  amounts represent actual Dollar amounts. All other translations in this
  Annual Report are based on exchange rates quoted by local financial
  institutions.</font></p>
  </td>
 </tr>
<tr style="height:.5in;">
  <td colspan=7 valign=top width=100% style="height:.5in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><sup><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2</font></sup><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Adjusted EBITDA is a non-IFRS
  financial measure. For a definition of Adjusted EBITDA see Glossary of Terms
  and Explanations. Adjusted EBITDA (which is based on the definition of that
  term used in our Revolving Credit Facility (&quot;RCF&quot;) agreement) may
  not be comparable to similarly titled measures of other companies. Adjusted
  EBITDA is not a measure of performance under IFRS and should be considered in
  addition to, and not as a substitute for, other measures of financial
  performance and liquidity.</font></p>
  </td>
 </tr>
<tr style="height:51.0pt;">
  <td colspan=7 valign=top width=100% style="height:51.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The Group considers Adjusted
  EBITDA for the purpose of evaluating compliance with the covenants imposed by
  the Company&#8217;s RCF. The Group considers the presentation of Adjusted EBITDA
  provides useful information to investors. We began presenting Adjusted EBITDA
  following the entry into our RCF in fiscal 2019. Adjusted EBITDA was not
  presented or considered by the Company before fiscal 2019.&#160; For a
  reconciliation of Adjusted EBITDA to profit for the year, see Item 5.A.
  Operating and Financial Review and Prospects&#8212;Adjusted earnings before
  interest, interest, depreciation and amortization</font></p>
  </td>
 </tr>
<tr style="height:24.75pt;">
  <td colspan=7 valign=top width=100% style="height:24.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><sup><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3</font></sup><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ordinary share capital as of
  June 30, 2020 is stated after the deduction of R51 million (2019: R51
  million, 2018: R50.7 million) share capital relating to treasury shares held
  by the Group.</font></p>
  </td>
 </tr>
</table></div>




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<p style="border:none;margin:0in;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">3B. CAPITALIZATION AND INDEBTEDNESS</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not
applicable.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font style="display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">3C. REASONS FOR THE OFFER AND USE OF PROCEEDS</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not
applicable.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font style="display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">3D. RISK FACTORS</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In conducting our business, we face many risks
that may interfere with our business objectives. Some of these risks relate to
our operational processes, while others relate to our business environment. It
is important to understand the nature of these risks and the impact they may
have on our business, financial condition and operating results. Some of these
risks are summarized below and have been organized into the following
categories:</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Risks related to our business and operations;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Risks related to the gold mining industry;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Risks related to doing business in South
Africa; and </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Risks related to ownership in our ordinary shares or American
Depositary Shares (ADSs).</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Risks related to our business and operations</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Changes in the market price for gold and
exchange rate fluctuations, both of which have fluctuated widely in the past,
affect the profitability of our operations and the cash flows generated by
those operations.</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><a name="_Hlk52502880"></a><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Our results are significantly impacted by the
price of gold and the USD-Rand exchange rate.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Any sustained decline in the market price of gold from the current
elevated levels would adversely affect us, and any decline in the price of gold
below the cost of production could result in the closure of some or all of our
operations which would result in significant costs and expenditure, such as,
incurring retrenchment costs earlier than expected </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">which
could lead to a decline in profits, or losses</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">. In
addition, as most of our production costs are in rands, while gold is sold in
dollars and then converted to rands, our results of operation and financial
condition have been and could be in the future materially affected by an
appreciation in the value of the rand. Accordingly, any sustained decline in
the dollar price of gold and/or the strengthening of the South African rand
against the dollar would negatively and adversely affect our business,
operating results and financial condition.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">In the wake of the COVID 19 pandemic and
measures taken to address the outbreak, there has been a global trend of
investors, turned to gold and gold stocks as a safe haven asset, as has been
the case in may previous times of global economic crisis. This has led to a
surge in the average gold price from R781,261 per kg in the quarter ended March
31, 2020 to R988,030 per kg for the quarter ended June 30, 2020.&#160; As gold price
levels in fiscal 2020 and currently are impacted by the COVID-19 outbreak,
changes in conditions in the future (e.g. global recovery from the COVID-19
pandemic) could lead to a decrease of the gold price to pre-pandemic levels or
lower. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Although we entered into a gold price hedge in
fiscal 2019, w</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">e typically do not enter into forward
contracts to reduce our exposure to market fluctuations in the dollar gold
price or the exchange rate movements of the rand. We sell gold at spot prices
based on the afternoon London Bullion Market fixing price on the day when Rand
Refinery, acting as an agent for the sale of all gold produced by the Group,
delivers the Gold to the buyer. We usually sell our foreign currency at the
spot price in the market on the date of trade. If the dollar gold price should
fall and/or the rand should strengthen against the dollar, this would adversely
affect us, and we may experience losses, and if these changes result in revenue
below our cost of production and remain at such levels for any sustained
period, we may be forced to curtail or suspend some or all our operations. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Exchange rates are influenced by global economic
trends. The closing exchange rate of the rand against the dollar at June 30,
2020 weakened by 23% compared to June 30, 2019. The closing price of the rand
against the dollar at June 30, 2019 weakened by 3% compared to June 30, 2018. At
September 30, 2020, the rand traded at R16.73 = $1.00 (based on closing rates),
a 3% strengthening of the rand against the Dollar from June 30, 2020. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The rand/dollar exchange rate remained
volatile throughout the year mainly as a result of global, emerging market and
South Africa economic uncertainty, global market slowdown sentiment, tensions
between the USA and China, perceived political instability and low economic
growth in South Africa, and a seemingly terminally distressed Eskom Holdings
SOC Limited (</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8220;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Eskom</font></b></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">). Further </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">volatility in the Rand was fueled by Moody&#8217;s downgrade of South
Africa&#8217;s sovereign credit rating to sub-investment grade as a result of
&#8220;continuing</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">deterioration
in fiscal strength and structurally very weak economic growth.&#8221;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A decrease in the dollar gold price and/or a
strengthening of the rand against the dollar results in a decrease in our
profitability. If the rand was to appreciate against the dollar for a continued
time, our operations could experience a reduction in cash flow and
profitability, and this </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">would adversely affect our
business, operating results and financial condition</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. &nbsp;</font></font></p>

<font face="Times New Roman,serif" style="border:none;">
&nbsp;</font>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></b></font></p>


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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font style="display:none;mso-hide:all;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">7</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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<p style="border:none;margin:0in;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">A failure to acquire new Ore Reserves
could negatively affect our future cash flows, results of operations and
financial condition.</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">New or ongoing exploration programs may not result in new mineral
producing operations that will sustain or increase our Ore Reserves. A failure
to acquire new Ore Reserves in sufficient quantities and quality to maintain or
grow the current level and quality of our reserves will negatively affect our
future cash flow, results of operations and financial condition. </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">In addition, if we are unable to identify Ore
Reserves that have reasonable prospects for economic extraction while
maintaining sufficient controls on production and other costs, this will have a
material effect on the future viability of our operations.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; While we have been able to
increase reserves over the prior three fiscal years&#8212;See Item 4B. &#8220;Business
Overview&#8212;Ore Reserves&#8221;&#8212;such increases were dependent upon acquisitions and
successful drilling programs, and such increases were offset by depletions.&#160; If
we are not successful in increasing reserves in future years, our reserves
could decrease, and such reduction would adversely affect our business,
operating results and financial condition.&#160; </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">We may be unable to make desirable
acquisitions or to integrate successfully any businesses we acquire, including the
development of Phase 2 of the FWGR assets acquired from Sibanye-Stillwater</font></i></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our future success may depend in part on the
acquisition of businesses or technologies intended to complement, enhance or
expand our current business or products or that might otherwise offer us growth
opportunities. The ability to complete such transactions may be hindered by a
number of factors, including </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">identifying
acquisition targets, obtaining necessary financing and </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">potential difficulties in obtaining government approvals. Any
acquisitions </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">we make</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">, could fail to achieve our financial or strategic objectives or
disrupt our ongoing business which could adversely impact our results of
operations. Phase I of the FWGR development was commissioned on April 1, 2019. Phase
2 planning of the project is currently underway. There can be no assurance that
Phase 2 will be completed on time or will result in expected benefits.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any acquisition that we do
make would pose risks related to the integration of the new business or
technology with our business and organization. We cannot be certain that we
will be able to achieve the benefits we expect from a particular acquisition or
investment. Acquisitions may also strain our managerial and operational
resources, as the challenge of managing new operations may divert our
management from day-to-day operations of our existing business. Furthermore, we
may have difficulty integrating employees, business systems, and technology.
The controls, processes and procedures of acquired businesses may also not
adequately ensure compliance with laws and regulations and we may fail to
identify compliance issues or liabilities. Our business, financial condition
and results of operations may be materially and adversely affected if we fail
to coordinate our resources effectively to manage both our existing operations
and any businesses we acquire.&#160; Acquisitions can also result in unforeseen
liabilities.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Moreover, our resources are
limited and our decision to pursue a transaction has opportunity costs;
accordingly, if we pursue a particular transaction, we may need to forgo the
prospect of entering into other transactions that could help us achieve our
financial or strategic objectives.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our large projects, most
notably the development of FWGR, are subject to schedule delays and cost
overruns, and we may face constraints in financing our existing projects or new
business opportunities, which could render our projects unviable or less
profitable than planned.</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The development of our projects are capital
intensive processes carried out over long durations and requires us to commit
significant capital expenditure and allocate considerable management resources
in utilising our existing experience and know-how.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Projects like the development of Phase 2 of the FWGR
assets acquired from Sibanye-Stillwater is subject to the risk of delays and
cost overruns which are inherent in any large construction project including, </font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">inter
alia</font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">:&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160; shortages or unforeseen increases in the cost of equipment,
labor and raw materials;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160; unforeseen design and engineering problems;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160; unforeseen construction problems;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160; unforeseen delays commissioning sections of the project. For
example: FWGR Phase 1 date achieved commercial production on April 1, 2019 and
the mills were commissioned in September 2019 (both initially planned for
January 1, 2019);</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160; inadequate phasing of activities;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160; labor disputes;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160; inadequate workforce planning or productivity of workforce;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160; inadequate management practices;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160; natural disasters and adverse weather conditions;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160; global pandemics;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160; national work stoppages as a result of infectious deceases and
pandemics such as COVID-19;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160; failure or delay of third-party service providers; and</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160; changes to regulations, such as environmental regulations.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In addition, if the assumptions we make in
assessing the viability of our projects, including those relating to commodity
prices, exchange rates, interest rates, inflation rates and discount rates</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">, prove to be incorrect or need to be
significantly revised, this</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> may
adversely affect the profitability or even the viability of our projects. The
uncertainty and volatility in the gold market makes it more difficult to
accurately evaluate the project economics and increases the risk that the
assumptions underlying our assessment of the viability of the project may prove
incorrect.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As the development of FWGR is particularly
material to DRDGOLD, significant cost overruns or adverse changes in
assumptions affecting the viability of the project could have a material
adverse effect on our business, cash flows, financial condition and prospects. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>


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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font style="display:none;mso-hide:all;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">8</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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<p style="border:none;margin:0in;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our operating cash flow and
banking facilities may be insufficient to meet our capital expenditure plans
and requirements, depending on the timing and cost of development of our
existing projects and any further projects we may pursue. As a result, new
sources of capital may be needed to meet the funding requirements of these projects
and to fund ongoing business activities. Our ability to raise and service
significant new sources of capital will be a function of, </font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">inter alia</font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">,
macroeconomic conditions, our credit rating, our gearing and other risk
metrics, the condition of the financial markets, future gold prices, the
prospects for our industry, our operational performance and operating cash flow
and debt position.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event of operating or financial challenges,
any dislocation in financial markets or new funding limitations, our ability to
pursue new business opportunities, invest in existing and new projects, fund
our ongoing business activities and pay dividends, could be constrained, any of
which could have a material adverse effect on our business, operating results
cash flows and financial condition.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We may not be able to meet
our cash requirements because of a number of factors, many of which are beyond
our control.</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Management&#8217;s estimates on future cash flows are
subject to risks and uncertainties, such as the rand gold price, production
volumes, recovered grades and costs. If we are unable to meet our cash
requirements out of cash flows generated from our operations, we would need to
fund our cash requirements from other financing sources and any such other financing
may not be permitted under the terms of our financing arrangements, or may not
be available on acceptable terms, or at all. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">If we do not generate sufficient
cash flows or have access to </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">adequate
financing, our ability to respond to changing business and economic conditions,
make future acquisitions, react to adverse operating results, meet our debt
service obligations and fund required capital expenditures or meet our working
capital requirements may be adversely affected. </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any interruption in gold production
at any of our two mining operations generating cash flows, will have an adverse
effect on the Company.</font></i></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We have two mining operations generating cash
flows, namely Ergo and FWGR. </font></font><font color=black style="border:none;"> &nbsp;</font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Ergo&#8217;s reclamation
sites, processing plants, pump stations and the Brakpan/Withok Tailings Storage
Facility (&quot;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Brakpan/Withok TSF</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&quot;) are linked through pipeline
infrastructure. The Ergo plant is currently our major processing plant. FWGR&#8217;s reclamation
site, DP2 processing plant, pump stations and the Driefontein 4 Tailings
Storage Facility are linked through pipeline infrastructure.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our reclamation sites, plants, pipelines
infrastructure and the deposition/storage facilities are exposed to numerous
risks, including operational down time due to planned or unplanned maintenance,
destruction of infrastructure, spillages, higher than expected operating costs,
or lower than expected production as a result of decreases in extraction
efficiencies due to imbalances in the metallurgical process as well as
inconsistent volume throughput </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">or other
factors</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We have suffered
interruptions in gold production. For example: the Group temporarily halted its
operations at Ergo and FWGR on March 26, 2020 pursuant to the announcement of
the national lockdown in South African (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-other;">Lockdown</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-other;">&#8221;). Operations
gradually recommenced through April and May 2020 (Refer to Item 4D. &#8216;&#8216;Property,
plant and production &#8211; Ergo Production and FWGR production&#8221;), but we remain
subject to the risk of further lockdowns and other restrictions as a result of
the COVID-19 pandemic.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our operations are also exposed to severe weather
events that could interrupt production. It is believed that the long-term
upward trend in global temperature is directly correlated with the increase in
global severe weather events both in terms of magnitude and frequency.  <a name="_Hlk494344672"></a></font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For example, </font></font><a name="_Hlk494344749"></a><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">dry weather conditions have prompted level 2
water restrictions on residential water users in the Johannesburg area. These
water restrictions remain in place as at September 30, 2020.</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> Severe thunderstorms and high winds,
especially during the summer rainy season, may also cause damage to operation
infrastructure that may in turn cause an interruption in the production of
gold.&#160; Such incidents and other weather events may damage the facility and
cause the interruption of deposition and gold production until the facility is
repaired or alternative deposition is brought online.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our FWGR operations are reliant on the use of and
access of Sibanye-Stillwater&#8217;s mining infrastructure, related services
including the smelting and recovery of gold from gold loaded carbon produced at
FWGR as well as the use of various rights, permits and licenses held by Sibanye
Gold in terms which FWGR operates, pending the transfer to FWGR of those that
are transferable. Any disruption in the supply of, or our ability to use and
access the Sibanye-Stillwater mining infrastructure, related services and rights,
permits and licenses, could have an adverse impact on our operations.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each of these </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">or other weather </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">conditions </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">or other interruptions
</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">could adversely impact our operations which could
have a material adverse effect on our business, operating results and financial
condition.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Flooding
at our discontinued underground operations may cause us to incur liabilities
for environmental damage.</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the rate of rise of water
is not controlled, water from</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> our abandoned underground mining areas</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> could potentially rise and come into contact
with naturally occurring underground water or decant into surrounding
underground</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> mining areas</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> and
could ultimately also rise to surface. Progressive flooding of these </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">abandoned
underground mining areas</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> and
surrounding underground</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> mining areas</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> could eventually cause the discharge of polluted water to the
surface and to local water sources.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Should underground water levels not reach a
natural subterranean equilibrium, and if underground water rises to the
surface, we, together with all other mining companies in those areas, may face
claims relating to environmental damage.&#160; </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Any such</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> claims may have a
material adverse effect on our business, operating results and financial
condition. </font></font></p>

<font face="Times New Roman,serif" style="border:none;">
&nbsp;</font>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></b></font></p>


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<p style="border:none;margin:0in;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p align=left style="border:none;margin:0in;text-align:left;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">An increase
in production costs could have an adverse effect</font></i></b></font><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:.7pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> &nbsp;</font></i></b></font><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">on our results of operations.</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">An
increase </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">in our production costs </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">will impact our results of operations</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. Production costs are affected by, </font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">inter
alia</font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">: &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;labor stability, productivity and increases in labor costs;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;increases in electricity and water prices;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;increases in crude oil and steel prices;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;changes in regulation;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;unforeseen changes in ore grades and recoveries;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;unexpected changes in the quality or quantity of reserves;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;technical production issues;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;availability and cost of smelting and refining arrangements;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;environmental and industrial accidents;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;gold theft;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;environmental factors; and</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;pollution. </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="background:white;border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Our production costs consist mainly of
materials including reagents and steel, labor, electricity, specialized service
providers, water, fuels, lubricants and other oil and petroleum-based products.
Production costs have in the past, and could in the future, increase at rates
in excess of our annual inflation rate and </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">impact our results of operation and can </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">result in the restructuring of
these operations at substantial cost. </font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="_Hlk527614848"></a><a name="_Hlk527614927"></a></font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On September 16, 2019, Ergo
signed a two-year wage agreement with the Majority Unions for an </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">average
increase of 5.9% per annum across our workforce</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> with individual increases </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ranging from 5.5% to 7%
per annum</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">, with the intention to extend this agreement
for a third year</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">As
part of the transitional arrangements at FWGR, a three-year wage agreement is
in place and is scheduled to conclude in June 2021.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Increases
in production costs, if material, will adversely impact our results of
operations.&#160; In addition, any initiatives that we pursue to reduce costs, such
as reducing our labor force, a reduction of the corporate overhead, negotiating
lower</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> price increases for consumables and cost
controls may not be successful or sufficient to offset the increases affecting
our operations and could adversely affect our business, operating results and
financial condition. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></b></font><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-other;">Uncertainties regarding the impact of the
COVID-19 pandemic on current and future operations </font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We face risks relating to the
COVID-19 pandemic and measures taken to address the outbreak.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Group temporarily halted
its operations at Ergo and FWGR on March 26, 2020 pursuant to the announcement
of the national lockdown in South African (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Lockdown</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#8221;). Operations
gradually recommenced through April and May 2020 (Refer to Item 4D. &#8216;&#8216;Property,
plant and production &#8211; Ergo Production and FWGR production&#8221;). We remain subject
to the risk of further lock-downs or other restrictions to our operations and
we also face the risk of disruptions to our suppliers' operations.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The risk related to the
impact of the COVID-19 pandemic is not isolated to health and safety for our
employees and disruptions to our operations, but has manifested as a risk in terms
of social stability as well as economic activity and growth both in South
Africa and globally. Whilst we have implemented programs to address the risk of
COVID-19 infections at our operations, the COVID-19 pandemic may have numerous
other consequences, including adverse impacts on our supply chain and
availability of materials used in our operations. The risks associated with an
anticipated &#8220;new wave&#8221; of infection remain highly uncertain and could lead to
increased employee infection risk decreasing productivity and could result in
further restrictive national lockdowns, which could lead to disruptions in our
business operations.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We have benefitted from the
increase in gold prices driven at least in part by the impact of the COVID-19
pandemic.&#160; Gold prices may decrease to the extent that the impact of the
pandemic is alleviated.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></b></font><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Our operations are subject to extensive
environmental regulations which could impose significant costs and liabilities.</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our operations are subject to increasingly
extensive laws and regulations governing the protection of the environment
under various state, provincial and local laws, which regulate air and water
quality, hazardous waste management and environmental rehabilitation and
reclamation. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Our mining and related activities have the potential to impact the
environment, including land, habitat, streams and environment near the mining
sites.</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> Failure to comply with environmental
laws or delays in obtaining, or failures to obtain government permits and
approvals may adversely impact our operations. In addition, the regulatory
environment in which we operate could change in ways that could substantially
increase costs of compliance, resulting in a material adverse effect on our
profitability.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We have incurred, and expect to incur in the
future, expenditures to comply with these</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> environmental</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> laws and regulations. We have estimated our
aggregate group Provision for Environmental Rehabilitation at a net present
value of R568.9&nbsp;million which is included in our statement of financial position
as at&#160; June 30, 2020 (Refer to Item 18. &#8216;&#8216;Financial Statements - Note 11 &#8211;
Provision for environmental rehabilitation&#8221;). However, the ultimate amount of
rehabilitation costs may in the future exceed the current estimates due to
factors beyond our control, such as changing legislation, higher than expected
cost increases, or unidentified rehabilitation costs. We fund these
environmental rehabilitation costs by making contributions over the life of the
mine to environmental trust funds or funds held in insurance instruments
established for our operations. If any of our operations are prematurely
closed, the rehabilitation funds may be insufficient to meet all the
rehabilitation obligations of those operations. The closure of mining
operations, without sufficient financial provision for the funding of
rehabilitation liabilities, or unacceptable damage to the environment,
including pollution or environmental degradation, may expose us and our
directors to prosecution, litigation and potentially significant liabilities.
</font></font></p>


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<p style="border:none;margin:0in;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Damage to tailings dams and
excessive maintenance and rehabilitation costs could result in lower production
and health, safety and environmental liabilities.</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Our tailings facilities are exposed to
numerous risks and events, the occurrence of which may result in the failure,
breach or damage of such a facility. These may include sabotage, failure by our
employees to adhere to the codes of practice and natural disasters such as
excessive rainfall and seismic events, any of which could force us to stop or
limit operations. In addition, the dams could overflow or a side wall could
collapse and the health and safety of our employees and communities living
around these dams could be jeopardized. In the event of damage to our tailings
facilities, our operations will be adversely affected and this in turn could
have a material adverse effect on our business, operating results and financial
condition. </font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Due to the nature of our business, our
operations face extensive health and safety risks and regulation of those risks.</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Gold mining is exposed to numerous risks and
events, the occurrence of which may result in the death of, or personal injury,
to employees. According to section 54 of the Mine, Health and Safety Act of
1996, if an inspector believes that any occurrence, practice or condition at a
mine endangers or may endanger the health or safety of any person at the mine,
the inspector may give any instruction necessary to protect the health or
safety of persons at the mine. These instructions could include the suspension of
operations at the whole or part of the mine. Health and safety incidents could
lead to mine operations being halted and that will </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">increase our unit
production costs, </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">which could have a
material adverse effect on our business, operating results and financial
condition.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Events may occur for which we
are not insured which could affect our cash flows and profitability.</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Because of the nature of our business,
we may become subject to liability for pollution or other hazards against which
we are unable to insure</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> or are not insured</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">, including those in respect of past mining activities. Our
existing property, business interruption and other insurance contains certain
exclusions and limitations on coverage. The insured value for property and loss
of profits due to business interruption </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">is R11.35 billion, </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">with a total loss limit of R650 million for
the 2021 fiscal year. Business interruption is only covered from the time the
loss occurs and is subject to time and amount deductibles that vary between
categories</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. To cover legal liability to third parties for damage, injury,
illness or death a total of R1.5 billion insurance cover is in place for the
2020 fiscal year,</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> subject to certain
exclusions and limitations on coverage.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Insurance coverage may not
cover the extent of claims brought against us, including claims for environmental,
industrial or pollution related accidents, for which coverage is not available.
If we are required to meet the costs of claims, which exceed our insurance
coverage, this could have a material adverse effect on our business, operating
results and financial condition. </font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">If we are unable to
attract and retain key personnel our business may be harmed.</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The success of our business will depend, in large
part, upon the skills and efforts of a small group of management and technical
personnel including the positions of Chief Executive Officer and Chief
Financial Officer. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.05pt;line-height:normal;">In addition, we compete with mining and other companies on
a global basis to attract and retain key human resources at all levels with
appropriate technical skills and operating and managerial experience necessary
to operate the business.</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> Factors
critical to retaining our present staff and attracting additional highly
qualified personnel include our ability to provide these individuals with
competitive compensation arrangements, and other benefits. If we are not
successful in retaining or attracting highly qualified individuals in key
management positions, our business may be harmed. We do not maintain &#8220;key man&#8221;
life insurance policies on any members of our executive team. The loss of any
of our key personnel could delay the execution of our business plans, which may
result in decreased production, increased costs and decreased profitability. </font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;text-indent:.5in;"><a name="_Hlk50551097"></a><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">We are subject to o</font></i></b></font><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">perational risks associated with our flotation and fine-grind
(FFG) project.</font></i></b></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our flotation and fine-grind project<a name="_Hlk494345043"></a>, implemented in fiscal year 2014, is designed to
improve extraction efficiencies.&#160; </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Certain
components of the FFG were temporarily halted in the first quarter of fiscal
year 2020 to perform an evaluation and compare the additional revenues earned
from additional gold extracted from the most recently integrated reclamation
sites compared to the cost incurred to operate the FFG circuit. The remaining
components of the FFG continue to operate. Testing on the newly integrated material
has suggested that some of these halted components will only operate in
subsequent years once the related reclamation sites have been brought online in
accordance with the current life of mine plan for ERGO. These halted components
are classified as idle assets until they are brought back into operation as
described. The success of the FFG is directly dependent on the material type
and material mix processed through it. Therefore, the halted components will
remain idle pending the continuation and conclusion of various test work
regarding the material type and material mix of future reclamation sites. Firm
decisions have also not yet been made by the executive committee and the Board
of Directors on the future of the FFG. We remain subject to operations risks
relating to the FFG project.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

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<p align=left style="border:none;margin:0in;text-align:left;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">A
disruption in our information technology systems, including incidents related
to cyber security, could adversely affect our business operations. </font></i></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">We rely on the accuracy, availability and security of our
information technology systems. Despite the measures that we have implemented,
including those related to cyber security, our systems could be breached or
damaged by computer viruses and systems attacks, natural or man-made incidents,
disasters or unauthorized physical or electronic access. </font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any system failure, accident
or security breach could result in business disruption, theft of our
intellectual property, trade secrets (including our proprietary technology),
unauthorized access to, or disclosure of, personnel or supplier information,
corruption of our data or of our systems, reputational damage or litigation. We
may also be required to incur significant cost to protect against or repair the
damage caused by these disruptions or security breaches in the future,
including, for example, rebuilding internal systems, implementing additional
threat protection measures, defending against litigation, responding to
regulatory inquiries or actions, paying damages, or taking other remedial steps
with respect to third parties. </font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; These threats are constantly
evolving, thereby increasing the difficulty of successfully defending against
them or implementing adequate preventative measures and we remain subject to
additional known or unknown threats. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">We
are subject to cybersecurity attacks from time to time, and have been subject
to phishing. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">In some instances, we may be unaware of an
incident or its magnitude and effects. We may be susceptible to new and
emerging risks, including cyber-attacks and phishing, in the evolving landscape
of cybersecurity threats.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In addition, from time to
time, we implement updates to our information technology systems and software,
which can disrupt or shutdown our information technology systems. Information
technology system disruptions, if not appropriately addressed or mitigated,
could have a material adverse effect on our operations.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Risks related to the gold mining industry </font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A change in the dollar price
of gold, which in the past has fluctuated widely, is beyond our control.</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Historically, the gold price has fluctuated
widely and is affected by numerous industry factors over which we have no
control including:</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">a
significant amount of above-ground gold in the world that is used for trading
by investors</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;the physical supply of gold from
world-wide production and scrap sales, and the purchase, sale or divestment by
central banks of their gold holdings;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;the demand for gold for investment
purposes, industrial and commercial use, and in the manufacturing of jewelry;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;speculative trading activities in gold; </font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;the overall level of forward sales by
other gold producers; </font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;the overall level and cost of production
of other gold producers; </font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;international or regional political and
economic events or trends; </font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;the strength of the dollar (the currency
in which gold prices generally are quoted) and of other currencies; </font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;financial market expectations regarding
the rate of inflation; </font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;interest rates; </font></font></p>

<p style="border:none;margin:0in;margin-right:48.45pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">gold hedging and de-hedging by gold producers; and</font></font></p>

<p style="border:none;margin:0in;margin-right:48.45pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">actual or expected gold sales by central banks and the
International Monetary Fund.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">During fiscal year 2020 the gold price
reached a high of U$1,785 per ounce and a low of U$1,382. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">We benefited from a sustained upswing in gold
price in the first quarter, and in the fourth quarter, following the global
response to the COVID-19 pandemic, the gold price surged further to all-time
highs. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Investors globally, as they have in so many
previous times of crisis, turned to gold and gold stocks as a safe haven asset,
leading to a surge in the average gold price from R781,261 per kg in the
quarter ended March 31, 2020 to R988,030 per kg for the quarter ended&#160; June 30,
2020. The rand/dollar exchange rate remained volatile throughout the year
mainly as a result of economic uncertainty and perceived political instability,
global market slowdown sentiment, tensions between the USA and China, low
economic growth, and a seemingly terminally distressed Eskom. Further </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">volatility in the Rand was fueled by Moody&#8217;s
downgrade of South Africa&#8217;s sovereign credit rating to sub-investment grade as
a result of &#8220;continuing</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">deterioration in fiscal strength and
structurally very weak economic growth.&#8221; </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; COVID-19 (or an alleviation of the pandemic) or
other factors mentioned above could put negative pressure on the price of gold
in the future. Our profitability may be negatively impacted by a decline in the
gold price as we incur losses when revenue from gold sales drops below the cost
of production for an extended period.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The exploration of mineral
properties is highly speculative in nature, involves substantial expenditures,
and is frequently unproductive.</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Exploration
is highly speculative in nature and requires substantial expenditure for drilling,
sampling and analysis of ore bodies to quantify the extent of the gold reserve.
</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Many gold exploration programs, including
some of ours, do not result in the discovery of mineralization and any
mineralization discovered may not be of sufficient quantity or quality to be
mined profitably. If we discover a viable deposit, it usually takes several
years from the initial phases of exploration until production is possible. </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">During
this time, the economic feasibility of production may change. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<font face="Times New Roman,serif" style="border:none;">
&nbsp;</font>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>


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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font style="display:none;mso-hide:all;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">12</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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<p style="border:none;margin:0in;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Moreover, we rely on the evaluations of
professional geologists, geophysicists, and engineers for estimates in
determining whether to commence or continue mining. These estimates generally
rely on scientific and economic assumptions, which in some instances may not be
correct, and could result in the expenditure of substantial amounts of money on
a deposit before it can be determined with any degree of accuracy whether the
deposit contains economically recoverable mineralization. Uncertainties as to
the metallurgical recovery of any gold discovered may not warrant mining based
on available technology.</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Our future growth and profitability will depend,
in part, on our ability to identify and acquire additional mineral rights, and
on the costs and results of our continued exploration and development programs.
</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Our business focuses mainly on the extraction of gold from tailings,
which is a volume driven exercise. Only significant deposits within proximity
of services and infrastructure that contain adequate gold content to justify
the significant capital investment associated with plant, reclamation and
deposition infrastructure are suitable for exploitation in terms of our model.
There is a limited supply of these deposits which may inhibit e<a name="_Hlk494345133"></a>xploration and developments, especially in a declining
gold price environment. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Because
of these uncertainties, we may not successfully acquire additional mineral
rights, or identify new Proven and Probable Ore Reserves in sufficient
quantities to justify commercial operations in any of our operations. The costs
incurred on exploration activities that do not identify commercially
exploitable reserves of gold are not likely to be recovered and therefore are likely
to be impaired.</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">There is inherent uncertainty in Ore Reserve estimates.</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our
Ore Reserve figures described in this document are the best estimates of our
current management as of the dates stated and are reported in accordance with
the requirements of Industry Guide 7 of the SEC. These estimates may not
reflect actual reserves or future production. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Should we encounter mineralization or formations
different from those predicted by past drilling, sampling and similar
examinations, reserve estimates may have to be adjusted and mining plans may
have to be altered in a way that might ultimately cause our reserve estimates
to decline. Moreover, if the rand price of gold declines, or stabilizes at a
price that is lower than recent levels, or those assumed in our mining plans,
or if our labor, water, steel, electricity and other production costs increase
or recovery rates decrease, it may become uneconomical to recover Ore Reserves,
particularly those containing relatively lower grades of mineralization. Under
these circumstances, we would be required to re-evaluate our Ore Reserves.
Short-term operating factors relating to the ability to reclaim our Ore
Reserves, at the required rate, such as an interruption or reduction in the
supply of electricity or a shortage of water may have the effect that we are
unable to achieve critical mass, which may render the recovery of Ore Reserve,
or parts of the Ore Reserve no longer feasible, which could negatively affect
production rate and costs and decrease our profitability during any given
period. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Estimates of reserves are based on drilling
results and because unforeseen conditions may occur in these mine dumps that
may not have been identified by the drilling results, the actual results may
vary from the initial estimates. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">These factors have and could
result in reductions in our Ore Reserve estimates </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">and as a result, our production</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">, which could in turn adversely impact the total value of our
mining asset base and our business, operating results and financial condition.</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Gold
mining is susceptible to numerous events that could have an adverse impact on a
gold mining business.</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The business of gold mining
is exposed to numerous risks and events, the occurrence of which may</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> result in the death of or personal injury to employees, the loss
of mining and reclamation equipment, damage to or destruction of mineral
properties or production facilities, monetary losses, delays in production,
environmental damage, loss of the license to mine and potential legal claims.
The risks and events associated with the business of gold mining include: </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">environmental hazards and pollution,
including dust generation, toxic chemicals, discharge of metals, pollutants,
radioactive materials and other hazardous material into the air and water;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">flooding, landslides, sinkhole formation,
ground subsidence, ground and surface water pollution and waterway
contamination;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">a decrease in labor productivity due to labor
disruptions, work stoppages, disease, slowdowns or labor strikes;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">unexpected decline of ore grade;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">metallurgical conditions </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">or lower than expected</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> gold recovery;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">failure of unproven or evolving technologies;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">mechanical failure or breakdowns and ageing
infrastructure;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">energy and electrical power supply
interruptions;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">availability of water;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">injuries to employees or fatalities due to
falls from heights and accidents relating to mobile machinery or electrocution </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">or other causes</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">activities of illegal or artisanal miners;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">material and equipment availability;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">legal and regulatory restrictions and changes
to such restrictions;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">social or community disputes or
interventions;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">accidents caused from the collapse of
tailings dams;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">pipeline failures and spillages;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">safety-related stoppages; and</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">corruption, fraud and theft</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">
including gold bullion theft.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The occurrence of any of these hazards could
delay production, increase production costs and may result in significant legal
claims </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">and adversely impact our business results of
operations and financial condition</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font></p>

<font face="Times New Roman,serif" style="border:none;">
&nbsp;</font>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>


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<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Risks related to
doing business in South Africa </font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Political or economic
instability in South Africa may reduce our production and profitability.</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We are incorporated in South Africa and all our
operations are currently in South Africa. As a result, political and economic
risks relating to South Africa could have a significant effect on our
production and profitability. Large parts of the South African population are
unemployed and do not have access to adequate education, health care, housing
and other services, including water and electricity. Government policies aimed
at alleviating and redressing the disadvantages suffered by most citizens under
previous governments may increase our costs and reduce our profitability. In
recent years, South Africa has experienced high levels of crime. These problems
may impede fixed inward investment into South Africa and increase emigration of
skilled workers and as a result, we may have difficulties retaining qualified
employees. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The COVID-19 pandemic has also increased the risk
of social unrest in our surrounding communities already created from a growing
frustration of society at large on slow reformative action being taken by all
spheres of the South African government, in particular, in combating high
unemployment particularly in the youth of the country. This frustration can
lead to social unrest, people committing crimes, vandalising property and
damaging infrastructure in and around our operations.</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Inflation can adversely affect us.</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The inflation rate in South Africa is relatively
high compared to developed, industrialized countries. As of June 30, 2020, the
annual Consumer Price Inflation Index (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">CPI</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;), stood at 2.2% compared to
4.5% in June 2019 and 4.6% in June 2018. Annual CPI was 3.0% as at September
30, 2020. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Inflation in South Africa generally results in an increase in our
rand operational costs, unless such inflation is accompanied by a concurrent
devaluation of the rand against the dollar or an increase in the dollar price
of gold. Higher and sustained inflation in the future, with a consequent
increase in operational costs could have a material adverse effect on our
results of operations and our financial condition and could result in
operations being discontinued or reduced or rationalized, </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">which could reduce our profitability.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;The treatment of occupational health
diseases and the potential liabilities related to occupational health diseases
may have an adverse effect on the results of our operations and our financial
condition.</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">We may be subject to claims relating to
occupational health diseases and we are currently subject to a claim described
below.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">In January 2013, DRDGOLD, East Rand
Proprietary Mines Limited (</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8220;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">DRDGOLD
Respondents</font></b></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">) and 23 other mining
companies (</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8220;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Other Respondents</font></b></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">) (collectively referred to as &quot;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Respondents</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&quot;) were served with a court application issued in the High
Court of South Africa for a class certification on behalf of former mineworkers
and dependents of deceased mineworkers (</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8220;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Applicants</font></b></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">). In the application the Applicants allege
that the Respondents conducted underground mining operations in a negligent and
complicit manner causing the former mineworkers to contract occupational lung
diseases. The Applicants have as yet not quantified the amounts which they are
demanding from the Respondents in damages.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">On May 3, 2018, former mineworkers and
dependents of deceased mineworkers (</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8220;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Applicants</font></b></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">)
and Anglo American South Africa Limited, AngloGold Ashanti Limited, Sibanye
Gold Limited trading as Sibanye-Stillwater, Harmony Gold Mining Company
Limited, <a name="_Hlk51570448"></a>Gold Fields Limited, African Rainbow
Minerals Limited and certain of their affiliates (</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8220;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Settling Companies</font></b></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">) settled the class certification application
in which the Applicants in each sought to certify class actions against gold
mining houses cited therein on behalf of mineworkers who had worked for any of
the particular respondents and who suffer from any occupational lung disease,
including silicosis or tuberculosis.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The DRDGOLD Respondents, are not a party to
the settlement between the Applicants and Settling Companies. The dispute,
insofar as the class certification application and appeal thereof is concerned,
still stands and has not terminated in light of the settlement agreement </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(refer to</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> Item 18. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8220;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Financial Statements - Note 26 &#8211;
Contingencies</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">).</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">An adverse judgment in the claim described above or
any other claim could have an adverse impact on us.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></b></font><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">We have experienced an </font></i></b></font><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">increase in organised crime activities which
has started to target gold plants.</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Recently, a number of companies, including our
Knights and Ergo plants, were subject to armed attacks targeting the gold in
the plants or high-grade gold bearing material. These incidents were very well
organised and in all the incidents the thieves were armed. In some of the
incidents employees of companies were also held hostage until the targeted
material was obtained. In the 2019 incident a security officer was fatally
injured. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Any such
incidents have and may still result in losses of gold or other damage which
could have a material adverse impact on our business, financial results or
condition</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Theft at our sites,
particularly of copper, may result in greater risks to employees or
interruptions in production.</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Crime statistics in South Africa indicate an
increase in theft. This together with price increases for copper has resulted
in theft of copper cable. Our operations experience high incidents of copper
cable theft despite the implementation of security measures. In addition to the
general risk to employees&#8217; lives in an area where theft occurs, we may suffer
production losses and incur additional costs as a result of power interruptions
caused by cable theft and theft of bolts used for the pipeline</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font></p>

<font face="Times New Roman,serif" style="border:none;">
&nbsp;</font>

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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font style="display:none;mso-hide:all;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">14</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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<p style="border:none;margin:0in;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Power stoppages or shortages
or increases in the cost of power could negatively affect our results and
financial condition.</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Our mining operations are dependent on
electrical power supplied by Eskom, South Africa&#8217;s state-owned utility company.
As a result of insufficient generating capacity, owing to poor maintenance and
lagging capital infrastructure investment, South Africa has faced significant
disruptions in electricity supply in the past and Eskom has warned that the
country could continue to face disruptions in electrical power supply in the
foreseeable future.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> security of f</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">uture power supply as well as the cost thereof remains a risk and
may have major implications for our operations, which may result in significant
production losses. The country&#8217;s current reserve capacity may be insufficient
and the risk of electricity stoppages is expected to continue for the
foreseeable future. Supply interruptions </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">because of this as
well as an aging and poorly maintained distribution grid </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">may pose a significant risk to the
operations.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The group has a load-curtailment agreement in
place with Eskom in terms of which we reduce power consumption by between 10%
and 20% when the grid is under pressure, but Eskom maintains uninterrupted
power supply to the operations.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">National
Energy Regulator of South Africa (</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8220;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">NERSA</font></b></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">)
initially approved an average tariff increase of 8.1% average effective April
1, 2020 and an average increase of 5.2% effective April 1, 2021. In July 2020,
a high court ordered that the average tariff for April 1, 2021 be increased by
a further 9.8%. NERSA has applied for leave to appeal this ruling. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">These increases have had an adverse effect on
our production costs and similar or higher future increases could have a
material adverse effect on our operating results and financial condition.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo is currently disputing the electricity tariff charged by
Ekurhuleni Metropolitan Municipality (refer to</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">
Item 18. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8220;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Financial Statements
- Note 24 &#8211; Payments made under protest</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">).</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Scarcity of water may </font></i></b></font><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">negatively affect our operations.</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">South
Africa faces water shortages, wh</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ich may
lead to the revision of water usage strategies by several sectors in the South
African economy, including electricity generation and municipalities. This may
result in rationing or increased water costs in the future. Such changes would
adversely impact our surface retreatment operations, which use water to
transport the slimes or sand from reclaimed areas to the processing plant and
to the tailings facilities. In addition, as our gold plants and piping
infrastructure were designed to carry certain minimum throughputs, any
reductions in the volumes of available water may require us to adjust
production at these operations. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">DRDGOLD invested R22 million in the construction
of a filtration plant at the Rondebult Waste Water Works (operated by the East
Rand Water Care Company) to treat sewage water to reduce the use of potable
water. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">This water is used both to reclaim and carry production materials
and also, ultimately, to irrigate rehabilitation vegetation at a significantly
lower cost than that of potable water. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The plant was commissioned in early fiscal year 2016 and has
design capacity to provide Ergo with 10 Mega Litres (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Ml</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;) a day from
the Rondebult sewage treatment facility. However, due to the deterioration of
the local government authorities&#8217; infrastructure, the expected quantity of
sewerage is not reaching the treatment facility and as a result Ergo is still
not able to extract the full design capacity of 10 Ml of water a day. It is not
certain if and when the flow of sewerage will </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">reach expected levels</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">These measures may not be sufficient to alleviate the
water scarcity issues </font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">we face</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Government Regulation</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Government policies in South
Africa may adversely impact our operations and profits.</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The mining industry in South
Africa is extensively regulated through legislation and regulations issued
through the government&#8217;s administrative bodies. These involve directives in
respect of health and safety, the mining and exploration of minerals and
managing the impact of mining operations on the environment. A variety of
permits and authorities are required to mine lawfully, and the government
enforces its regulations through the various government departments. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The formulation or implementation of government policies may be
discretionary and unpredictable on certain issues, including changes in
conditions for the issuance of licenses insofar as social and labor plans are
concerned, transformation of the workplace, laws relating to mineral rights,
ownership of mining assets and the rights to prospect and mine, additional
taxes on the mining industry and in extreme cases, nationalization. A change in
regulatory or government policies could adversely affect our business. </font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Mining royalties and other
tax reform could have an adverse effect on the business, operating results and
financial condition of our operations.</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Mineral and Petroleum Resources Royalty Act,
No.28 of 2008 and the Mineral and Petroleum Resources Royalty Act
(Administration), No.29 of 2008</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> govern royalty rates for gold mining in
South Africa</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. These acts provide for the payment of a
royalty, calculated through a royalty rate formula (using rates of between 0.5%
and 5.0%) applied against gross revenue per year, payable half yearly with a
third and final payment thereafter. The royalty is tax deductible and the cost
after tax amounts to a rate of between 0.33% and 3.3% at the prevailing
marginal tax rates applicable to the taxed entity. The royalty is payable on
old unconverted mining rights and new converted mining rights. Based on a legal
opinion the Company obtained, mine dumps created before the enactment of the </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Mineral and Petroleum Resources Development Act (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">MPRDA</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;)
fall outside the ambit of this royalty and consequently the Company does not
pay any royalty on any dumps created prior to the MPRDA. Introduction of
further revenue based royalties or any adverse future tax reforms could have an
adverse effect on our business, operating results and financial condition.
</font></font></p>


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<p style="border:none;margin:0in;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Failure to comply with
the requirements of the Broad Based Socio-Economic Empowerment Charter could
have an adverse effect on our business, operating results and financial condition
of our operations.</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Broad Based Socio&#8209;Economic Empowerment
Charter for the South African Mining Industry (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Mining Charter</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;)
(effective from 2014) established certain numerical goals and timeframes to
transform equity participation in the mining industry in South Africa. The
goals set by the Mining Charter include that each mining company must achieve
15% ownership by historically disadvantaged South Africans, or HDSA, of its
South African mining assets within five years and 26% ownership within ten
years, in each case, from May&nbsp;1,&nbsp;2004. This is to be achieved by,
among other methods, the sale of assets to historically disadvantaged persons (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">HDP</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;)
on a willing seller/willing buyer basis at market value. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In September 2010, the Department of Mineral
Resources (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">DMR</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;) released amendments to the Mining Charter. The
intention behind the amendments to the Mining Charter was to clarify certain
ambiguities and uncertainties which existed under the Mining Charter and to
provide more specific targets. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">It was this latter Mining Charter which the
DMR applied to assess compliance with socio-economic transformation objectives</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. The goals set by the amendments to the
Mining Charter include: minimum 26% HDSA ownership by March 2015; procurement
of a minimum 40% of capital goods, 50% of consumer goods and 70% of services
from Black Economic Empowerment, or BEE, entities by March 2015; minimum 40%
HDSA representation at each of executive management level, senior management
level, middle management level, junior management level and core and critical
skills levels; minimum 3% investment of annual payroll in skills training;
investment in community development; and attaining an occupancy rate of one
person per room in on-site accommodation.</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">A new Mining Charter has been implemented in
September 2018 and supersedes all previous iterations thereof &#8211; refer </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Item 4B. Business Overview &#8211; Governmental
regulations and their effect on our business &#8211;&#160; The Broad Based Socio-Economic
Empowerment Charter. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Government policies in South Africa may
adversely impact our operations and profits related to financial provisioning
for rehabilitation. </font></i></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face=CIDFont+F7 style="border:none;"><font face=CIDFont+F7 lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; An amendment to the MPRDA was first proposed in
2013. The amendment bill, if implemented, would have had a material adverse
impact on the Group's estimated financial provisions for environmental
remediation and management due to the proposed inclusion of historic and old
mine dumps in the definition of &#8220;residue stockpiles&#8221; as well as the extension
of the liability for rehabilitation beyond the issuance of a closure
certificate and the requirement to maintain financial provision for closed
sites within a period of 20 years after a site is closed. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The MPRDA
Amendment Bill was withdrawn in August 2018 by the Minister of Mineral
Resources, citing, amongst other things, the adequacy of the current MPRDA to
deal with all regulatory matter pertaining to the mining and petroleum
industries.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revised Financial Provisioning Regulations (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">FPR</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;)
were published on November 20, 2015 under the National Environmental Management
Act, 107 of 1998 (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">NEMA</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;) and became effective from the date of
publication thereof. Proposed amendments to the FPRs were published for public
comment GNR 1228 GG 41236 of November 10, 2017 (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Draft Regulations</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;),
which seek to address some challenges relating to the implementation thereof.
Under these FRPs to be implemented by the DMR, existing environmental
rehabilitation trust funds may only be used for post closure activities and may
no longer be utilised for their intended purpose of concurrent and final
rehabilitation and closure. Further amendments were made to the FPR on
September 21, 2018, which extended the period of compliance with the FPR to
February 19, 2020. This is likely to affect the amount of funds set aside for
financial provision for rehabilitation of the mine. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">See discussion in 4.B.
Business Overview &#8211; Governmental regulations and their effect on our business &#8211;
Financial Provision for Rehabilitation.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face=CIDFont+F1 style="border:none;"><font face=CIDFont+F1 lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The implementation of Carbon Tax effective from
June 1, 2019 may have a direct or indirect material adverse effect on our
business, operating results and financial condition.</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Carbon Tax Act No 15 of 2019, or the CTA, came
into effect from June 1, 2019. The CTA is based on the polluter-pays-principle
and will be implemented across phases. The first phase will run from June 1,
2019 to December 31, 2022 and is applicable to scope 1 emitters. The second
phase will be implemented from January 1, 2023 to December 31, 2030. During the
first phase, tax-free emission allowances ranging from 60 per cent to 95 per
cent are available to emitters in this first phase. This includes a basic
tax-free allowance of 60 per cent for all activities, a 10 per cent process and
fugitive emissions allowance, a maximum 10 per cent allowance for companies
that use carbon offsets to reduce their tax liability, a performance allowance
of up to 5 per cent for companies that reduce the emissions intensity of their
activities, a 5 per cent carbon budget allowance for complying with the
reporting requirements and a maximum 10 per cent allowance for trade exposed
sectors. Regulations detailing the tax-free emission allowances during the
first and second phases have not been published to date. The Carbon Tax will
not have a direct impact on the price of electricity during the first phase of
implementation. However, the second phase of implementation of the Carbon Tax may
have a direct or indirect material adverse effect on our business, operating
results and financial condition. In addition, the potential increases in costs
resulting from suppliers passing through their Carbon Tax exposure to the
Company may have a direct or indirect material adverse effect on our business,
operating results and financial condition.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Ring-fencing of unredeemed
capital expenditure for South African mining tax purposes could have an adverse
effect on the business, operating results and financial condition of our
operations.</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Income Tax Act No 58 of 1962, or the ITA,
contains certain ring-fencing provisions in section 36 specifically relating to
different mines regarding the deduction of certain capital expenditure and the
carry over to subsequent years. After the restructuring of the surface
operations, effective July 1, 2012, Ergo is treated as one taxpaying operation
pursuant to the relevant ring-fencing legislation. It is expected that FWGR
will also be treated as one taxpaying operation pursuant to the relevant
ring-fencing legislation. In the event that we are unsuccessful in confirming
our position or should the South African Revenue Service have a different
interpretation of section 36 of the ITA, it could have an adverse effect on our
business, operating results and financial condition.</font></font></p>

<font face="Times New Roman,serif" style="border:none;">
&nbsp;</font>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></b></font></p>


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<p style="border:none;margin:0in;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Draft amendments to the ITA
regarding claiming </font></i></b></font><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">accelerated
capital expenditure allowances for South African mining tax purposes could have
an adverse effect on the business, operating results and financial condition of
our operations.</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The National Treasury has proposed a prospective
amendment to the preamble of section 15 of the ITA to limit the accelerated
capital expenditure allowances applicable to taxpayers conducting mining
operations to only those taxpayers that hold &#8220;</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">a mining right as defined in
section 1 of the Mineral and Petroleum Resources Development Act in respect of
the mine where those mining operations are carried on</font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;. In addition, in
relation to section 36 of the ITA, the National Treasury has proposed an
amendment to the heading in order to limit the application of the provisions in
respect of the calculation of the redemption allowance and balance of
unredeemed capital expenditure, to certain mining operations. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; DRDGOLD, as a surface miner, conducts mining
operations for its own benefit (i.e. it is not a contract miner) but DRDGOLD is
not required to hold a mining right in terms of the MPRDA. The proposed requirement
by the ITA to require a miner to hold a mining right in terms of the MPRDA will
preclude DRDGOLD from claiming accelerated capital expenditure allowances in
terms of sections 15 and 36 of the ITA. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If these proposed amendments are adopted, it will accelerate
cash outflows resulting from current tax expenditure. This could have a
material adverse effect on our cash flows, operations, capital investment
decisions and financial condition.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Assessment of unredeemed
capital expenditure by the South African Revenue Service could have an adverse
effect on the business, operating results and financial condition of our
operations.</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The the South African Revenue Service (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">SARS</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;)
assessed capital expenditure when it is redeemed against taxable mining income
rather than when it is incurred. A different interpretation by SARS could have
an adverse effect on our business, operating results and financial condition.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Since our South African labor
force has substantial trade union participation, we face the risk of disruption
from labor disputes and new South African labor laws.</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Labor costs </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">are significant for Ergo,</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> constituting
22% of Ergo&#8217;s production costs for fiscal year 2020 (2019: 18%). As of June 30,
2020, our Ergo operations provided full-time employment for 783 employees while
our main service providers deployed an additional 1,372 employees to our
operations, of whom approximately 91.9% are members of trade unions or employee
associations. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Labor costs </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">are significant for FWGR,</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">
constituting 31% of FWGR&#8217;s production costs subsequent to the date of
commercial production of April 1, 2019. As of June 30, 2020, our FWGR operations
provided full-time employment for 154 employees while our main service
providers deployed an additional 243 employees to our operations, of whom
approximately 83.1% are members of trade unions or employee associations. We
have entered into various agreements regulating wages and working conditions at
our mines. Unreasonable wage demands could increase production costs to levels
where our operations are no longer profitable. This could lead to accelerated
mine closures and labor disruptions. We are also susceptible to strikes by workers
from time to time, which result in disruptions to our mining operations.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In recent years, labor laws in South Africa have
changed in ways that significantly affect our operations. In particular, laws
that provide for mandatory compensation in the event of termination of
employment for operational reasons and that impose large monetary penalties for
non-compliance with the administrative and reporting requirements of affirmative
action policies could result in significant costs to us. In addition, future
South African legislation and regulations relating to labor may further
increase our costs or alter our relationship with our employees. Labor cost
increases could have an adverse effect on our business, operating results and
financial condition. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Labor unrest could affect production.</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; During December 2018 to April 2019 there was
strike action by staff at the Sibanye-Stillwater gold mines adjacent to FWGR. Such
events at our operations or </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">at our reclamation sites</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> could have an adverse effect on our
business, operating results and financial condition.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We use a third party service provider for the
management of our reclamation sites as well as on our Brakpan/Withok TSF and
Driefonteint 4 TSF. Any labor unrest or other significant issue at this third
party service provider may impact the operation of this facility</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.&#160; </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Strike
action and intimidation at mining operations adjacent to our FWGR mining
operations</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> could have an adverse effect on our
business, operating results and financial condition.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our financial flexibility could be materially
constrained by South African currency restrictions.</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">South African law provides for exchange control regulations, which
restrict the export of capital from the Common Monetary Area, including South
Africa. The Exchange Control Department of the South African Reserve Bank, or
SARB, is responsible for the administration of exchange control regulations. In
particular, South African companies:</font></font></p>

<p style="border:none;margin:0in;margin-left:34.0pt;text-align:justify;text-indent:-17.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">are generally not permitted to export capital from South Africa or
to hold foreign currency without the approval of the SARB;</font></font></p>

<p style="border:none;margin:0in;margin-left:34.0pt;text-align:justify;text-indent:-17.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">are generally required to repatriate, to South Africa, profits of
foreign operations; and</font></font></p>

<p style="border:none;margin:0in;margin-left:34.0pt;text-align:justify;text-indent:-17.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">are limited in their ability to utilize profits of one foreign
business to finance operations of a different foreign business.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">While the South African
Government has relaxed exchange controls in recent years, it is difficult to
predict whether such relaxation of controls will continue in the future. For
further information see Item 10D. Exchange Controls.</font></font></p>

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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font style="display:none;mso-hide:all;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">17</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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<p style="border:none;margin:0in;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">We could be adversely affected by violations of
the U.S. Foreign Corrupt Practices Act and similar anti-bribery laws outside of
the United States. </font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The U.S. Foreign Corrupt Practices Act, or the
FCPA, and similar anti-bribery laws in other jurisdictions generally prohibit companies
and their intermediaries from making improper payments to government officials
or other persons for the purpose of obtaining or retaining business. This
includes aggressive investigations and enforcement proceedings by both the U.S.
Department of Justice and the SEC, increased enforcement activity by non- U.S.
regulators, and increases in criminal and civil proceedings brought against
companies and individuals. Our policies mandate compliance with the FCPA and
other applicable anti-bribery laws. Our internal control policies and
procedures may not protect us from reckless or criminal acts committed by our
employees, the employees of any of our businesses, or third party intermediaries.
In the event that we believe or have reason to believe that our employees or
agents have or may have violated applicable anti-corruption laws, including the
FCPA, we would investigate or have outside counsel investigate the relevant
facts and circumstances, which can be expensive and require significant time
and attention from senior management. Violations of these laws may result in
criminal or civil sanctions, inability to do business with existing or future
business partners (either as a result of express prohibitions or to avoid the appearance
of impropriety), injunctions against future conduct, profit disgorgements,
disqualifications from directly or indirectly engaging in certain types of
businesses, the loss of business permits, reputational harm or other
restrictions which could disrupt our business and have a material adverse
effect on our business, financial condition, results of operations or
liquidity. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We face risks with respect to compliance with the
FCPA and similar anti-bribery laws through our acquisition of new companies and
the due diligence we perform in connection with an acquisition may not be
sufficient to enable us fully to assess an acquired company&#8217;s historic
compliance with applicable regulations. Furthermore, as we make acquisitions
such as the acquisition of FWGR, our post-acquisition integration efforts may
not be adequate to ensure our system of internal controls and procedures are
fully adopted and adhered to by acquired entities, resulting in increased risks
of non-compliance with applicable anti-bribery laws. </font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Risks
related to ownership of our ordinary shares or ADSs </font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; It may not be possible for you to effect service
of legal process, enforce judgments of courts outside of South Africa or bring
actions based on securities laws of jurisdictions other than South Africa
against us or against members of our board.</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="background:yellow;border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Our Company, certain members of our board of directors and
executive officers are residents of South Africa. All our assets are located
outside the United States and a major portion with respect to the assets of
members of our board of directors and executive officers are either wholly or
substantially located outside the United States. As a result, it may not be
possible for you to effect service of legal process, within the United States
or elsewhere including in South Africa, upon most of our directors or officers,
including matters arising under United States federal securities laws or
applicable United States state securities laws. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Moreover, it may not be possible for you to enforce against us or
the members of our board of directors and executive officers&#8217; judgments obtained
in courts outside South Africa, including the United States, based on the civil
liability provisions of the securities laws of those countries, including those
of the United States. </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">A foreign judgment is
not directly enforceable in South Africa, but constitutes a cause of action
which will be enforced by South African courts provided that: </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the court which pronounced the judgment had
jurisdiction to entertain the case according to the principles recognized by
South African law with reference to the jurisdiction of foreign courts; </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the judgment is final and conclusive (that
is, it cannot be altered by the court which pronounced it); </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the judgment has not lapsed; </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the recognition and enforcement of the
judgment by South African courts would not be contrary to public policy,
including observance of the rules of natural justice which require that no
award is enforceable unless the defendant was duly served with documents
initiating proceedings, that he was given a fair opportunity to be heard and
that he enjoyed the right to be legally represented in a free and fair trial
before an impartial tribunal; </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the judgment was not obtained by fraudulent
means; </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the judgment does not involve the enforcement
of a penal or revenue law; and</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the enforcement of the judgment is not
otherwise precluded by the provisions of the Protection of Business Act, 1978
(as amended), of South Africa.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; It is the policy of South African courts to award
compensation for the loss or damage sustained by the person to whom the
compensation is awarded. Although the award of punitive damages is generally
unknown to the South African legal system that does not mean that such awards
are necessarily contrary to public policy. Whether a judgment was contrary to
public policy depends on the facts of each case. Exorbitant, unconscionable, or
excessive awards will generally be contrary to public policy. South African
courts cannot enter into the merits of a foreign judgment and cannot act as a
court of appeal or review over the foreign court. South African courts will
usually implement their own procedural laws and, where an action based on an
international contract is brought before a South African court, the capacity of
the parties to the contract will usually be determined in accordance with South
African law. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; It is doubtful whether an original action based on
United States federal securities laws may be brought before South African
courts. A plaintiff who is not resident in South Africa may be required to
provide security for costs in the event of proceedings being initiated in South
Africa. Furthermore, the Rules of the High Court of South Africa require that
documents executed outside South Africa must be authenticated for use in South
African courts. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">It may not be possible therefore for an
investor to seek to impose liability on us in a South African court arising
from a violation of United States federal securities laws.</font></font></p>

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&nbsp;</font>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></b></font></p>


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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font style="display:none;mso-hide:all;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">18</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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<p style="border:none;margin:0in;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Dividend withholding tax will reduce the
amount of dividends received by beneficial owners.</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">On April 1, 2012, the South African
Government replaced Secondary Tax on Companies (then 10%) with a 15%
withholding tax on dividends and other distributions payable to shareholders.
The dividend withholding tax rate was increased to 20%, effective from February
22, 2017.&#160; The withholding tax reduces the amount of dividends or other
distributions received by our shareholders. Any further increases in such tax
will further reduce net dividends received by our shareholders. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Your rights as a shareholder are governed by South African law,
which differs in material respects from the rights of shareholders under the
laws of other jurisdictions.</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Our Company is a public limited liability company incorporated
under the laws of the Republic of South Africa. The rights of holders of our
ordinary shares, and therefore many of the rights of our ADS holders, are
governed by our memorandum of incorporation and by South African law. These
rights differ in material respects from the rights of shareholders in companies
incorporated elsewhere, such as in the United States. In particular, South
African law significantly limits the circumstances under which shareholders of
South African companies may institute litigation on behalf of a company.&#160; </font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Control by principal shareholders could adversely affect our other
shareholders.</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Sibanye-Stillwater beneficially owns 50.1% of our outstanding
ordinary shares and voting power and has the ability to control, or exert a
significant influence over, our board of directors. Sibanye-Stillwater will
continue to have significant influence over our affairs for the foreseeable
future, including with respect to the election of directors, the consummation
of significant corporate transactions, such as an amendment of our
constitution, a&#160; merger or other sale of our company or our assets, and all
matters requiring shareholder approval. In certain circumstances,
Sibanye-Stillwater&#8217;s interests as a principal shareholder may conflict with the
interests of our other shareholders and Sibanye-Stillwater&#8217;s ability to
exercise control, or exert significant influence, over us may have the effect
of causing, delaying, or preventing changes or transactions that our other
shareholders may or may not deem to be in their best interests. In addition,
any sale or expectation of sale of some or all the shares held by
Sibanye-Stillwater could have an adverse impact on our stock price.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Sales of large volumes of our ordinary shares or ADSs or the
perception that these sales may occur, could adversely affect the prevailing
market price of such securities.</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The market price of our ordinary shares or ADSs could fall if
substantial amounts of ordinary shares or ADSs are sold by our stockholders, or
there is the perception in the marketplace that such sales could occur. Current
holders of our ordinary shares or ADSs may decide to sell them at any time.
Sales of our ordinary shares or ADSs, if substantial, or the perception that
any such substantial sales may occur, could exert downward pressure on the
prevailing market prices for our ordinary shares or ADSs, causing their market
prices to decline. Trading activity of hedge funds and the ability to borrow
script in the marketplace will increase trading volumes and may place our share
price under pressure.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font style="border:none;display:none;"><b><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 4. INFORMATION ON THE COMPANY</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">4A. HISTORY AND DEVELOPMENT OF THE COMPANY</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Introduction</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; DRDGOLD Limited, or DRDGOLD, is a South African
domiciled company that holds assets engaged in surface gold tailings
retreatment in South Africa including exploration, extraction, processing and
smelting. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We are a public limited liability company,
incorporated on February&nbsp;16, 1895, as Durban Roodepoort Deep, Limited. On
December 3, 2004, the company changed its name from Durban Roodepoort Deep
Limited to DRDGOLD Limited. Our operations focus on South Africa's
Witwatersrand Basin, which has been a gold producing region for over
120&nbsp;years. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our shares and/or related instruments trade on the
JSE, and the New York Stock Exchange.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our registered office and business address is Constantia
Office Park, Cnr 14th Avenue and Hendrik Potgieter Road, Cycad House, Building
17, Ground Floor, Weltevreden Park, 1709, South Africa. The postal address is
P.O.&nbsp;Box 390, Maraisburg, 1700, South Africa. Our telephone number is
(+27&nbsp;11)&nbsp;470-2600 and our facsimile number is (+27&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">86) 524-3061</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. We are
registered under the South African Companies Act 71, 2008 under registration
number 1895/000926/06. For our ADSs, the Bank of New York Mellon, at 101
Barclay Street, New York, NY 10286, United States, has been appointed as agent.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All of our operations are conducted in South
Africa.</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> &nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Our
operations primarily consist of Ergo and FWGR. Our Ergo operations include the
historic Crown operations (which were restructured into Ergo during fiscal year
2012 and have substantially been rehabilitated as at the end of fiscal year 2018)
and the </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">East Rand Proprietary Mines Limited's (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ERPM</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;)&nbsp;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> underground mining infrastructure which is
currently under care and maintenance.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<font face="Times New Roman,serif" style="border:none;">
&nbsp;</font>

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<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Ergo </font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Ergo was formed in June 2007. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo is the surface tailings retreatment operation consisting of
what was historically the Crown Gold Recoveries Proprietary Limited (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Crown</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;),
ERPM Cason Dump operation and the ErgoGold business units. </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">On July 1, 2012, Ergo acquired the mining assets
and certain liabilities of Crown and all the surface assets and liabilities of
ERPM as part of the restructuring of our surface operations. Also as part of
this restructuring, Ergo acquired DRDGOLD's 35% interest in ErgoGold. &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Capital expenditure </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">for the Ergo projects </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">is
mainly financed through cash resources and operational cash flows while
financing for significant growth projects may be obtained through specific
financing arrangements if required.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Brakpan/Withok TSF expansion</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To extend the life of our Ergo
operation, it is necessary to increase residue tailings deposition capacity at
our Brakpan/Withok TSF. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font style="background:yellow;border:none;"><font face="Times Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">A legal review of the
existing authorizations was undertaken for increasing the deposition capacity
of the Brakpan/Withok TSF. The results indicated that most of the current
authorizations are sufficient, however certain documentation would need to be
amended. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">We
expect this </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">could increase the potential deposition capacity by approximately
800Mt, and thus, our life of mine from 13 years to more than 20 years. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">For further information on other
capital investments, divestures, capital expenditure and capital commitments,
see Item 4D. Property, Plant and Equipment, and Item 5B. Liquidity and Capital
Resources.</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">FWGR </font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On July 31, 2018, we acquired certain
gold surface processing assets and tailing storage facilities that included
Driefontein 3 and 5, Kloof 1, Venterspost North and South, Libanon, Driefontein
4, Driefontein 2 plant, Driefontein 3 plant, WRTRP pilot plant, and land
required for the future development of a central processing plant, regional
tailings storage facility and return water dam (together, the &#8220;</font><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">WRTRP Assets</font></b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#8221;)
associated with Sibanye-Stillwater&#8217;s WRTRP, subsequently renamed FWGR.&#160; This
acquisition represented a significant increase in our assets, which </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">impacted our results in fiscal 2019 and fiscal 2020</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">. In connection with the acquisition, we issued to
Sibanye-Stillwater new shares equal to 38.05% of outstanding shares and granted
Sibanye-Stillwater an option to acquire up to a total of 50.1% of our shares </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">within a period of 2 years from the effective
date of the acquisition at a 10% discount to the prevailing market value</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">. On January 8, 2020, Sibanye-Stillwater exercised the
option and subscribed for 168,158,944 DRDGOLD shares at an aggregate
subscription price of R1,086 million, on January 22, 2020 (R6.46 per DRDGOLD share).</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The assets acquired are to be developed in two phases
&#8211; Phase 1 and Phase 2. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">FWGR Phase 1</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Phase 1 envisioned the reclamation of Driefontein 5
dumps through a reconfigured Driefontein 2 plant and deposition onto the
Driefontein 4 tailings storage facility. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Although the Phase 1 upgrade of the Driefontein 2 Plant was
essentially complete by the end of fiscal 2019, a decision was made to bypass
the mill so that further improvements to the mill liner configuration could be
made. These modifications were successfully completed, and the mill was
recommissioned in September 2019. A further upgrade to convert the mill to
closed circuit from the current open circuit is being considered for fiscal
2021. We believe that this will improve the grind of the material and yield
more gold.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The Driefontein 4 tailings storage facility
was an upstream day-wall dam with a capacity of approximately 200,000 tonnes
per month. In order to increase the deposition capacity to 500&nbsp;000 tonnes
per month, the conversion of this dam to cyclone deposition commenced in fiscal
2019. The conversion of the dam to cycloning has been successful and this
allows a deposition capacity of 500,000 tonnes per month until at least the end
of calendar year 2024.&#160; </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">FWGR Phase 2 expansion</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">An engineering consulting company has been engaged to
undertake the relevant feasibility study for the Phase 2 expansion project.
Phase 2 includes the construction of a new Central Processing Plant (&#8220;</font><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">CPP</font></b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;)
with a capacity of between 1.2 to 2.4 million tonnes per month and the
equipping of the required reclamation sites and pipeline infrastructure to
supply the relevant resources to the CPP.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Phase 2 also includes the construction of a new </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Regional Tailings Storage Facility (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">RTSF</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;)&nbsp;</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">, that we believe is necessary in order to develop our
FWGR as envisaged [by our management], the new RTSF is expected to be capable
of processing 3 million tonnes per month up to a capacity of approximately 800
million tonnes. An external consultant has been appointed to lead the team
designing the RTSF. It is anticipated that the definitive feasibility studies
will be complete in the first half of fiscal year 2021 and that dam construction
will commence in first half fiscal year 2022. The plant construction is
anticipated to commence 6-9 months later. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Financing for significant growth projects may be
obtained through specific financing arrangements if required. Capital
expenditure for FWGR Phase 1 was financed through our RCF (Refer to Item 18.
&#8220;Financial Statements - Note 20 &#8211; Capital Management). Significant financing is
required for the Phase 2 expansion which is expected to be financed through a
combination of cash resources, the RCF and operational cash flows. Capital
expenditure for other projects is mainly financed through cash resources and
operational cash flows. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">For further information on other
capital investments, divestures, capital expenditure and capital commitments,
see Item 4D. Property, Plant and Equipment, and Item 5B. Liquidity and Capital
Resources.</font></font></p>

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<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ERPM</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ERPM, which consists of an underground mine which
has been under care and maintenance since fiscal year 2009, and ERPM Extension
1 and 2 exploration tenements, were acquired in October,&nbsp;2002. Underground
mining at ERPM was halted in October 2008. On July 1, 2012, ERPM sold its
surface mining assets and its 65% interest in ErgoGold to Ergo in exchange for
shares in Ergo as part of the restructuring of our surface operations. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><a name="_Hlk525213836"></a><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In December 2018, ERPM concluded revised agreements
to dispose certain of its underground assets to OroTree Limited (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Orotree</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;).
The disposal of the underground mining and prospecting rights were concluded in
the second half of the financial year ended June 30, 2019. Orotree did not
exercise an option to purchase the underground mining infrastructure. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Crown </font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Crown was</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">
acquired on September 14, 1998. Due to the depletion of ore reserves in the
western Witwatersrand, the Crown plant ceased operation in March 2017.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="background:white;border:none;margin:0in;text-align:justify;"><font style="border:none;display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">4B. BUSINESS OVERVIEW</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">We are a South African company </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">that holds assets engaged in surface gold
tailings retreatment including exploration, extraction, processing and smelting</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">. Our surface tailings retreatment operations,
including the requisite infrastructure and metallurgical processing plants, are
located in South Africa. Our operating footprint is unique in that it involves
some of the largest concentration of gold tailings deposits in the world,
situated within the city boundaries of Johannesburg and its suburbs and the far
west rand of the province of Gauteng.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The success of DRDGOLD&#8217;s long-term goal to extract as
much gold as possible </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">and economically
viable </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">from its assets depends, to a large extent, on how
effectively it continues to manage its capitals. DRDGOLD uses sustainable
development to direct its strategic thinking. We seek sustainable benefits in
respect to financial, manufactured, natural, social and human capitals, each of
which is essential to our operations.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We also aim to align and overlap the interests of
each of these capitals in such a manner that an investment in any one
translates into value-added increases in as many of the others as possible. We
therefore seek to achieve an enduring and harmonious alignment between them,
and we pursue these criteria in the feasibility analysis of each investment.
The board intends to explore opportunities made possible by technology, which could
entail further investment in research and development (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">R&amp;D</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;) to
improve gold recoveries even further over the long term.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On July 31, 2018, we acquired the gold
assets associated with Sibanye-Stillwater&#8217;s WRTRP, subsequently renamed FWGR.&#160;
This acquisition represented a significant increase in our assets. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">During the fiscal years presented in this Annual
Report, all of our operations took place in one geographic region, namely South
Africa.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Description of Our Mining Business</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Surface tailings retreatment</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Surface tailings retreatment involves the extraction
of gold from old mine dumps and slimes dams,</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">comprising
the waste material from earlier underground gold mining activities. This is
done by reprocessing sand dumps and slimes dams. Sand dumps are the result of
the less efficient stamp-milling process employed in earlier times. They
consist of coarse-grained particles which generally contain higher quantities
of gold. Sand dumps are reclaimed mechanically using front end loaders that
load sand onto conveyor belts. The sand is fed onto a screen where water is
added to wash the sand into a sump, from where it is pumped to the plant. Most
sand dumps have already been retreated using more efficient milling methods.
Lower grade slimes dams were the product of the &#8220;tube and ball mill&#8221; recovery
process. This material has become economically more viable to process owing to
improved treatment methods. The material from the slimes dams is broken down
using monitor guns that spray jets of high pressure water at the target area.
The resulting slurry is then pumped to a treatment plant for processing.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Exploration</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Exploration activities are
focused on the extension of existing ore reserves and identification of new ore
reserves both at existing sites and at undeveloped sites. Once a potential site
has been identified, exploration is extended and intensified in order to enable
clearer definition of the site and the portions with the potential to be mined.
Geological techniques are constantly refined to improve the economic viability
of exploration and exploitation. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Our Metallurgical Plants and Processes</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A detailed review of the metallurgical plants and
processes is provided under Item 4D. Property, Plant and Equipment.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>


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<p style="border:none;margin:0in;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Gold Market</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The gold market is relatively liquid compared to
other commodity markets, and the price of gold is quoted in dollars. Physical
demand for gold is primarily for manufacturing purposes, and gold is traded on
a world-wide basis. Refined gold has a variety of uses, including jewelry,
electronics, dentistry, decorations, medals and official coins. In addition,
central banks, financial institutions and private individuals buy, sell and
hold gold bullion as an investment and as a store of value.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The use of gold as a store of value and the
large quantities of gold held for this purpose in relation to annual mine
production have meant that historically the potential total supply of gold has
been far greater than demand. Thus, while current supply and demand play some
part in determining the price of gold, this does not occur to the same extent
as in the case of other commodities. Instead, the gold price has from time to
time been significantly affected by macro-economic factors such as expectations
of inflation, interest rates, exchange rates, changes in reserve policy by
central banks and global or regional political and economic crises. In times of
inflation and currency devaluation or economic uncertainty gold is often seen
as a safe haven, leading to increased purchases of gold and support for its
price.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The average gold spot price increased by 24%
from $1,263 per ounce to $1,562 per ounce </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">during fiscal year
2020 </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">after having decreased by 3% from $1,297</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> per ounce</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> to </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">$1,263</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> per ounce</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> during the fiscal
year</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> 2019 and having increased by 3% from $1,257</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> per ounce</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> to </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">$1,297</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> per ounce</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> during the fiscal
year</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> 2018. The average gold price received by us
for fiscal year 2020 increased by 33% to R768,675 per kg compared to the
previous year at R577,483 per kg.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">We generally take full exposure to the US
dollar spot price of gold and rand/dollar exchange rate. The higher the gold
price, the higher our profit margin and </font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">visa versa</font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. We benefited from a
sustained upswing in gold price in the fourth quarter of fiscal 2020, and in
the first quarter of fiscal 2021, following the global response to the COVID-19
pandemic, the gold price surged further to all-time highs. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Investors globally, as they have in so many
previous times of crisis, turned to gold and gold stocks as a safe haven asset,
leading to a surge in the average gold price from R781,261 per kg in the
quarter ended March 31, 2020 to R988,030 per kg for the quarter ended June 30,
2020. The rand/dollar exchange rate remained volatile throughout the year
mainly as a result of economic uncertainty and perceived political instability,
global market slowdown sentiment, tensions between the USA and China, low
economic growth, and a seemingly terminally distressed Eskom. Further </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">volatility in the Rand was fueled by Moody&#8217;s
downgrade of South Africa&#8217;s sovereign credit rating to sub-investment grade as
a result of &#8220;continuing</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">deterioration in fiscal strength and
structurally very weak economic growth.&#8221; </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Looking ahead we believe that the global
economic environment (particularly during the COVID-19 pandemic), including
escalating sovereign and personal levels of debt, economic volatility and the
oversupply of foreign currency, will continue to make gold attractive to
investors. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The supply of gold has shrunk </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">in recent years </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">and is likely to shrink even more due to the significantly reduced
capital expenditure and development occurring in the sector.&#160; We believe that
this, coupled with global economic uncertainty, is likely to provide support to
the gold price in the long term. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">All of our revenue is generated in South Africa. Our total revenue
for fiscal year ended June 30, 2020 amounted to R4,185.0 million (2019: R2,762.1
million and 2018: R2,490.4 million).</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All gold we produce is sold on our behalf by Rand
Refinery Proprietary Limited (Rand Refinery) in accordance with a refining
agreement entered into in October&nbsp;2001 and updated in July 2018. The gold bars
which we produce consist of approximately 85% gold, 7-8% silver and the
remaining balance comprises copper and other common elements. The gold bars are
sent to Rand Refinery for assaying and final refining where the gold is
purified to 99.9% and cast into troy ounce bars of varying weights. The Group
recognizes revenue from the sale of gold at a point in time when Rand Refinery,
acting as an agent for the sale of all gold produced by the Group, delivers the
Gold to the buyer. The sales price is fixed at the London afternoon fixed
dollar price on the day the Gold is delivered to the buyer. The dollar proceeds
are remitted to us within two days. In exchange for this service, we pay Rand
Refinery a variable refining fee plus fixed marketing and administration fees.
We own 11% (fiscal year </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2019</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> and </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">: 11%) of Rand
Refinery.&#160; <a name="_Hlk495562896"></a></font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Ore Reserves </font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ore Reserve estimates in this Annual Report are reported in
accordance with the requirements of the SEC&#8217;s Industry Guide 7. Accordingly, as
of the date of reporting, all ore reserves are planned to be mined under the
life of mine plan within the period of our existing rights to mine, or within
the time period of assured renewal periods of our rights to mine. In addition,
as of the date of this report, all ore reserves are covered by required permits
and governmental approvals. See Item 4D. Property, Plant and Equipment for a
description of the rights in relation to each mine. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">In South Africa, we are legally required to publicly report Ore
Reserves and Mineral Resources in compliance with the South African Code for
the Reporting of Exploration Results, Mineral Resources and Mineral Reserves,
or SAMREC Code. The SEC&#8217;s Industry Guide 7 does not currently recognize Mineral
Resources. Accordingly, we do not include estimates of Mineral Resources in
this Annual Report. The SEC has adopted rules that will amend Guide 7 in future
years to required the inclusion of Mineral Resources in additional to Mineral
Reserves.</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ore Reserve calculations are subject to a review conducted in
accordance with SEC Industry Guide 7. </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Ore
Reserve tons, grade and content are quoted as delivered to the gold plant. There
are two types of methods available to select ore for mining. The first is
pay-limit, which includes cash operating costs, including overhead costs, to
calculate the pay-limit grade. The second is the cut-off grade which includes
cash operating costs, excluding fixed overhead costs, to calculate the cut-off
grade, resulting in a lower figure than the full pay-limit grade. The cut-off
grade is based upon direct costs from the mining plan, taking into
consideration production levels, production efficiencies and the expected
costs. We use the pay-limit to determine which areas to mine as an overhead
inclusive amount that is indicative of the break-even position. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>


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<p style="border:none;margin:0in;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The pay-limit approach is
based on the minimum in-situ grade of reclamation sites, for which the
production costs, which includes all overhead costs, including head office
charges, are equal to a three-year historical average gold price per ounce for
that year. This calculation also considers the previous three years&#8217; mining and
milling efficiencies, which includes metallurgical and other mining factors and
the production plan for the next twelve months. Only areas above the pay-limit
grade are considered for mining. The pay-limit grade is higher than the cut-off
grade, because this includes overhead costs, which indicates the break-even
position of the operation. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; When delineating the economic limits to the ore
bodies, we adhere to the following guidelines: </font></font></p>

<p style="border:none;margin:0in;margin-left:.75in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The potential ore to be mined is well defined
by an externally verified and approved geological model; </font></font></p>

<p style="border:none;margin:0in;margin-left:.75in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The potential ore, which is legally allowed
to be mined, is also confined by the mine's lease boundaries; and</font></font></p>

<p style="border:none;margin:0in;margin-left:.75in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">A business plan is prepared to mine the
potential ore. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our Ore Reserves figures are estimates, which may
not reflect actual ore reserves or future production. These figures are
prepared in accordance with industry practice, converting mineral deposits to
an Ore Reserve through the preparation of a mining plan. The Ore Reserve
estimates contained herein inherently include a degree of uncertainty and
depend to some extent on statistical inferences. Ore reserve estimates require
revisions based on actual production experience or new information. Should we
encounter mineralization or formations different from those predicted by past
drilling, sampling and similar examinations, ore reserve estimates may have to
be adjusted and mining plans may have to be altered in a way that might
adversely affect our operations </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">and
actual gold recoveries may differ from those indicated in our Ore Reserves</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. Moreover, if the price of gold declines, or
stabilizes at a price that is lower than recent levels, or if our production
costs increase or recovery rates decrease, it may become uneconomical to
recover Ore Reserves containing relatively lower grades of mineralization. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our
Ore Reserves are prepared using three-year average rand gold prices. We prepare
business plans using the forecast rand gold price at the time of the ore
reserve determination. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Gold prices and exchange rates used for Ore Reserves and for our
business plan are outlined in the following table.</font></font></p>

<p align=left style="margin:0in;text-align:left;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:10.9pt;">
  <td width=22% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td colspan=2 width=26% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">June, 30</font></u></b></p>
  </td>
 <td colspan=2 width=26% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">June, 30</font></u></b></p>
  </td>
 <td colspan=2 width=26% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">June, 30</font></u></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=22% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td colspan=2 width=26% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></u></b></p>
  </td>
 <td colspan=2 width=26% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></u></b></p>
  </td>
 <td colspan=2 width=26% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2018</font></u></b></p>
  </td>
 </tr>
<tr style="height:.5in;">
  <td width=22% style="height:.5in;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=13% style="height:.5in;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Three-year average </font></u></p>
  </td>
 <td width=13% style="height:.5in;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Prevailing gold price</font></u></p>
  </td>
 <td width=13% style="height:.5in;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Three-year average gold price</font></u></p>
  </td>
 <td width=13% style="height:.5in;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Prevailing gold price</font></u></p>
  </td>
 <td width=13% style="height:.5in;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Three-year average gold price</font></u></p>
  </td>
 <td width=13% style="height:.5in;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Prevailing gold price</font></u></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=22% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Reserve gold price &#8211;$/oz</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,375</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,666</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,272</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,369</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,240</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,328</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=22% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Reserve gold price &#8211;R/kg</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">629,263</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">905,774</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">552,585</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">629,404</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">543,327</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">550,411</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=22% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Exchange rate &#8211;R/$</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">14.24</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">16.91</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">13.53</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">14.30</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">13.63</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">12.90</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=22% style="height:10.15pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=13% style="height:10.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=13% style="height:10.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=13% style="height:10.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=13% style="height:10.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=13% style="height:10.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=13% style="height:10.15pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">O</font><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ur Ore
Reserves (imperial) changed in the past three fiscal years as follows:</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Our Ore Reserves (imperial) decreased from 5.770 million ounces at
June 30, 2019, to 5.725 million ounces at June 30, 2020</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">, mainly because of depletion through
ongoing mining activities as well as the Grootvlei dump 6/L/16 of 0.3Moz no
longer being classified as an Ore Reserve. The decrease was offset by inclusion
of Marievale dumps at Ergo of 0.5Moz.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Our Ore Reserves (imperial) increased from 3.28 million ounces at
June 30, 2018, to 5.770 million ounces at June 30, 2019, </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">mainly because of the
acquisition of the gold assets associated with the </font><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Sibanye-Stillwater
WRTRP project, subsequently renamed FWGR, that added Ore Reserves of 2.72Moz</font><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">.
The increase was offset by depletion through ongoing mining activities.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The life-of-mine for Ergo based on proven and probable ore
reserves under Industry Guide 7 of the SEC as at </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">June 30, 2020</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">, was 13 years (</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">June 30, 2019</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">: 11
years, </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">June 30, 2018</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">: 12 years). The increase was
due </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">the inclusion
of the Marievale dumps at Ergo of 0.5Moz.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The life of mine for FWGR based on proven and
probable ore reserves under Industry Guide 7 of the SEC as at </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">June 30,
2020 </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">was 20 years (</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">June 30, 2019:</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> 15 years).</font></font></p>





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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font style="display:none;mso-hide:all;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">23</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:15.0pt;">
  <td colspan=13 nowrap width=100% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">DRDGOLD's Ore Reserves as of
  June 30, 2020 and 2019 are set forth in the tables below.</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td colspan=13 width=100% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The Ore Reserves listed in the
  table below are estimates of what can be legally and economically recovered
  from operations, and, as stated, are estimates of tons delivered to the
  plant. </font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=14% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=8% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=8% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=14% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ore Reserves: Imperial</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td width=14% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=6 width=43% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">At June 30, 2020</font></b></p>
  </td>
 <td colspan=6 width=43% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">At June 30, 2019</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td width=14% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=3 width=22% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Proven Ore Reserves</font></b></p>
  </td>
 <td colspan=3 width=21% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Probable Ore Reserves</font></b></p>
  </td>
 <td colspan=3 width=22% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Proven Ore Reserves</font></b></p>
  </td>
 <td colspan=3 width=21% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Probable Ore Reserves</font></b></p>
  </td>
 </tr>
<tr style="height:24.0pt;">
  <td width=14% style="height:24.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=8% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;Tons &nbsp;</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;Grade &nbsp;</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;Gold Content </font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;Tons &nbsp;</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;Grade &nbsp;</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;Gold Content </font></b></p>
  </td>
 <td width=8% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;Tons &nbsp;</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;Grade &nbsp;</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;Gold Content </font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;Tons &nbsp;</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;Grade &nbsp;</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;Gold Content </font></b></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td width=14% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=8% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;(mill) &nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(oz/ton) </font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;('000 ozs) </font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(mill) </font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(oz/ton) </font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;('000 ozs) </font></b></p>
  </td>
 <td width=8% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;(mill) &nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(oz/ton) </font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;('000 ozs) </font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;(mill) &nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;(oz/ton) &nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;('000 ozs) </font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td width=14% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=#548DD4 face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=8% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=#548DD4 face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=#548DD4 face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=#548DD4 face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=#548DD4 face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=#548DD4 face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=#548DD4 face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=8% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=#548DD4 face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=#548DD4 face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=#548DD4 face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=#548DD4 face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=#548DD4 face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=#548DD4 face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=14% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Surface </font></p>
  </td>
 <td width=8% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=#548DD4 face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=#548DD4 face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=#548DD4 face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=#548DD4 face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=#548DD4 face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=#548DD4 face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=8% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=#548DD4 face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=#548DD4 face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=#548DD4 face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=#548DD4 face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=#548DD4 face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=#548DD4 face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=14% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ergo</font></p>
  </td>
 <td width=8% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">50,012</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.01</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">439</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">291,991</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.01</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,688</font></p>
  </td>
 <td width=8% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">61,672</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.01</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">540</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">283,675</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.01</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,540</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=14% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">FWGR<sup> 1 </sup></font></p>
  </td>
 <td width=8% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">248,334</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.01</font></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,463</font></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">13,994</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.01</font></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">135</font></p>
  </td>
 <td width=8% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">194,883</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.01</font></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,070</font></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">74,106</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.01</font></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">620</font></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td nowrap width=14% style="height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total</font></b></p>
  </td>
 <td width=8% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">298,346</font></b></p>
  </td>
 <td width=7% style="height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.01</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,902</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">305,985</font></b></p>
  </td>
 <td width=7% style="height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.01</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,823</font></b></p>
  </td>
 <td width=8% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">256,555</font></b></p>
  </td>
 <td width=7% style="height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.01</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,610</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">357,781</font></b></p>
  </td>
 <td width=7% style="height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.01</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3,160</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=14% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td colspan=3 nowrap valign=bottom width=29% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ore reserves: Metric</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td width=14% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=6 width=43% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">At June 30, 2020</font></b></p>
  </td>
 <td colspan=6 width=43% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">At June 30, 2019</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td width=14% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=3 width=22% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Proven Ore Reserves</font></b></p>
  </td>
 <td colspan=3 width=21% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Probable Ore Reserves</font></b></p>
  </td>
 <td colspan=3 width=22% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Proven Ore Reserves</font></b></p>
  </td>
 <td colspan=3 width=21% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Probable Ore Reserves</font></b></p>
  </td>
 </tr>
<tr style="height:24.0pt;">
  <td width=14% style="height:24.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=8% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Tonnes</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Grade</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gold Content</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Tonnes</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Grade</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gold Content</font></b></p>
  </td>
 <td width=8% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Tonnes</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Grade</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gold Content</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Tonnes</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Grade</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gold Content</font></b></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td width=14% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=8% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(mill)</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(g/tonne)</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(tonnes)</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(mill)</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(g/tonne)</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(tonnes)</font></b></p>
  </td>
 <td width=8% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(mill)</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(g/tonne)</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(tonnes)</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(mill)</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(g/tonne)</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(tonnes)</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=14% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=8% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=8% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=14% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Surface </font></p>
  </td>
 <td width=8% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=8% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=14% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ergo</font></p>
  </td>
 <td width=8% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">45.37</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.300</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">13.61</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">264.89</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.316</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">83.61</font></p>
  </td>
 <td width=8% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">55.95</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.300</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">16.80</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">257.35</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.307</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">79.13</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=14% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">FWGR<sup> 1 </sup></font></p>
  </td>
 <td width=8% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">225.29</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.340</font></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">76.55</font></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">12.70</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.330</font></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4.19</font></p>
  </td>
 <td width=8% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">176.80</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.365</font></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">64.58</font></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">67.23</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.285</font></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">19.13</font></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td nowrap width=14% style="height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total</font></b></p>
  </td>
 <td width=8% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">270.66</font></b></p>
  </td>
 <td width=7% style="height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.333</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">90.16</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">277.59</font></b></p>
  </td>
 <td width=7% style="height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.316</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">87.80</font></b></p>
  </td>
 <td width=8% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">232.75</font></b></p>
  </td>
 <td width=7% style="height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.350</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">81.38</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">324.58</font></b></p>
  </td>
 <td width=7% style="height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.303</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">98.26</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=14% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=8% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=8% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=14% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=8% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
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  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=8% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
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 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
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  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=14% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
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  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=8% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
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 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
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 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
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  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
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  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
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<tr style="height:15.0pt;">
  <td nowrap width=14% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;">
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  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
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  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
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  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
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  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
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  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
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  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
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  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
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  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
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  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
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  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
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  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
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<tr style="height:15.0pt;">
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  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
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  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
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  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
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  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
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  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
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  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
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  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=8% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:24.6pt;">
  <td colspan=13 width=100% style="height:24.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><sup><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1</font></sup><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> The Venterspost North Dump
  has been reclassified from a probable ore reserve in fiscal 2019 to a proven
  ore reserve in fiscal 2020 following improved certainty regarding the
  associated recoveries.</font></p>
  </td>
 </tr>
</table></div>










<p style="border:none;margin:0in;text-align:justify;"><a name="_Hlk495562896_0"></a></p>
<DIV bclFooter>

 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font style="display:none;mso-hide:all;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">24</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_28"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>

 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-layout-grid-align:auto;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;mso-vertical-align-alt:auto;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">CONSOLIDATED
 STATEMENT OF CASH FLOWS</font></b></font><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-layout-grid-align:auto;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;mso-vertical-align-alt:auto;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">for the year
 ended June 30, 2020</font></b></font><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;">&nbsp;</font></p>

</DIV>
<p style="border:none;margin:0in;text-align:justify;"><font color=#548DD4 face="Times New Roman,serif" style="border:none;"><font color=#548DD4 face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The
measurement and classification of our Proven and Probable Ore Reserves are
sensitive to an extent to the fluctuation of the rand gold price. If we had
used different rand gold prices than the three-year average prices at the time
of ore reserve determination, as of June 30, 2020 and 2019 respectively, we
would not have had significantly different ore reserves as of those dates.
Using the same methodology and assumptions as were used to estimate Ore
Reserves but with different rand gold prices as detailed below, our Ore
Reserves as of June 30, 2020 and 2019 would be as follows:</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:28.9pt;">
  <td valign=bottom width=34% style="height:28.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Year ended June 30, 2020</font></b></p>
  </td>
 <td valign=bottom width=17% style="height:28.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Three-year average gold price</font></u></b></p>
  </td>
 <td valign=bottom width=17% style="height:28.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Prevailing price</font></u></b></p>
  </td>
 <td valign=bottom width=16% style="height:28.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10% Below prevailing price</font></u></b></p>
  </td>
 <td valign=bottom width=16% style="height:28.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10% Above prevailing price</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td width=34% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Rand gold price per kilogram </font></p>
  </td>
 <td width=17% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">629,263</font></p>
  </td>
 <td width=17% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">905,774</font></p>
  </td>
 <td width=16% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">815,197</font></p>
  </td>
 <td width=16% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">996,351</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td width=34% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Dollar gold price per ounce </font></p>
  </td>
 <td width=17% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,375</font></p>
  </td>
 <td width=17% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,666</font></p>
  </td>
 <td width=16% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,499</font></p>
  </td>
 <td width=16% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,833</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td width=34% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ore Reserves (million ounces)</font></p>
  </td>
 <td width=17% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.73</font></p>
  </td>
 <td width=17% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.73</font></p>
  </td>
 <td width=16% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.73</font></p>
  </td>
 <td width=16% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.73</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=34% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=16% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=16% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:24.75pt;">
  <td valign=bottom width=34% style="height:24.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Year ended June 30, 2019</font></b></p>
  </td>
 <td valign=bottom width=17% style="height:24.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Three-year average gold price</font></u></b></p>
  </td>
 <td valign=bottom width=17% style="height:24.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Prevailing price</font></u></b></p>
  </td>
 <td valign=bottom width=16% style="height:24.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10% Below prevailing price</font></u></b></p>
  </td>
 <td valign=bottom width=16% style="height:24.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10% Above prevailing price</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td width=34% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Rand gold price per kilogram </font></p>
  </td>
 <td width=17% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">552,585</font></p>
  </td>
 <td width=17% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">629,404</font></p>
  </td>
 <td width=16% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">566,464</font></p>
  </td>
 <td width=16% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">692,344</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td width=34% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Dollar gold price per ounce </font></p>
  </td>
 <td width=17% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,272</font></p>
  </td>
 <td width=17% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,369</font></p>
  </td>
 <td width=16% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,232</font></p>
  </td>
 <td width=16% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,506</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td width=34% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ore Reserves (million ounces)</font></p>
  </td>
 <td width=17% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.77</font></p>
  </td>
 <td width=17% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.77</font></p>
  </td>
 <td width=16% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.77</font></p>
  </td>
 <td width=16% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.77</font></p>
  </td>
 </tr>
</table></div>



<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.75pt;">
  <td nowrap valign=bottom width=10% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=5 nowrap valign=bottom width=90% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The approximate mining recovery factors
  for the 2020 ore reserves shown in the above table are as follows:</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=10% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=19% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap width=10% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=15% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=11% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=19% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Mine Call Factor</font></u></b></p>
  </td>
 <td nowrap width=28% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Metallurgical recovery factory</font></u></b></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap width=10% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=15% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=11% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=19% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(%)</font></u></b></p>
  </td>
 <td nowrap width=28% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(%)</font></u></b></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap width=10% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ergo </font></p>
  </td>
 <td nowrap width=15% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=11% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=19% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">100</font></p>
  </td>
 <td nowrap width=28% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">46</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap width=10% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">FWGR</font></p>
  </td>
 <td nowrap width=15% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=11% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=19% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">100</font></p>
  </td>
 <td nowrap width=28% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">53</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap width=10% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=15% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=11% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=19% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=28% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=10% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=5 nowrap valign=bottom width=90% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The approximate mining recovery factors
  for the 2019 ore reserves shown in the above table are as follows:</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=10% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=19% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap width=10% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=15% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=11% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=19% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Mine Call Factor</font></u></b></p>
  </td>
 <td nowrap width=28% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Metallurgical recovery factory</font></u></b></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap width=10% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=15% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=11% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=19% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(%)</font></u></b></p>
  </td>
 <td nowrap width=28% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(%)</font></u></b></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap width=10% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ergo </font></p>
  </td>
 <td nowrap width=15% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=11% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=19% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">100</font></p>
  </td>
 <td nowrap width=28% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">47</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap width=10% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">FWGR</font></p>
  </td>
 <td nowrap width=15% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=11% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=19% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">100</font></p>
  </td>
 <td nowrap width=28% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">52</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:15.0pt;">
  <td nowrap valign=bottom width=9% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=91% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The following table shows the average
  drill/sample spacing (rounded to the nearest foot), as at June 30, 2020 and
  2019, for </font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td colspan=4 nowrap width=100% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">each category of Ore Reserves at our
  mines calculated based on a three year average dollar price of gold.</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=9% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=31% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=29% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Proven</font></b></p>
  </td>
 <td width=31% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Probable</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=9% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=31% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=29% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Reserves</font></u></b></p>
  </td>
 <td width=31% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Reserves</font></u></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td colspan=2 nowrap width=40% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ergo and FWGR</font></p>
  </td>
 <td nowrap width=29% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">328 ft. by 328 ft.</font></p>
  </td>
 <td nowrap width=31% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">328 ft. by 328 ft.</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="margin:0in;text-align:left;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td nowrap valign=bottom width=10% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=90% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The pay-limit grades based on the three
  year average dollar price for gold amounting to R629,263/kg and costs used to
  determine </font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=4 nowrap width=100% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">reserves as of June 30, 2020, are as
  follows:</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=10% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=29% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=31% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Costs used to determine pay-</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap width=10% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=30% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=29% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Pay-limit grade (g/t)</font></u></b></p>
  </td>
 <td nowrap width=31% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">limit grade (R/t)</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ergo </font></p>
  </td>
 <td nowrap width=30% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=29% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.220</font></p>
  </td>
 <td nowrap width=31% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">66.24</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">FWGR</font></p>
  </td>
 <td nowrap width=30% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=29% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.220</font></p>
  </td>
 <td nowrap width=31% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">61.12</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=10% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=29% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=31% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=10% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=90% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The pay-limit grades based on the three
  year average dollar price for gold amounting to R552,585/kg and costs used to
  determine </font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=4 nowrap width=100% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">reserves as of June 30, 2019, are as
  follows:</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=10% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=29% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=31% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Costs used to determine pay-</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap width=10% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=29% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Pay-limit grade (g/t)</font></u></b></p>
  </td>
 <td nowrap width=31% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">limit grade (R/t)</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ergo </font></p>
  </td>
 <td nowrap width=30% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=29% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.200</font></p>
  </td>
 <td nowrap width=31% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">60.22</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">FWGR</font></p>
  </td>
 <td nowrap width=30% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=29% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.220</font></p>
  </td>
 <td nowrap width=31% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">61.12</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap width=10% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=30% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=29% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=31% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=10% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=90% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">We apply the pay-limit approach to the
  mineralized material database of our business in order to determine the
  tonnage and </font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=4 nowrap width=100% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">grade available for mining. </font></p>
  </td>
 </tr>
</table></div>




<DIV bclFooter>

 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-layout-grid-align:auto;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;mso-vertical-align-alt:auto;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">F-</font><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">25</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_29"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>

 <p style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;">NOTES
 TO THE CONSOLIDATED FINANCIAL STATEMENTS </font></b></font><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;">continued</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">for the year ended June 30, 2020</font></b></font><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;">&nbsp;</font></p>

</DIV>
<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Governmental regulations and their effects on
our business</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Common Law Mineral Rights and Statutory
Mining Rights</font></i></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Prior to the introduction of
the Minerals and Petroleum Resources Development Act, or MPRDA in 2002,
ownership in mineral rights in South Africa could be acquired through the
common law or by statute. With effect from May 1, 2004, all minerals have been
placed under the custodianship of the South African government under the
provisions of the MPRDA and old order proprietary rights were required to be
converted to new order rights of use within certain prescribed periods, as
dealt with in more detail below. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Mine
dumps create before the MPRDA became law fall outside the MPRDA and do not
require a mining license to be processed nor does it require the extensive
rehabilitation and closure guarantees that are a feature of the MPRDA. Many of
the activities to re-process a mine dump do fall under the provisions of the
National Environmental Management Act though, which requires at it most basic
the compilation and submission of an Environmental Impact Assessment.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Conversion of Rights under the Mineral and Petroleum Resources
Development Act, 2002</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Existing old order rights were required to be
converted into new order rights in order to ensure exclusive access to the
mineral for which rights existed at the time of the enactment of the MPRDA. In
respect of used old order mining rights, the DMR is obliged to convert the
rights if the applicant complies with certain statutory criteria. These include
the submission of a mining works program, demonstrable technical and financial
capability to give effect to the program, provision for environmental management
and rehabilitation, and compliance with certain black economic empowerment
criteria and a social and labor plan. These applications had to be submitted
within five years after the promulgation of the MPRDA on May&nbsp;1,&nbsp;2004.
Similar procedures apply where we hold prospecting rights and a prospecting
permit and conduct prospecting operations. Under the MPRDA mining rights are
not perpetual, but endure for a fixed period, namely a maximum period of thirty
years, after which they may be renewed for a further period of thirty years.
Prospecting rights are limited to five years, with one further period of
renewal of three years. Applications for conversion of our old order rights
were submitted to the DMR within the requisite time periods. As at June 30,
2020 and September 30, 2020 respectively, all of our Ergo operation&#8217;s old order
mining rights have been converted into new order rights under the terms of the
MPRDA.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The Broad Based Socio-Economic Empowerment Charter</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In order to promote broad based participation in
mining revenue, the MPRDA provides for a Mining Charter to be developed by the
Minister within six months of commencement of the MPRDA beginning May 1, 2004.
The Mining Charter was initially published in August 2004 and was subsequently
amended in September 2010. Its objectives include: </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">increased direct and indirect ownership of
mining entities by qualifying parties as defined in the Mining Charter;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">expansion of opportunities for persons
disadvantaged by unfair discrimination under the previous political
dispensation; </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">expansion of the skills base of such persons,
the promotion of employment and advancement of the social and economic welfare
of mining communities; and </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">promotion of beneficiation. </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The Mining Charter sets certain goals on
equity participation (amount of equity participation and time frames) by
historically disadvantaged South Africans of South African mining assets. It
recommends that these are achieved by, among other methods, disposal of assets
by mining companies to historically disadvantaged persons on a willing seller,
willing buyer basis at fair market value. The goals set by the Mining Charter
require each mining company to achieve 15&nbsp;percent ownership by
historically disadvantaged South Africans of its South African mining assets
within five years and 26&nbsp;percent ownership by May 1, 2014. It also sets
out guidelines and goals in respect of employment equity at management level
with a view to achieving 40&nbsp;percent participation by historically
disadvantaged persons in management and ten percent participation by women in
the mining industry, each within five years from May 1, 2004. Compliance with
these objectives is measured on the weighted average &#8220;scorecard&#8221; approach in
accordance with a scorecard which was first published around August 2010. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;The Mining Charter and the related scorecard are
not legally binding and, instead, simply state a public policy. However, the
DMR places significant emphasis on the compliance therewith. The Mining Charter
and scorecard have a decisive effect on administrative action taken under the
MPRDA. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">recognition of the Mining Charter&#8217;s objectives of transforming the
mining industry by increasing the number of black people in the industry to
reflect the country&#8217;s population demographics, to empower and enable them to
meaningfully participate in and sustain the growth of the economy, thereby
advancing equal opportunity and equitable income distribution, we</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> have achieved our commitment to ownership
compliance with the MPRDA through our existing black economic empowerment
structure. Our black economic empowerment partner, the DRDSA Empowerment Trust,
holds 1.2% in DRDGOLD Limited. (See Item 4C. Organizational Structure). </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The mining industry in South Africa is extensively
regulated through legislation and regulations issued by government&#8217;s
administrative bodies. These involve directives with respect to health and
safety, mining and exploration of minerals, and managing the impact of mining
operations on the environment. A change in regulatory or government policies
could adversely affect our business.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On September 27, 2018 the Broad-Based Socio-Economic
Empowerment Charter for the Mining and Minerals Industry, 2018 (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Mining
Charter 2018</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;) was published in Government Gazette No. 41934 of Government
Notice No. 639 on September 27, 2018 superseding and replacing all previous
charters, including the Reviewed Broad-Based Black Economic Empowerment Charter
for the South African Mining and Minerals Industry, 2016 (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Mining Charter
III</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;).&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>


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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">F-</font><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">26</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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 <p style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;">NOTES
 TO THE CONSOLIDATED FINANCIAL STATEMENTS </font></b></font><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;">continued</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">for the year ended June 30, 2020</font></b></font><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;">&nbsp;</font></p>

</DIV>
<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Mining Charter 2018 requires
an enduring 30% BEE interest in respect of new mining rights. It also has
extensive provisions in respect of HDP representation at board and management,
as well provisions relating to local procurement of goods and services. The
procurement target of the total spend on services from South African companies
has been pegged at 80% (up from 70% in Mining Charter III) and 60% of the
aggregate spend thereof must be apportioned to BEE entrepreneurs. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Key provisions of Mining Charter 2018, which are
welcomed by the industry are:</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The conditional acceptance of
the continued consequences of previous compliance of the BEE ownership
threshold of 26% in respect of existing mining rights;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Of the 30% HDP ownership
component, qualifying employees and communities are each to hold a 5% carried
interest (as opposed to a free carry interest as per Mining Charter III)&#160; the
cost of which may be recovered by the mining right holder from the development
of the asset. The community interest in turn may be offset by way of an equity
equivalent;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Removal of the so-called 1% of EBITDA trickle
dividend provided for in Mining Charter III; and</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The removal of provisions requiring community and
employee representation at board level.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Elements of Mining Charter 2018 which we consider
unfortunate, and which will be the topic of ongoing discussion with the DMR,&#160;
are: </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; that the continuing consequences of HDP ownership
are not recognized for transfers of mining rights; and </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; that a top up of HDP ownership back to 30% is
required for the renewal of existing rights.&#160; </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In April 2018, judgement was handed down by the
North Gauteng High Court in Pretoria against a provision in the 2017 Mining
Charter which required holders of mining rights to top up the HDP ownership to
30%. The DMR in August 2020, withdrew their notice to appeal to the Supreme
Court of Appeal in respect of the judgement issued in April 2018 by the Pretoria
High Court. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Minerals Council SA has also brought forward
an application for a review of the Mining Charter 2018&#8217;s provision that the
recognition of continued consequences of HDP ownership would not apply in cases
of the renewal of existing rights and therefore a top-up to 30% is required.
This matter is still in pending in the High Court. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Mine Health and Safety Regulation</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The South African Mine Health and Safety Act, 1996
(as amended), or the Mine Health and Safety Act, came into effect in
January&nbsp;1997. The principal object of the Mine Health and Safety Act is to
improve health and safety at South African mines and, to this end, imposes
various duties on us at our mines and grants the authorities broad powers to,
among other things, close unsafe mines and order corrective action relating to
health </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">and safety matters. In the event of any future accidents at any of
our mines, regulatory authorities could take steps which could increase our
costs and/or reduce our production capacity. The </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Act was amended in </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2009
and the amendments to the Act dealt with </font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">inter alia</font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> the stoppage of
production and increase punitive measures including increased financial fines
and legal liability of mine management. Some of the more important provisions
in the 2009 amendment bill are the insertion of section 50(7A) that obliges an
inspector to impose a prohibition on the further functioning of a site where a
person&#8217;s death, serious injury or illness to a person or a health threatening
occurrence has occurred; a new section 86A(1) creating a new offence for any
person who contravenes or fails to comply with the provisions of the Mine
Health and Safety Act thereby causing a person&#8217;s death or serious injury or
illness to a person. Subsection (3) further provides that (a) the &#8220;fact that
the person issued instructions prohibiting the performance or an omission is
not in itself sufficient proof that all reasonable steps were taken to prevent
the performance or omission&#8221;; and that (b) &#8220;the defense of ignorance or mistake
by any person accused cannot be permitted&#8221;; or that (c) &#8220;the defense that the
death of a person, injury, illness or endangerment was caused by the
performance or an omission of any individual within the employ of the employer
may not be admitted&#8221;; section 86A(2) creating an offence of vicarious liability
for the employer where a Chief Executive Officer, manager, agent or employee of
the employer committed an offence and the employer either connived at or
permitted the performance or an omission by the Chief Executive Officer,
manager, agent or employee concerned; or did not take all reasonable steps to
prevent the performance or an omission. The maximum fines were also increased.
Any owner convicted in terms of section 86 or 86A may be sentenced to
&#8220;withdrawal or suspension of the permit&#8221; or to a fine of R3 million or a period
of imprisonment not exceeding five years or to both such fine and imprisonment,
while the maximum fine for other offences and for administrative fines have all
been increased, with the highest being R1 million.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Under the South African Compensation for
Occupational Injuries and Diseases Act, 1993 (as amended), or COID Act,
employers are required to contribute to a fund specifically created for the
purpose of compensating employees or their dependents for disability or death
arising in the course of their work. Employees who are incapacitated in the
course of their work have no claim for compensation directly from the employer
and must claim compensation from the COID Act fund. Employees are entitled to
compensation without having to prove that the injury or disease was caused by negligence
on the part of the employer, although if negligence is involved, increased
compensation may be payable by this fund. The COID Act relieves employers of
the prospect of costly damages, but does not relieve employers from liability
for negligent acts caused to third parties outside the scope of employment. In
fiscal year 2020, we contributed approximately R4.3 million under the COID Act
(2019: R3.7 million and 2018: R3.6 million) to a multi-employer industry fund
administered by Rand Mutual Assurance Limited.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Under the Occupational Diseases in Mines and Works
Act, 1973 (as amended), or the Occupational Diseases Act, the multi-employer
fund pays compensation to employees of mines performing &#8220;risk work,&#8221; usually in
circumstances where the employee is exposed to dust, gases, vapors, chemical
substances or other working conditions which are potentially harmful, or if the
employee contracts a &#8220;compensatable disease,&#8221; which includes pneumoconiosis,
tuberculosis, or a permanent obstruction of the airways. No employee is
entitled to benefits under the Occupational Diseases Act for any disease for
which compensation has been received or is still to be received under the COID
Act. These payment requirements are based on a combination of the employee
costs and claims made during the fiscal year.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

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&nbsp;</font>

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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">F-</font><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">27</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_31"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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 <p style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;">NOTES
 TO THE CONSOLIDATED FINANCIAL STATEMENTS </font></b></font><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;">continued</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">for the year ended June 30, 2020</font></b></font><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;">&nbsp;</font></p>

</DIV>
<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Uranium and radon are often
encountered during the ordinary course of gold mining operations in South
Africa, and present potential risks for radiation exposure of workers at those
operations and the public to radiation in the nearby vicinity. We monitor our
uranium and radon emissions for compliance with all local laws and regulations
pertaining to uranium and radon management and under the current legislative
exposure limits prescribed for workers and the public, under the Nuclear Energy
Act, 1999 (as amended) and Regulations from the National Nuclear Regulator. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Environmental Regulation</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Managing the impact of mining on the
environment is extensively regulated by statute in South Africa. Recent
statutory enactments set compliance standards both generally, in the case of
the National Environmental Management Act, and in respect of specific areas of
environment impact, as in the case of the Air Quality Act 2004, the National
Water Act (managing effluent), and the Nuclear Regulator Act 1999. Liability
for environmental damage is also extended to impose personal liability on
managers and directors of mining corporations that are found to have violated
applicable laws.</font></font></p>

<p style="border:none;margin:0in;margin-top:12.0pt;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The impact on the environment by mining
operations is extensively regulated by the MPRDA. The MPRDA has onerous
provisions for personal liability of directors of companies whose mining
operations have an unacceptable impact on the environment.</font></font></p>

<p style="border:none;margin:0in;margin-top:12.0pt;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Mining companies are also required to demonstrate
both the technical and financial ability to sustain an ongoing environmental
management program, or EMP, and achieve ultimate rehabilitation, the
particulars of which are to be incorporated in an EMP. This program is required
to be submitted and approved by the DMR as a prerequisite for the issue of a
new order mining right. Various funding mechanisms are in place, including
trust funds, guarantees and concurrent rehabilitation budgets, to fund the
rehabilitation liability.</font></font></p>

<p style="border:none;margin:0in;margin-top:12.0pt;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The MPRDA imposes specific, ongoing
environmental monitoring and financial reporting obligations on the holders of
mining rights.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We believe that our environmental risks have been
addressed in EMPs which have been submitted to the DMR for approval.
Additionally, key environmental issues have been prioritized and are being
addressed through active management input and support as well as progress
measured in terms of activity schedules and timescales determined for each
activity. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our existing reporting and controls framework is
consistent with the additional reporting and assessment requirements of the
MPRDA. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Financial Provision for Rehabilitation</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We are required to make financial provision for
the cost of mine closure and post-closure rehabilitation, including monitoring
once the mining operations cease. We fund these environmental rehabilitation
costs by irrevocable contributions to environmental trust funds that function
under the authority of trustees that have been appointed by, and who owe a
statutory duty of trust to the Master of the High Court of South Africa. The
funds held in these trusts are invested primarily in interest bearing call
deposits. As of June 30, 2020, we held a total of R542.2 million (2019: R508.9
million) in trust, the balance held in each fund being R122.1 million (2019:
R114.8 million) for Ergo, R408.1 million (2019: R382.9 million) for FWGR and
R12.0&nbsp;million (2019: R11.3 million) for ERPM. Trustee meetings are held as
required and quarterly reports on the financial status of the funds, are
submitted to our board of directors. If any of the operations are prematurely
closed, the rehabilitation funds may be insufficient to meet all the
rehabilitation obligations of those operations. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Whereas the old Minerals Act allowed for the
establishment of a fully funded rehabilitation fund over the operational life
of mine, the MPRDA assumes a fully compliant fund at any given time. Insurance
instruments may also be utilized to make up the shortfall in available cash
funds subject to the DMR&#8217;s consent. The Company has subsequently made use of
approved insurance products for a portion of its rehabilitation liabilities. As
of June 30, 2020, we held a total of R83.8 million (2019: R78.6 million) in
funds held in insurance instruments. As at June 30, 2020 guarantees amounting
to R427.3 million (2019: R427.3 million) were issued to the DMR.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The provision for environmental rehabilitation for
the group was R568.9 million at June 30, 2020, compared to R682.6 million at
June 30, 2019.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; New Financial Provisioning Regulations (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">FPR</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;)
were promulgated on November 20, 2015 under the National Environmental
Management Act, 107 of 1998 (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">NEMA</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;) &nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">by the Department of
Environmental Affairs (&#8220;</font><b><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">DEA</font></b><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;)&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.
Proposed amendments to the FPRs were published for public comment GNR 1228 GG
41236 of 10 November 2017 (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Draft Regulations</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;), which seek to address
some challenges relating to the implementation thereof. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Under the FPRs to be implemented by the DMR,
existing environmental rehabilitation trust funds, of which DRDGOLD has R542.2
million, may be used only for post closure activities and may no longer be
utilized for their intended purpose of concurrent and final rehabilitation on
closure. As a result, new provisions will have to be made for these activities.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Further amendments to the FPRs, (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Proposed
Amendments</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;) were published in September 2018, which extends the compliance
therewith to 19 February 2020. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Proposed Amendments, in their current form and
which are still subject to the approval of the DMR and Treasury, allow under
certain circumstances for the withdrawal against financial provision (which is
currently not contemplated in the FPR). It is therefore uncertain whether these
provisions relating to withdrawal will remain in their current form, or at
all.&#160; </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>


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 <p style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;">NOTES
 TO THE CONSOLIDATED FINANCIAL STATEMENTS </font></b></font><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;">continued</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">for the year ended June 30, 2020</font></b></font><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;">&nbsp;</font></p>

</DIV>
<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Regulation 5(4) of the
Proposed Amendments states that the determination of financial provision must
be undertaken by a specialist, which according to the definitions listed in the
Proposed Amendments is an &#8220;independent person&#8221;. Regulation 10 of the Proposed
Amendments further requires the annual review and re-assessment of financial
provision by an independent specialist, which in terms of Regulation 11 of the
Proposed Amendments must also be audited by an independent auditor. The Proposed
Amendments do not require that the annual review and re-assessment of financial
provision be audited by a financial auditor.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">4C. ORGANIZATIONAL STRUCTURE</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The following chart shows our principal subsidiaries as of June
30, 2020 and as of September 30, 2020 respectively. All of our subsidiaries are
incorporated in South Africa. Our voting interest in each of our subsidiaries
are equal to our ownership interests. We hold the majority of our subsidiaries
directly or indirectly as indicated below. Refer to Exhibit 8.1 for a list of
our significant subsidiaries. </font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font style="border:none;"><img border=0 height=424 id="Picture 1" src="drdgold202020fx31x0.jpg" width=698></font></p>


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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">F-</font><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">29</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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 <p style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;">NOTES
 TO THE CONSOLIDATED FINANCIAL STATEMENTS </font></b></font><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;">continued</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">for the year ended June 30, 2020</font></b></font><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;">&nbsp;</font></p>

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<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">4D. PROPERTY, PLANT AND EQUIPMENT</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Description of Significant Subsidiaries'
Properties and Mining Operations</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ergo</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Overview</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We
own 100% of Ergo. Ergo is a surface tailings retreatment operation operating </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">across central and east Johannesburg</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">. </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">In order to improve synergies, effect cost savings
and establish a simpler group structure, DRDGOLD restructured the Group&#8217;s
surface operations (Crown, </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ERPM&#8217;s Cason Dump surface operation and </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ErgoGold) into Ergo with effect from July 1, 2012.
</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ERPM&#8217;s Cason Dump surface tailings retreatment operation was depleted in
the first half of fiscal year 2015. <a name="_Hlk21153213"></a></font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">At June 30, 2020, Ergo employed 783 full-time
employees. In addition, specialist service providers deployed a further 1,372
employees to our operations bringing the total number of in-house and
outsourced employees to 2,155 at June 30, 2020 (at June 30, 2019: 2,214</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">; </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">at
June 30, 2018: 2,288</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">)</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Properties</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Ergo plant is located approximately 43 miles
(70 kilometers) east of the Johannesburg&#8217;s central business district in the
province of Gauteng on land owned by Ergo. Access to the Ergo plant is via the
Ergo Road on the N17 Johannesburg-Springs motorway. As of June 30, 2020 and
September 30, 2020, no encumbrances exist on Ergo's property.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Following
the restructuring of the Crown operations, which consisted of three separate
locations, City Deep, Crown Mines and Knights, into a single surface
retreatment operation in Ergo, these mining rights were transferred to Ergo in
March 2014.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Our ore
reserves in the western Witwatersrand had become depleted. We therefore took a
decision to close the Crown Mines plant which operated as a pump/milling
station feeding the metallurgical plants until March 2017. By the end of fiscal
year 2018, the Crown sites had been cleared and the rehabilitation of the Crown
plant site was substantially completed.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The City Deep operation is located on the West
Wits line within the Central Goldfields of the Witwatersrand Basin,
approximately 3 miles (5 kilometers) south-east of the Johannesburg central
business district in the province of Gauteng. Access is via the Heidelberg Road
on the M2 Johannesburg-Germiston motorway. The City Deep plant continues to
operate as a pump/milling station feeding the metallurgical plants.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Knights operation is located at Stanley and
Knights Road Germiston off the R29 Main Reef Road. The Knights plant continues
to operate as a metallurgical plant.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-right:1.7pt;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">As of June 30, 2020 and </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">September 30, 2020</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">, no
encumbrances exist on Ergo's property.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Mining and Processing </font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo undertakes the retreatment of surface tailings.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Material processed by Ergo is sourced from primary surface sources
namely, sand and slime. The surface sources have generally undergone a complex
depositional history resulting in grade variations associated with improvements
in plant recovery over the period the material was deposited. Archive material
is a secondary source of gold bearing material. This material is generally made
up of old gold metallurgical plant sites. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our
two gold producing metallurgical plants, Ergo and Knights have an installed
capacity to treat approximately 25 million tons of material per year based on
92% availability</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> and are fully operational</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">. </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">All of the plants have
undergone various modifications during recent years resulting in significant
changes to the processing circuits. The City Deep plant continues to operate as
a pump/milling station feeding the metallurgical plants.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Ergo&#8217;s assets include: access to tailings
deposited across the western, central and eastern Witwatersrand; a 50km
pipeline; and tailings deposition facilities including the significant
Brakpan/Withok TSF.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
feedstock is made up of sand and slime which are reclaimed separately. Sand is
reclaimed using mechanical front-end loaders, re-pulped with water and pumped
to the plant. Slime is reclaimed using high pressure water monitoring guns also
known as hydraulic reclamation. The re-pulped slime is pumped to the plant and
the reclaimed material is treated using screens, cyclones, ball mills and
Carbon-in-Leach, or CIL, technology to extract the gold.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Set
forth below is a description of each of our plants in operation:</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Ergo Plant:</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;
Commissioned by Anglo American Corporation in 1977, became part of AngloGold
Ashanti in 1998 from which it was acquired for a consideration of
R42.8&nbsp;million in 2007. The remaining five CIL tanks were refurbished
during fiscal year 2015 to increase capacity to treat up to 25.2Mt per year.
The Ergo FFG project is designed to assist in liberating the gold particles
currently encapsulated in the sulphides and to achieve a targeted improvement
in gold recovery efficiencies of between 16% and 20%. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>


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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">F-</font><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">30</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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 <p style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;">NOTES
 TO THE CONSOLIDATED FINANCIAL STATEMENTS </font></b></font><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;">continued</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">for the year ended June 30, 2020</font></b></font><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;">&nbsp;</font></p>

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<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Knights
Plant:</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160; Commissioned in 1988, this
surface/underground plant comprises a circuit including screening, primary
cycloning, milling in closed circuit with hydrocyclones, thickening, oxygen
preconditioning, CIL, elution, electro-winning and smelting to dor&#233;. The
Knights plant, although historically part of the Crown operation, is located
further east and considerably closer to the Brakpan TDF. Due to the location of
the Knights plant it is able to access the Brakpan TDF to deposit waste. The
Knights plant has an installed capacity to treat an estimated 3.6Mt per year.</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; City Deep Plant:</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160; Commissioned in 1987, this
surface/underground plant comprises a circuit including screening, primary,
secondary and tertiary cycloning in closed circuit milling, thickening, oxygen
preconditioning, CIL, elution and zinc precipitation followed by calcining and
smelting to dor&#233;. Retreatment continued at the City Deep Plant until the plant
was decommissioned in August 2013 to operate as a milling and pump station and
is currently pumping material to the Ergo Plant for the final extraction of
gold.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">As of June
30, 2020, the net book value of Ergo&#8217;s mining assets was R1,283.9 million
(2019: R 1,300.4 million).</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><a name="_Hlk493687943"></a><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Capital Expenditure</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">For a discussion of capital expenditures in
fiscal years 2018, 2019 and 2020, see &quot;Item 5.A. Operating and Financial
Review and Prospects&#8212;Capital expenditure&quot;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Advance planning is underway for the expansion of
the Brakpan/Withok tailings storage facility to accommodate higher grade
resources in the Far East area of the Gauteng province and further extend the
life of mine of ERGO.</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Capital expenditure is financed through cash resources and
operational cash flows while financing for significant growth projects may be
obtained through specific financing arrangements if required. For a summary of
capital expenditure, see Item 5A. Operating Results.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Exploration and Development</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Exploration and development activity at Ergo
involve the drilling of surface dumps and evaluating the potential gold bearing
surface material.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face=Bliss-Light style="border:none;"><font face=Bliss-Light lang=EN-US style="font-size:8.5pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Environmental and Closure Aspects</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Municipal infrastructure as well as commercial and
residential developments have encroached towards the Ergo operation. The major
environmental risks are associated with dust from various reclamation sites,
and effective management of relocated process material on certain tailings
dams. The impact of windblown dust on the surrounding environment and community
is addressed through a scientific monitoring and evaluation process, with
active input from Professor H. Annagran from the </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Cape Peninsula University of Technology </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">and appropriate community involvement.
Environmental management programs, addressing a wide range of environmental
issues, have been prepared by specialist environmental consultants, which are
audited annually. Water pollution is controlled by means of a comprehensive
system of return water dams which allow for used water to be recycled for use
in Ergo&#8217;s metallurgical plants. Overflows of return water dams may, depending
on their location, pollute surrounding streams and wetlands. Ergo has an
ongoing monitoring program to ensure that its water balances (in its
reticulation system, on its tailings and its return water dams) are maintained
at levels that are sensitive to the capacity of return water dams.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Dust pollution is controlled through an active
environmental management program for the residue disposal sites and chemical
and organic dust suppression on recovery sites. Short-term dust control is
accomplished through ridge ploughing the top surface of dormant tailings dams.
Additionally, environmentally friendly dust suppressants are applied. Dust
fall-out is monitored through an extensive dust monitoring network monthly, and
is utilized as a management measure to ensure the effectiveness of mitigation
measures employed. In the long-term, dust suppression and water pollution is
managed through a program of progressive vegetation of the tailings followed by
the application of lime, to reduce the natural acidic conditions, and
fertilizer to assist in the growth of vegetation planted on the tailings dam.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A program of environmental restoration that
provides for the rehabilitation of areas affected by mining operations during
the life of the mine is in place. The surface reclamation process at Ergo has
several environmental merits as it removes potential pollution sources and
opens up land for development. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Environmental management and compliance is
further assisted by the in&#8211;house developed electronic monitoring system
(Compliance Management Tool) that incorporates all existing Environmental
Impact Assessments (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">EIA</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">s&#8221;), EMPs, Mining Right Conversions, Performance
Assessments and Social and Labor Plans (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">SLP</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">s&#8221;) associated with each
mining right. The existing and most recent studies are used to supplement the
management components with regards to the mining right boundaries and its
required compliance parameters. The individual management items are integrated
to provide a holistic overview of the state of each of the mining right areas.
Spatial data pertaining to the mining right boundaries is stored onto a central
database and is utilized to create a live map which illustrates the mining
right area and various environmental monitoring systems. This map depicts the
mining right boundaries, roads, rails, mine dumps, plants, rivers, pipeline
routes, servitudes, way leaves, municipal services and other spatial data
relevant to our mining operations.</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">While the ultimate amount of rehabilitation
costs to be incurred is uncertain, we have estimated that the total cost for
Ergo, in current monetary terms as at June 30, 2020 is approximately R447.7
million. As at June 30, 2020, a total of R122.1 million (2019: R114.8 million)
is held in the Ergo Rehabilitation Trust Fund, previously called the Crown
Rehabilitation Trust Fund, which is an irrevocable trust, managed by specific
responsible people who we nominated and who are appointed as trustees by the
Master of the High Court of South Africa. In addition, a total of R59.9 million
(2019: R56.2 million) is held in insurance instruments.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>


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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">F-</font><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">31</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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 <p style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;">NOTES
 TO THE CONSOLIDATED FINANCIAL STATEMENTS </font></b></font><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;">continued</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">for the year ended June 30, 2020</font></b></font><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;">&nbsp;</font></p>

</DIV>
<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Ore Reserves </font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As at June 30, 2020, our Proven and Probable Ore Reserves
of Ergo was 3.127 million ounces, an increase from 3.080 million ounces at June
30, 2019 due to the addition of Marievale dumps. A Mineral Resource competent
person is appointed at each operation to review our Ore Reserve calculations
for accuracy. For Ergo, Professor Steven Rupprecht is the designated competent
person in terms of the SAMREC Code responsible for the compilation and
reporting of ore reserves.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Production</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For fiscal year 2020, production decreased to
128,249 ounces from 144,453 ounces in fiscal year 2020 </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">mainly due the v</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">olume throughput
that decreased from 23,162Mt to 20,228Mt, a consequence of the COVID-19 Lockdown,
subsequent cautious ramp-up and interruptions in power supply from Eskom and
the City of Ekurhuleni. The impact of this decrease was mitigated by the
increase in</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> the average yield from 0.194g/t in fiscal 2019 to
0.197g/t in fiscal 2020. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><a name="_Hlk52503396"></a><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><a name="_Hlk52503571"></a><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-other;">Ergo temporarily halted its operations on
March 26, 2020 pursuant to the announcement of the Lockdown. The Disaster
Management Act regulations subsequently issued by the Department of
Co-operative governance and traditional affairs affirmed that gold mining and
refining are &#8220;essential services&#8221; and was therefore exempt from restrictions
imposed by the Lockdown. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-other;">Ergo
considered numerous processes for recommencing limited operations without
exposing employees to increased risk from COVID-19 whilst at the same time
sustaining the infrastructure and mitigating the impact of the stoppage in
operations. A detailed process followed to study various guidelines and go
through a consultation process with the Department of Mineral Resources and
organized labor to safeguard employees from increased risk of infection.
Various protocols including newly issued Codes of Practices and Safe Operating
procedure manuals to responsibly conduct limited production at our operations
were implemented. To date we have been able to contain infections at our
operations. ERGO recommenced operations on April 9, 2020 with limited sites and
ramped up to almost full production in June 2020. ERGO&#8217;s Knights plant
recommenced operations on May 7, 2020 and ramped up to almost full production
in June 2020. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Cash operating costs in fiscal year 2020 increased
$80 per ounce from $1,124 in fiscal year 2019 to $1,204 per ounce mainly due to
the decrease in production. </font></font></p>

<p align=left style="margin:0in;text-align:left;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:15.0pt;">
  <td nowrap width=5% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=4 nowrap valign=top width=95% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The following table details
  certain production and financial results of Ergo for the past three fiscal
  years.</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=5% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=53% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></u></b></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></u></b></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2018</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=58% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Production (imperial)</font></b></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=58% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ore milled ('000 tons) </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">20,228</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">23,162</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">24,281</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=58% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Recovered grade (oz/ton) </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.006</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.006</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.006</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=58% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gold produced (ounces) </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">128,249</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">144,453</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">150,433</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=58% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Results of Operations</font></b></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=58% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160; Revenue (R million)</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3,064.3</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,577.5</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,490.4</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=58% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160; Cost of sales (R million)</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,453.5</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,414.7</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,339.2</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=58% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160; Cash operating costs (R
  million)</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,274.0</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,311.1</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,159.7</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=58% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160; Cash operating costs
  (R/kilogram)<sup>1</sup></font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">568,476</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">512,439</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">458,866</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=58% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160; All-in sustaining costs
  (R/kilogram)<sup> 1</sup></font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">614,861</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">521,907</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">505,622</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=58% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160; All-in cost (R/kilogram)<sup>
  1</sup></font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">621,316</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">527,624</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">524,651</font></p>
  </td>
 </tr>
<tr style="height:45.75pt;">
  <td colspan=5 valign=top width=100% style="height:45.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><sub><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1 Cash operating cost, cash operating costs
  per kilogram, all-in sustaining costs per kilogram and all-in costs per
  kilogram are financial measures of performance that we use to determine cash
  generating capacities of the mines and to monitor performance of our mining
  operations. These are all non-IFRS measures. For a reconciliation of these
  measure see Item 5A.: &#8220;Operating Results - Reconciliation of cash cost per
  kilogram, all-in sustaining costs per kilogram and all-in costs per
  kilogram.&#8221;</font></sub></p>
  </td>
 </tr>
</table></div>




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 <p style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;">NOTES
 TO THE CONSOLIDATED FINANCIAL STATEMENTS </font></b></font><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;">continued</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">for the year ended June 30, 2020</font></b></font><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;">&nbsp;</font></p>

</DIV>
<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">FWGR</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Overview</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On July 31, 2018, we acquired WRTRP
Assets, which are surface gold processing assets and tailing storage facilities
in Carletonville </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">in the West Rand Goldfield of
Gauteng, 30km from Johannesburg,</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;"> that include
Driefontein 3 and 5, Kloof 1, Venterspost North and South, Libanon, Driefontein
4, Driefontein 2 plant, Driefontein 3 plant, WRTRP pilot plant, and land for
the development of a central processing plant, regional tailings storage
facility and return water dam associated with Sibanye-Stillwater&#8217;s WRTRP,
subsequently renamed as FWGR. This acquisition represents a significant
increase in our assets, which had a material impact on our results for fiscal
year ended June 30, 2020.&#160; </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In connection with the acquisition, we
issued to Sibanye-Stillwater new shares equal to 38.05% of outstanding shares
and granted Sibanye-Stillwater an option to acquire up to a total of 50.1% of
our shares </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-other;">within a period of 2 years from the effective
date of the acquisition at a 10% discount to the prevailing market value</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">On January 8, 2020,
Sibanye-Stillwater exercised the option. On January 22, 2020 Sibanye-Stillwater
subscribed for 168,158,944 DRDGOLD shares at an aggregate subscription price of
R1,086 million. These shares were allotted and issued at a price of R6.46 per
share, being a 10% discount to the 30-day volume weighted average traded price</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The WRTRP Assets consist of the
following:</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr>
  <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="border:none;margin:0in;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">Asset (incl properties)</font></b></font></p>
  </td>
 <td valign=top width=78% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">Description</font></b></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="border:none;margin:0in;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">Additional tailings dams</font></font></p>
  </td>
 <td valign=top width=78% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">Surface tailings dams which form part of the gold
  assets of the WRTRP Assets and which include Driefontein Dumps 3 and 5, Kloof
  1, Venterspost North and South and Libanon Dump.</font></font></p>
  <p style="margin:0in;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="border:none;margin:0in;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">DP2 Plant</font></font></p>
  </td>
 <td valign=top width=78% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">The Driefontein 2 Plant which is located on
  Portion 6 of Farm Blyvooruitzicht No 116 Registration Division I.Q. and
  Remainder of Portion 1 of the Farm Driefontein No 113, Registration Division
  I.Q., Gauteng Province. </font></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">The DP2 Plant processed surface rock dumps (&#8220;</font><b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">SRD</font></b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&#8221;)
  material, which was delivered by rail and truck. Throughput is achieved
  through two Semi-Autogenous Grinding (&#8220;</font><b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">SAG</font></b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&#8221;) mills and a ball milling
  circuit, cyanide leaching and a Carbon-in-Pulp (&#8220;</font><b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">CIP</font></b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&#8221;) plant. A
  Carbon-in-leach circuit was commissioned in 2014 at DP2 Plant to improve
  recoveries by replacing the aging CIP circuit.</font></font></p>
  <p style="margin:0in;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><b><font color=#010202 face="Times New Roman,serif" lang=EN-GB style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="border:none;margin:0in;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">DP3 Plant</font></font></p>
  </td>
 <td valign=top width=78% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">The Driefontein 3 Plant which is located on
  Portion 6 of Farm Blyvooruitzicht No 116, Registration Division I.Q., Gauteng
  Province.</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;"> &nbsp;</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">The DP3 Plant
  was originally designed as a uranium plant, but was </font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-GB style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">c</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">onverted to process
  low-grade surface rock in 1998. Similar to DP2 Plant, SRD ore was delivered
  by rail and truck. This plant has four SAG mills followed by cyanide leaching
  and a CIP circuit.</font></font></p>
  <p style="margin:0in;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="border:none;margin:0in;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">Driefontein 4</font></font></p>
  </td>
 <td valign=top width=78% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">The current active tailings deposition facility
  which forms part of the gold assets of the WRTRP Assets.</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="margin:0in;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=78% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="border:none;margin:0in;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">Pilot Plant</font></font></p>
  </td>
 <td valign=top width=78% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">The moveable LogiProc pilot plant established to
  test the processes, techniques and assumptions made in the definitive level
  design of the full scale retreatment of dumps as part of the WRTRP Assets and
  located at Driefontein 1 Plant.</font></font></p>
  <p style="margin:0in;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><b><font color=#010202 face="Times New Roman,serif" lang=EN-GB style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="border:none;margin:0in;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">Plan and Materials</font></font></p>
  <p align=left style="margin:0in;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><b><font color=#010202 face="Times New Roman,serif" lang=EN-GB style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 <td valign=top width=78% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">Any and all drawings, plans, studies (including
  feasibility studies of a geological or geotechnical nature), surveys, reports
  (including sampling and assaying reports), maps (including geophysical,</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;"> &nbsp;</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">geological and/or
  drill maps), statements, schedules and other data in whatever form of a
  financial, technical, labour, marketing,</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;"> &nbsp;</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">administrative, accounting
  or other matters pertaining to the WRTRP Assets.</font></font></p>
  <p style="margin:0in;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><b><font color=#010202 face="Times New Roman,serif" lang=EN-GB style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="border:none;margin:0in;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">Transferring Land</font></font></p>
  </td>
 <td valign=top width=78% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">The land upon which:</font></font></p>
  <p style="border:none;margin:0in;margin-left:8.7pt;text-align:justify;text-indent:-8.7pt;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&#183;</font></b></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;&nbsp;the proposed
  Central Processing Plant (&#8220;</font><b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">CPP</font></b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&#8221;) will be located&nbsp;after the
  subdivision of the Farm Rietfontein No 347</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;"> &nbsp;</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">Registration Division I.Q.
  Portion 35 and 73, Gauteng</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;"> &nbsp;</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">Province;</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;"> &nbsp;</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">and</font></font></p>
  <p style="border:none;margin:0in;margin-left:8.7pt;text-align:justify;text-indent:-8.7pt;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&#183;</font></b></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;&nbsp;the Regional
  Tailing Storage Facility and Return Water Dam will be located.</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="margin:0in;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=78% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="border:none;margin:0in;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">Active Tailings Dams</font></font></p>
  </td>
 <td valign=top width=78% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">The Driefontein 1 and 2, Kloof 2 and Leeudoorn
  currently active tailings dams are also required to be transferred under the acquisition
  agreement,</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;"> &nbsp;</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">for no
  additional consideration, once they have been decommissioned by Sibanye-Stillwater.</font></font></p>
  <p style="margin:0in;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><b><font color=#010202 face="Times New Roman,serif" lang=EN-GB style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="border:none;margin:0in;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">Licences to Operate</font></font></p>
  </td>
 <td valign=top width=78% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">All the licences, permits, permissions, management
  plans and reports, as well as amendments, variations or modifications thereof
  from time to time necessary for Sibanye-Stillwater to operate the WRTRP
  Assets lawfully.</font></font></p>
  <p style="margin:0in;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><b><font color=#010202 face="Times New Roman,serif" lang=EN-GB style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="border:none;margin:0in;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">Access Rights</font></font></p>
  <p align=left style="margin:0in;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=78% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">The grant of access to DRDGOLD of the:</font></font></p>
  <p style="border:none;margin:0in;margin-left:8.7pt;text-align:justify;text-indent:-8.7pt;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&#183;</font></b></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;&nbsp;Driefontein 10
  shaft;</font></font></p>
  <p style="border:none;margin:0in;margin-left:8.7pt;text-align:justify;text-indent:-8.7pt;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&#183;</font></b></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;&nbsp;Kloof 10 shaft
  located in the Kloof mining area that is subject to the Kloof Mining Right,
  for the purpose of pumping and &nbsp;supplying, at the cost of WRTRP, the
  required quantities of water, as licenced, for the WRTRP Assets;</font></font></p>
  <p style="border:none;margin:0in;margin-left:8.7pt;text-align:justify;text-indent:-8.7pt;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&#183;</font></b></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;&nbsp;rights,
  servitudes and agreements for installation, supply and distribution and
  maintenance of power supply; existing and proposed pipeline routes;
  servitudes; wayleaves and surface right permits; and</font></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&#183;</font></b></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;&nbsp;Driefontein</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;"> &nbsp;</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">1 Gold Plant
  for the purpose of accessing the Pilot Plant.</font></font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;margin-right:1.7pt;text-align:justify;text-indent:.5in;"><a name="_Hlk52357357"></a><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">As of
June 30, 2020 and </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">September 30, 2020</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">, no encumbrances exist on FWGR's property.</font></font></p>


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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">F-</font><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">33</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_37"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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 <p style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;">NOTES
 TO THE CONSOLIDATED FINANCIAL STATEMENTS </font></b></font><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;">continued</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">for the year ended June 30, 2020</font></b></font><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;">&nbsp;</font></p>

</DIV>
<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">At </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">June 30, 2020</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">, the net book value of FWGR&#8217;s mining assets was R1,303.5
million (2019: R1,443.6 million).</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; At June 30, 2020, FWGR
employed 154 full-time employees. In addition, specialist service providers
deployed a further 243 employees to our operations bringing the total number of
in-house and outsourced employees to 397. </font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Mining and Processing </font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">FWGR undertakes the retreatment of surface tailings. Slime is
reclaimed using high pressure water monitoring guns also known as hydraulic
reclamation. The re-pulped slime is pumped to the DP2 plant and the reclaimed
material is treated using screens, cyclones, ball mills and Carbon-in-Leach, or
CIL, technology to extract the gold.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; During
Phase 1, the DP2 metallurgical plant was reconfigured to have an installed
capacity to treat approximately 6 million tons of material per year based on
92% availability. Material is sourced from </font><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Driefontein
Dump 5</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">. The surface sources have generally undergone a complex depositional
history resulting in grade variations associated with improvements in plant
recovery over the period the material was deposited.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
FWGR makes use of and require access to Sibanye-Stillwater&#8217;s mining
infrastructure and related services. FWGR entered into a smelting agreement
with Sibanye-Stillwater to smelt and recover gold from gold loaded carbon
produced at the DP2 plant, and deliver the gold to Rand Refinery. In exchange
for this service, Sibanye-Stillwater receives a fee based on the smelting costs
plus 10% of the smelting costs. Rand Refinery performs the final refinement of
all gold produced. FWGR also engaged its fellow subsidiary, Ergo Mining
Proprietary Limited, to act as its agent and representative and to enter into a
refining services arrangement with Rand Refinery for the sale, marketing and
export of the refined gold of the Company. This agreement is expected to be in
place until FWGR obtains its own precious metals beneficiation license.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The Mineral Resources and Mineral Reserves held by FWGR were
acquired from Sibanye Gold Ltd, a subsidiary of Sibanye-Stillwater Ltd, in a
transaction in which common law ownership was established over the various
tailings dams containing the said Mineral Resources and Mineral Reserves, and
control was established by Sibanye-Stillwater over DRDGOLD. FWGR conducts its
activities inter alia in accordance with Environmental Approvals and the
provisions of the Mine Health and Safety regulations. A Use and Access
Agreement with Sibanye Gold articulates the various rights, permits and
licenses held by Sibanye Gold in terms which FWGR operates, pending the
transfer to FWGR of those that are transferable.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><a name="_Hlk493687943_0"></a><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Capital Expenditure</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">For a discussion of capital expenditures in
fiscal year 2020, see &quot;Item 5.A. Operating and Financial Review and
Prospects&#8212;Capital expenditure&quot;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Financing for significant growth projects may be
obtained through specific financing arrangements if required. Capital
expenditure incurred on the development of Phase 1 of FWGR, of approximately
R324.4 million were financed through a combination of borrowings (refer to the
Revolving Credit Facility described in </font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Item 10C. Material Contracts</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">) and cash resources and operational cash
flows of the Group. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">FWGR has appointed
an engineering consulting company to undertake the detail design and definitive
feasibility study for the Phase 2 project. The project includes the
construction of a new Central Processing Plant (&#8220;</font><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">CPP</font></b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;) with a capacity
of between 1.2 Mtpm to 2.4Mtpm and the equipping of the required reclamation
sites and pipeline infrastructure to supply the relevant resources to the CPP. Phase
2 also includes the construction of a new RTSF capable of accepting 3Mtpm to a
capacity of approximately 800Mt. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">For a
summary of capital expenditure, see Item 5A. Operating Results.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Exploration and Development</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Exploration and development activity at FWGR
involves the drilling of surface dumps and evaluating the potential gold
bearing surface material, </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">as well
as exploratory and development activities around Phase 2 of the project</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face=Bliss-Light style="border:none;"><font face=Bliss-Light lang=EN-US style="font-size:8.5pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Environmental and Closure Aspects</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The major
environmental risks are associated with dust from various reclamation sites,
and effective management of relocated process material on certain tailings
dams. The impact of nuisance dust fallout on the surrounding environment and
community is addressed through a comprehensive monitoring network, with active
input from Professor H. Annagran from the </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Cape Peninsula University of Technology </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">and appropriate community involvement.
Environmental management programs, addressing a wide range of environmental
issues, have been prepared by independent specialist environmental consultants,
which are audited annually. Water pollution where appropriate is controlled by
means of a comprehensive system of return water dams which allow for used
process water to be returned for use in FWGR&#8217;s metallurgical plant and
hydraulic reclamation. FWGR has an ongoing monitoring program to ensure that
its water balances (in its reticulation system, on its tailings and its return
water dams) are maintained at levels that are sensitive to the capacity of
return water dams.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

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&nbsp;</font>

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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">F-</font><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">34</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Nuisance dust fallout is
controlled through active mitigation measures described in the environmental
management program for the management of our activities. These mitigation
measures include environmentally friendly dust suppressants applied to high
impact areas, active wetting of access roads by water bowsers, a network of
high velocity sprayers on our active TSF. Dust fall-out is monitored through an
extensive dust monitoring network monthly and is utilized as a management
measure to ensure the effectiveness of mitigation measures employed. In the
long-term, dust suppression and water pollution will be managed through
concurrent rehabilitation of the tailings dam, thus reducing water ingress and
dust from exposed areas.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; FWGR will undertake concurrent rehabilitation of
areas affected by mining operations during the life of the mine. The surface
reclamation process at FWGR has several environmental merits as it removes
pollution sources and opens up land for development. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Environmental management and compliance is further
assisted by the in&#8211;house developed electronic monitoring system (Compliance
Management Tool) that details the commitments made within the EMPs and Water
Use Licenses to aid in keeping the operation compliant to its statutory
obligations. The existing and most recent specialist studies are used to
supplement the management components with regards to the compliance parameters.
The individual management items are integrated to provide a holistic overview
of the state of the operation. Spatial data pertaining to the operation is
stored on a Geographical Information System (GIS) which provides a spatial
overview of the operation which includes environmental monitoring systems,
right boundaries, roads, rails, mine dumps, plants, rivers, wetlands, pipeline
routes, servitudes, way leaves, municipal services and other spatial data relevant
to our mining operations</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">While the ultimate amount of rehabilitation
costs to be incurred is uncertain, we have estimated that the total cost for
FWGR, in current monetary terms as at June 30, 2020 is approximately R103.3
million (June 30, 2019: R179.8 million). As at June 30, 2020, a total of R408.1
million is held in the Ergo Rehabilitation Trust Fund for the benefit of FWGR&#8217;s
rehabilitation. The Ergo Rehabilitation Trust Fund is an irrevocable trust,
managed by specific responsible people who we nominated and who are appointed
as trustees by the Master of the High Court of South Africa.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Ore Reserves </font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As at June 30, 2020, our Proven and Probable Ore
Reserves of FWGR was 2.598 million ounces, down from 2.690 million ounces at
June 30, 2019 due to depletion. A Mineral Resource competent person is
appointed to review our Ore Reserve calculations for accuracy. For FWGR,
Mr.&nbsp;Vaughn Duke is the designated competent person in terms of the SAMREC
Code responsible for the compilation and reporting of ore reserves. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Production</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For fiscal year 2020, production increased to
46,136 ounces from 10,706 ounces produced in fiscal year 2019. This was </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">mainly due the v</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">olume throughput that increased from 1,277Mt in fiscal 2019 to
6,052Mt in fiscal 2020 as the latter was the first full year of production. The
</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">average yield decreased from 0.261g/t to 0.237g/t.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; FWGR temporarily halted its
operations on March 26, 2020 pursuant to the announcement of the Lockdown. The
Disaster Management Act regulations subsequently issued by the Department of
Co-operative governance and traditional affairs affirmed that gold mining and
refining are &#8220;essential services&#8221; and was therefore exempt from restrictions
imposed by the Lockdown. FWGR considered numerous processes for recommencing
limited operations without exposing employees to increased risk from COVID-19
whilst at the same time sustaining the infrastructure and softening the impact
of the stoppage in operations. A detailed process followed to study various
guidelines and go through a consultation process with the Department of Mineral
Resources and organized labor to safeguard employees from increased risk of
infection. Various protocols including newly issued Codes of Practices and Safe
Operating procedure manuals to responsibly conduct limited production at our
operations were implemented. To date we have been able to contain infections at
our operations. Due to its small footprint, and employees living close to the
operation, FWGR was able to recommence operations on April 3, 2020 and was able
to ramp up production to 97% and 100% in May and June 2020, respectively. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Construction of Phase 1 commenced during August
2018 with R330.7 million spent on, </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">inter alia</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">, the reconfiguration of
the DP2 plant and relevant infrastructure to process tailings from the
Driefontein 5 slimes dam and deposit residues on the Driefontein 4 Tailings
Storage Facility. During this construction phase, some gold was produced at the
adjacent Driefontein 3 plant (&#8220;</font><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">DP3</font></b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;). Early-stage commissioning of the
DP2 plant commenced on December 6, 2018 with the pumping of reclaimed tailings
into the carbon in leach (&#8220;</font><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">CIL</font></b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;) circuit. Testing of the reconfigured
plant and ramp-up of production continued during the third quarter of the
fiscal year ended June 30, 2019. Management considered, </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">inter alia</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">, the
design capacity of the plant, recoveries and the ability to sustain production
in determining the date of commercial production. The date of commercial
production for Phase 1 (excluding the milling section) was determined to be
April 1, 2019. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The mills were subsequently commissioned in
September 2019.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; FWGR&#8217;s DP2 plant achieved gold production of 4,855oz
before the date of commercial production of </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Phase 1 (excluding the milling section)</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. R93.7 million working costs and R88.9 million proceeds from the
sale of gold produced were capitalized to additions to property, plant and
equipment as pre-production costs.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Cash operating costs in fiscal year 2020 decreased
$172 per ounce from $688 in fiscal year 2019 to $516 per ounce mainly due to
the increase in production. </font></font></p>


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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

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<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:24.75pt;">
  <td nowrap width=6% style="height:24.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=3 nowrap valign=top width=94% style="height:24.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The following table details certain
  production and financial results of FWGR since July 31, 2018, the date we
  commenced operations at FWGR.</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=6% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=66% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></u></b></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=72% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Production (imperial)</font></b></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=72% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ore milled ('000 tons) </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6,052</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,277</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=72% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Recovered grade (oz/ton) </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.008</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.008</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=72% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gold produced (ounces) </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">46,136</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10,706</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=72% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Results of Operations</font></b></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=72% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160; Revenue (R million)</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,120.7</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">184.6</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=72% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160; Cost of sales (R million)</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">473.3</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">131.3</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=72% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160; Cash operating costs (R
  million)</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">352.0</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">111.8</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=72% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160; Cash operating costs
  (R/kilogram)<sup>1</sup></font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">243,542</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">313,443</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=72% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160; All-in sustaining costs
  (R/kilogram)<sup> 1</sup></font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">299,792</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">450,820</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=72% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160; All-in cost (R/kilogram)<sup>
  1</sup></font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">311,597</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,533,443</font></p>
  </td>
 </tr>
<tr style="height:45.75pt;">
  <td colspan=4 valign=top width=100% style="height:45.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><sub><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1 Cash operating cost, cash operating costs
  per kilogram, all-in sustaining costs per kilogram and all-in costs per
  kilogram are financial measures of performance that we use to determine cash
  generating capacities of the mines and to monitor performance of our mining
  operations. These are all non IFRS measures. For a reconciliation of these
  measure see Item 5A.: &#8220;Operating Results - Reconciliation of cash cost per
  kilogram, all-in sustaining costs per kilogram and all-in costs per
  kilogram.&#8221;</font></sub></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">See
Item 5A. Operating Results &#8211; Capital expenditure for a discussion on capital
expenditure.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ERPM</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Overview </font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In December 2018, ERPM concluded revised agreements
to dispose certain of its underground assets to OroTree Limited (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">OroTree</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;).
The revised agreements consisted of a disposal of ERPM's underground mining and
prospecting rights and an option agreement, at the sole discretion of OroTree,
to purchase the underground mining infrastructure exercisable on or before June
30, 2020. The disposal of the underground mining and prospecting rights were concluded
in the second half of the financial year ended June 30, 2019. OroTree&#8217;s option
to purchase the underground mining infrastructure lapsed on June 30, 2019 when
it did not exercise said option. The underground mining infrastructure remains
under care and maintenance until final rehabilitation is completed. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; At June 30, 2020, ERPM had no employees. The
financial results and remaining assets and liabilities of these halted
underground operations are included in &#8216;Corporate office and other reconciling
items&#8217; in the financial statements for segmental reporting purposes for all
three years presented</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Property </font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;margin-right:1.7pt;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ERPM is situated on the Central Rand Goldfield located within and
near the northern margin of the Witwatersrand Basin in the town of Boksburg, 20
miles (32 kilometers) east of Johannesburg on land owned by ERPM. Access is via
Jet Park Road on the N12 Boksburg-Benoni highway. Historically underground
mining and recovery operations comprised relatively shallow remnant pillar
mining in the central area and conventional longwall mining in the
south-eastern area. Until underground mining was halted in October 2008, the
mine exploited the conglomeratic South Reef, Main Reef Leader and Main Reef in
the central area and the Composite Reef in the south-eastern area. </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ERPM concluded the disposed its underground mining
and prospecting rights in the second half of the financial year ended 2019.</font></font></p>

<p style="border:none;margin:0in;margin-right:1.7pt;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-right:1.7pt;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Surface reclamation operations including the treatment of sand
from ERPM&#8217;s Cason Dump, was conducted through the Knights metallurgical plant,
tailings deposition facilities and associated facilities until ERPM&#8217;s surface
mining assets were transferred to Ergo as part of the restructuring which took
place on July 1, 2012. </font></font></p>

<p style="border:none;margin:0in;margin-right:1.7pt;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-right:1.7pt;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">As of </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">June
30, 2020</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">, and </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">September 30, 2020</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">, no encumbrances exist on ERPM's property.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-right:1.7pt;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">At June 30, 2020, the net book value of
ERPM&#8217;s mining assets was zero (2019: zero). </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Mining and Processing</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;  &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ERPM&#8217;s underground gold mining infrastructure is
under care and maintenance. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Surface reclamation operations
and surface mining assets were transferred to Ergo as part of the restructuring
which took place on July 1, 2012.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Exploration and Development</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ERPM disposed prospecting right ERPM Extension 1 covering
an area of 1,252ha (3,094 acres) of the adjacent Sallies mine and ERPM Extension
2, for an additional area of 5,500ha (13,590&nbsp;acres) to OroTree Limited
during the second half of the fiscal year ended June 30, 2019. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<font face="Times New Roman,serif" style="border:none;">
&nbsp;</font>

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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

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<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Environmental and Closure Aspects</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; There is a regular ingress of water into the
underground workings of ERPM, which was contained by continuous pumping from
the underground section. Studies on the estimates of the probable rate of rise
of water have been inconsistent, with certain theories suggesting that the
underground water might reach a natural subterranean equilibrium, whilst other
theories maintain that the water could decant or surface.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The government has appointed Trans-Caledon Tunnel
Authority (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">TCTA</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;) to construct a partial treatment plant
(neutralisation plant) to prevent the ground water being contaminated. TCTA
completed the construction of the neutralisation plant for the Central Basin
and commenced treatment during July 2014. As part of the Heads of agreement
signed in December 2012 between EMO, Ergo, ERPM and TCTA, sludge emanating from
this plant is co-disposed onto the Brakpan/Withok TDF. Partially treated water
is then discharged by TCTA into the Elsburg Spruit. This agreement includes the
granting of access to the underground water basin through one of ERPM shafts
and the rental of a site onto which it constructed its neutralisation plant. In
exchange, Ergo and its associate companies including ERPM have a set-off
against any future directives to make any contribution toward costs or capital
of up to R250 million. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Through this agreement, Ergo also secured the
right to purchase up to 30 ML of partially treated AMD from TCTA at cost, in
order to reduce Ergo&#8217;s reliance on potable water for mining and processing
purposes. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; While the ultimate amount of rehabilitation costs
to be incurred in the future is uncertain, we have estimated that as at June
30, 2020 the present discounted value of the total cost of rehabilitation for
ERPM is approximately R17.9 million (2019: R17.4 million). A total of R12.0 million
(2019: R11.3 million) is held in the Ergo Rehabilitation Trust Fund for the
benefit of ERPM and R23.8 million (2019: R22.4 million) is held in insurance
instruments and is available for the settlement of these rehabilitation costs.
The Ergo Rehabilitation Trust Fund is an irrevocable trust, managed by specific
responsible people who we nominated and who are appointed as trustees by the
Master of the High Court of South Africa. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Ongoing Legal Proceedings</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Ekurhuleni Metropolitan Municipality (&#8220;Municipality&#8221;) Electricity
Tariff Dispute</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Refer to</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> Item 18. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8216;&#8216;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Financial Statements - Note 24 </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8211;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> Payments made under Protest</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Silicosis Litigation</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Refer to</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> Item 18. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8216;&#8216;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Financial Statements - Note 26.1 </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8211;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> Contingencies</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="background:yellow;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM&nbsp;4A. UNRESOLVED STAFF COMMENTS</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">None. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;display:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM&nbsp;5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">This section should be read in conjunction with, our audited
financial statements and the other financial information contained elsewhere in
this Annual Report. Our financial statements have been prepared in accordance
with International Financial Reporting Standards (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">IFRS</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;) as issued by
the International Accounting Standards Board (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">IASB</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;). Our discussion
contains forward looking information based on current expectations that involve
risks and uncertainties, such as our plans, objectives and intentions. Our
actual results may differ from those indicated in such forward looking
statements.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Comparison of financial performance for the fiscal year ended June
30, 2019 with fiscal year ended June 30, 2018</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">This comparison analysis can be found in Item 5A of the Company&#8217;s
annual report on Form 20-F for the fiscal year ended June 30, 2019.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>


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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5A.
OPERATING RESULTS</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Business overview</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">We are a South African gold mining company engaged in </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">surface gold tailings retreatment</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">, including exploration, extraction, processing and
smelting. All our surface tailings retreatment operations, including the
requisite infrastructure and metallurgical processing plants, are located in
South Africa.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The success of DRDGOLD&#8217;s long-term goal to extract as
much gold as possible and economically viable from its assets depends, to a
large extent, on how effectively it continues to manage its resources.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">DRDGOLD&#8217;s strategic thinking is informed by principles
of sustainable development. Our goal is to optimally exploit our entire
resource over the long term, thereby seeking sustainable benefits in respect to
the following capitals, each of which is essential to our operation &#8211;
financial, manufactured, natural, human and social capital.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">We also aim to align and overlap the interests of each
of these capitals in such a manner that an investment in any one translates
into value-add in as many of the others as possible. We therefore seek to
achieve an enduring and harmonious alignment between them, and we pursue these
criteria in the feasibility analysis of each investment.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our profit for fiscal year 2020 increased compared
to fiscal 2019, mainly due to,</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> inter alia</font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">, the following:</font></font></p>

<p style="border:none;margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">gold production increased by 12% mainly due
to the first full year contribution made by FWGR resulting in production of
1,435kg, mitigating the impact of the decrease in Ergo&#8217;s gold production which
decreased by 11%. This was a consequence of the Lockdown, subsequent cautious
ramp-up and interruptions in power supply from Eskom and the City of Ekurhuleni
across the significant footprint of our operations; and</font></font></p>

<p style="border:none;margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the average rand gold price received
increased by 33%;.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Key drivers of our operating results and principal factors
affecting our operating results </font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The principal uncertainties and variables facing our
business and, therefore, the key drivers of our operating results are:</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font color=black face=Symbol style="border:none;"><font color=black face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">the price of gold, which fluctuates both in terms of
dollars and rands;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font color=black face=Symbol style="border:none;"><font color=black face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">our production tonnages and gold content thereof,
impacting on the amount of gold we produce at our operations;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font color=black face=Symbol style="border:none;"><font color=black face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">our cost of producing gold, including the effects of
mining efficiencies; and</font></font></p>

<p align=left style="border:none;margin:0in;margin-left:.5in;text-align:left;text-indent:-.25in;"><font color=black face=Symbol style="border:none;"><font color=black face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">general economic factors, such as exchange rate
fluctuations and inflation, and factors affecting mining operations in South
Africa.</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font color=black face="Times New Roman,serif" style="border:none;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font color=black face="Times New Roman,serif" style="border:none;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gold price </font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Our revenues are derived primarily from the sale of
gold produced at our surface tailings retreatment operations. As a result, our
operating results are directly related to the price of gold, which can
fluctuate widely and is affected by numerous factors beyond our control,
including industrial and jewelry demand, expectations with respect to the rate
of inflation, the strength of the U.S. dollar (the currency in which the price
of gold is generally quoted) and of other currencies, interest rates, actual or
expected gold sales by central banks, forward sales by producers, global or
regional political or economic events, and production and cost levels in major
gold-producing regions such as South Africa. In addition, the price of gold is
often subject to rapid short-term changes because of speculative activities. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">In response to the COVID19 pandemic and measures
taken to deal with the outbreak, investors globally, as they have in so many
previous times of crisis, turned to gold and gold stocks as a safe haven asset,
leading to a surge in the average gold price from R781,261 per kg in the
quarter ended March 31, 2020 to R988,030 per kg for the quarter ended June 30,
2020</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The demand for and supply of gold affects gold prices,
but not necessarily in the same manner that supply and demand affect the prices
of other commodities. The supply of gold consists of a combination of new
production from mining and existing stocks of bullion and fabricated gold held
by governments, public and private financial institutions, industrial
organizations and private individuals</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The following table indicates data relating to the dollar gold
spot prices for the 2020 and 2019 fiscal years:</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;display:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td width=46% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=18% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020 fiscal year </font></b></p>
  </td>
 <td width=18% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019 fiscal year </font></b></p>
  </td>
 <td width=18% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Change</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=46% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=18% style="border:none;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">$ per ounce</font></b></p>
  </td>
 <td width=18% style="border:none;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">$ per ounce</font></b></p>
  </td>
 <td width=18% style="border:none;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">%</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=46% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Closing gold spot price on
  June 30,</font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,781</font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,409</font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">26</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=46% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Lowest gold spot price during
  the fiscal year </font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,382</font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,160</font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">19</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=46% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Highest gold spot price during
  the fiscal year </font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,785</font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,439</font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">24</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=46% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Average gold spot price for
  the fiscal year </font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,562</font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,263</font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">24</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=46% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=18% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=18% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=18% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">All our operations and gold production are based in South
Africa, and as a result, the impact of movements in relevant exchange rates is
significant to our operating results. </font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The average gold price in rand (based on average
spot prices for the year) </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">increased</font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> by </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">7% </font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">from R</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">16,670</font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> per ounce in </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> to R</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">17,914</font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> per ounce in </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2019</font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">, and </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">increased </font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">by </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">37%</font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> to R</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">24,466</font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> per ounce in </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2020</font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">An increase/(decrease) of 20% in the US dollar gold
price throughout fiscal year 2020 would have increased/(decreased) revenue by
approximately R837.0 million (2019: R552.4 million). </font></font></p>


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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

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<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">An increase/(decrease) of 10% in the Rand to US dollar
exchange rate throughout fiscal year 2020 would have increased/(decreased)
revenue by approximately R418.5 million (2019: R276.2 million). </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font color=black face="Times New Roman,serif" style="border:none;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;page-break-after:avoid;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Gold production </font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In fiscal year 2020, gold production increased to 174,385
ounces (produced from 26.3 million tonnes milled at an average yield of 0.206g/t)
from 155,159 ounces in fiscal year 2019 (produced from 24.4 million tonnes
milled at an average yield of 0.197g/t). This was </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">mainly due to the first full year of gold production of FWGR
resulting in production of 46,136</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> ounces (produced
from 6.1 million tonnes milled at an average yield of 0.237g/t), mitigating the
impact of Ergo&#8217;s gold production which decreased to 128,249 ounces in fiscal
year 2020 (produced from 20.2 million tonnes milled at an average yield of 0.197g/t)
from 144,453 ounces in fiscal year 2019 (produced from 23.2 million tonnes
milled at an average yield of 0.194g/t)</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. <a name="_Hlk52524240"></a>This was a consequence of the Lockdown,
subsequent cautious ramp-up and interruptions in power supply from Eskom and
the City of Ekurhuleni.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In fiscal year 2019, gold production increased to 155,159
ounces (produced from 24.4 million tonnes milled at an average yield of 0.197g/t)
from 150,433 ounces in fiscal year 2018 (produced from 24.3 million tonnes
milled at an average yield of 0.193g/t). This was </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">mainly due to the commencement of gold production by FWGR resulting
in production of 10,706</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> ounces,
mitigating the impact of Ergo&#8217;s gold production which decreased to 144,453
ounces in fiscal year 2019 (produced from 23.2 million tonnes milled at an
average yield of 0.194g/t) from 150,433 ounces in fiscal year 2018 (produced
from 24.3 million tonnes milled at an average yield of 0.193g/t)</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash operating costs</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="background:lightgrey;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Cash operating costs is a </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">non-IFRS financial measure of performance
that is </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">reported to</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> the group&#8217;s chief operating
decision maker (CODM) and </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">is used to monitor performance </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8211; refer
to</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> Item 18. &#8216;&#8216;Financial Statements - Note 23
&#8211; Operating Segments&#8221;.</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> For a reconciliation of this measure see Item
5A.: &#8220;Reconciliation of cash cost per kilogram, all-in sustaining costs per
kilogram and all-in costs per kilogram&#8221;. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Cash operating costs include consumables, labor,
specialized service providers, electricity and other related costs incurred in
the production of gold. Consumables, water and electricity, labor, specialized
service providers and other costs are the largest components of cash operating
costs. A breakdown of cash operating costs into these costs is described in Item
5A.: &#8220;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Comparison of financial performance for the fiscal year ended June
30, 2020 with fiscal year ended June 30, 2019&#8221;.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;page-break-after:avoid;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">General economic factors</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">We are exposed to a number of factors, which could
affect our profitability, such as exchange rate fluctuations, inflation and
other risks relating to South Africa. In conducting mining operations, we are
subject to the inherent risks and uncertainties of the industry, and the
wasting nature of the assets.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Effect of exchange rate fluctuations</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">For the fiscal years 2020 and 2019, all of our
revenues were generated from South African operations, all of our operating
costs were denominated in rand and we derived all of our revenues in dollars
before being translated to rands. As the price of gold is denominated in
dollars which is then translated into rands, the appreciation of the dollar
against the rand increases our profitability, whereas the depreciation of the
dollar against the rand reduces our profitability. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">In fiscal year 2020 the Rand gold price received increased
by 33% compared to fiscal year 2019 due to the combined impact of the average
Dollar gold price which increased</font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> by </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">29%</font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> &nbsp;</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">and the average exchange rate of the rand against the
dollar that weakened by 10%.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">In line with our long-term strategy of being an
unhedged gold producer, we generally do not enter into forward gold sales
contracts to reduce our exposure to market fluctuations in the Dollar gold
price or the exchange rate movements. If revenue from gold sales falls for a
substantial period below our cost of production at our operations, we could
determine that it is not economically feasible to continue commercial
production at any or all of our plants or to continue the development of some
or all of our projects. However, during periods when medium-term debt is
incurred to fund growth projects and hence introduce liquidity risk to the
Group, we may mitigate this liquidity risk by entering into facilities to
achieve price protection (refer </font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Item 11. Quantitative and Qualitative Disclosures
About Market Risk &#8211; General)</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">. </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">For example in fiscal year 2019 we entered into a
hedging instrument in the form of a collar in respect of 50,000 ounces of gold
that expired at the end of May 2019.</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Effect
of inflation and exchange rates</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">In the past, our operations have been materially adversely
affected by inflation. If there is a significant increase in inflation in South
Africa, our costs will increase and if such a cost increase is not offset by an
increase in the rand price of gold, this will negatively affect our operating
results.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The movements in the rand/dollar exchange rate, based upon average
rates during the periods presented, and the local annual inflation rate for the
periods presented, as measured by the South African Consumer Price Index, or
CPI, are set out in the table below:</font></font></p>


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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:15.0pt;">
  <td nowrap valign=bottom width=62% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=38% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Fiscal year ended</font></b></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td rowspan=2 width=62% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><i><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Year ended June 30,</font></i></b></p>
  </td>
 <td width=13% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td width=13% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2018</font></b></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(%)</font></b></p>
  </td>
 <td width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(%)</font></b></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(%)</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=62% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The average rand/dollar
  exchange rate weakened/(strengthened) by:</font></p>
  </td>
 <td width=13% style="border:none;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10</font></p>
  </td>
 <td width=13% style="border:none;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10</font></p>
  </td>
 <td width=12% style="border:none;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(5)</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=62% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">CPI (inflation rate) </font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.2</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4.5</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4.6</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Recent developments</font></b></font></p>

<p style="background:white;border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-other;">Production stoppages due to the impact of the
COVID-19 pandemic on current operations </font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Group temporarily halted
its operations at Ergo and FWGR on March 26, 2020 pursuant to the announcement
of the national lockdown in South African (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-other;">Lockdown</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-other;">&#8221;). Operations
gradually recommenced through April and May 2020 (Refer to Item 4D. &#8216;&#8216;Property,
plant and production &#8211; Ergo Production and FWGR production&#8221;).</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Key
financial and operating indicators</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The table below presents the key performance
measurement data for the past three fiscal years: The financial results for the
fiscal years below are stated in accordance with IFRS as issued by the IASB.
The table also includes the key performance measures for our business and its
profitability, which are revenue, gold production, gold prices, operating
costs, cash operating costs per kilogram, all-in sustaining costs per kilogram
and all-in costs per kilogram, capital expenditure (additions to property,
plant and equipment) and Ore Reserves. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:15.0pt;">
  <td nowrap valign=bottom width=72% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><i><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Operating data</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td colspan=2 width=28% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Year ended June 30,</font></b></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td width=72% style="height:12.6pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Revenue (R'm)</font></p>
  </td>
 <td width=14% style="border:none;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4,185.0</font></p>
  </td>
 <td width=14% style="border:none;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,762.1</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gold production (ounces) </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">174,385</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">155,159</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gold production (kilograms) </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5,424</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4,826</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gold sold (ounces) </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">174,804</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">153,777</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gold sold (kilograms) </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5,437</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4,783</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Average spot gold price
  (R/kilogram) </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">786,601</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">575,954</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Average gold price received
  (R/kilogram) </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">768,675</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">577,483</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cost of sales (R'm)</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,937.9</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,553.9</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Operating costs (R'm)</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,692.1</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,471.1</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash operating costs (R'm)<sup>
  (1) </sup></font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,626.0</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,422.9</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash operating costs
  (R/kilogram)<sup> (1)</sup> </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">482,417</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">499,749</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">All-in sustaining costs
  (R/kilogram)<sup> (1)</sup> </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">541,475</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">524,713</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">All-in costs (R/kilogram)<sup>
  (1)</sup> </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">551,646</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">600,941</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Additions to property, plant
  and equipment (R'm)</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">182.7</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">353.7</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ore Reserves (ounces) </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5,725,000</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5,770,000</font></p>
  </td>
 </tr>
<tr style="height:34.5pt;">
  <td colspan=3 width=100% style="height:34.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1) Cash operating costs, cash
  operating costs per kilogram, all-in sustaining costs, all-in sustaining
  costs per kilogram and all-in costs and all-in costs per kilogram are
  non-IFRS financial measures of performance that we use to monitor
  performance. A reconciliation of these measures to the nearest IFRS measure
  is included in Item 5A.: &#8220;Operating Results - Reconciliation of cash cost per
  kilogram, all-in sustaining costs per kilogram and all-in costs per kilogram.&#8221;</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Revenue</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Revenue increased by 52% to R4,185.0 million in fiscal year 2020
from R2,762.1 million in fiscal year 2019 mainly due to the impact of gold sold
that </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">increased by 14% from 4,783 kilograms
in fiscal 2019 to 5,437 kilograms in fiscal 2020 and the average rand gold
price received that increased by 33% to R768,675 per kilogram.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Refer to Item 5A:. &#8220;Operating
results: Key drivers of our operating results and principal factors affecting
our operating results&#8221; for a discussion regarding the gold price received and
production levels. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ore Reserves</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"> <font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">As at June 30, 2020, our Ore Reserves </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(imperial) </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">were
estimated at 5.725 million ounces, as compared to 5.770 million ounces at June
30,&nbsp;2019. The decrease was </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">mainly because of depletion through ongoing mining activities as
well as the Grootvlei dump 6/L/16 of 0.3Moz no longer being classified as an
Ore Reserve</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">. The decrease was offset by inclusion of Marievale dumps at Ergo
of 0.5Moz</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>


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 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

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<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:15.0pt;">
  <td nowrap width=51% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=4 nowrap width=49% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Year ended June 30,</font></u></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=51% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><i><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap width=25% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></u></b></p>
  </td>
 <td colspan=2 width=24% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap width=51% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ore Reserves</font></b></p>
  </td>
 <td nowrap width=13% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ounces</font></u></b></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Kilograms</font></u></b></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ounces</font></u></b></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Kilograms</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap width=51% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><i><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></b></p>
  </td>
 <td nowrap width=13% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#8216;000</font></u></b></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=12% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#8216;000</font></u></b></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap width=51% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ergo </font></p>
  </td>
 <td width=13% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3,127</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">97,220</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3,080</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">95,929</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap width=51% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">FWGR</font></p>
  </td>
 <td width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,598</font></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">80,740</font></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,690</font></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">83,710</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap width=51% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total Ore Reserves</font></b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> &nbsp;</font></p>
  </td>
 <td width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5,725</font></b></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">177,960</font></b></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5,770</font></b></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">179,639</font></b></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Capital expenditure </font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">During fiscal year 2020 capital expenditure decreased by R166.3
million to R181.1&nbsp;million from R347.4&nbsp;million in fiscal year 2019. Capital
expenditure decreased primarily as a result of R324.4 million incurred on the
development of Phase 1 of FWGR concluded in fiscal year 2019.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">During fiscal year 2019 capital expenditure was R347.4&nbsp; million
primarily consisting of R324.4 million incurred on the development of Phase 1
of FWGR.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.3pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Critical
accounting policies</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The preparation of the
consolidated financial statements requires management to make accounting
assumptions, estimates and judgements that affect the application of the
Group's accounting policies and reported amounts of assets and liabilities,
income and expenses. By their nature, judgements are subject to an inherent
degree of uncertainty. Accounting assumptions, estimates and judgements are
reviewed on an ongoing basis. Revisions to reported amounts are recognized in
the period in which the revision is made and in any future periods affected.
Actual results may differ from these estimates.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Management has discussed the
development and selection of each of these critical accounting policies with
the Board of Directors and the Audit and Risk Committee, both of which have
approved and reviewed the disclosure of these policies. This discussion and
analysis should be read in conjunction with the consolidated financial
statements and related notes included in Item 18. &#8220;Financial statements&#8221;.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Critical
accounting policies that require significant judgment</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Management believes the
following critical accounting policies require more significant judgements to
be used in the preparation of our consolidated financial statements and could
potentially impact our financial results and future financial performance:</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Payments made under protest: Judgement
regarding the outcome of the matter</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Contingencies: Judgement regarding the
outcome of the respective matters</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Payments made under protest</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The assessment to develop and apply the
relevant accounting policy for payments made under protest that arise from the
Municipality Electricity Tariff Dispute (refer </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Item 18. &#8216;&#8216;Financial Statements - N</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ote 24 Payments made
under protest&#8220;) requires the exercise of significant judgement. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
judicial proceedings that impact the Payments made under protest are inherently
complex legal issues that are subject to uncertainties and complexities and are
subject to interpretation. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Contingencies</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The assessment of the impact of contingent
liabilities require the exercise of significant judgement regarding the outcome
of uncertain future events. Litigation and other judicial proceedings
inherently entail complex legal issues that are subject to uncertainties and
complexities and are subject to interpretation.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Critical
accounting policies that require significant assumptions and estimates</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Management believes the
following are critical accounting policies which involve the more significant
assumptions and estimates used in the preparation of our consolidated financial
statements, and are therefore considered DRDGOLD&#8217;s critical accounting
estimates which could potentially impact our financial results and future
financial performance:</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Depreciation: Estimation of the life-of-mine</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Provision for environmental rehabilitation:
Estimation of future environmental rehabilitation costs </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Income tax: Estimation of the deferred tax
rate</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Payments made under protest: Estimation of
the carrying value and recoverability</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Other investments:&#160; Estimation of the fair
value of financial assets</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>


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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

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<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Depreciation:
Estimation of life-of-mine</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Depreciation of mine plant
facilities and equipment, as well as mining property and development (including
mineral rights) are calculated using the units of production method which is
based on the life-of-mine of each site. The life-of-mine is primarily based on
proved and probable mineral reserves. It reflects the estimated quantities of
economically recoverable gold that can be recovered from reclamation sites
based on the estimated gold price. Changes in the life-of-mine will impact
depreciation on a prospective basis. The life-of-mine is prepared using a
methodology that takes account of current information to assess the
economically recoverable gold from specific reclamation sites and includes the
consideration of historical experience</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Provision for environmental rehabilitation:
Estimation of future environmental rehabilitation costs</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Provisions for environmental rehabilitation are
provided at the present value of the costs expected to be incurred in the
future to settle the obligation based on current prices. The unwinding of the
obligation is included in profit or loss. Estimated future costs of
environmental rehabilitation are reviewed regularly and adjusted as
appropriate. Changes in estimates are capitalized or reversed against the
related asset but taken to profit or loss if there is no related asset left.
Gains or losses from the expected disposal of assets are not taken into account
when determining the provision.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Estimates of future environmental rehabilitation
costs are based on the Group&#8217;s environmental management plans which are
developed in accordance with regulatory requirements, the life-of-mine plan and
the planned method of rehabilitation which is influenced by developments in
trends and technology.</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Income tax: Estimation of the deferred tax
rate</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Deferred tax is recognized in respect of temporary
differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for tax purposes. The
deferred tax liability is calculated by applying a forecast weighted average
tax rate that is based on a prescribed formula. The calculation of the forecast
weighted average tax rate requires the use of assumptions and estimates and are
inherently uncertain and could change materially over time. These assumptions and
estimates include the expected future profitability and timing of the reversal
of the temporary differences. Due to the forecast weighted average tax rate
being based on a prescribed formula that increases the effective tax rate with
an increase in forecast future profitability, and vice versa, the tax rate can
vary significantly year on year and can move contrary to current period
financial performance.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Payments made under protest: Estimation of
the carrying value and recoverability</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
discounted amount of the Payments made under protest is determined using
assumptions about the future that are inherently uncertain and can change materially
over time and includes the discount rate and discount period. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; These
assumptions about the future include estimating the timing of concluding on the
main application, i.e. the discount period, the ultimate settlement terms (refer
</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Item 18. &#8216;&#8216;Financial Statements - N</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ote 24 Payments
made under protest&#8220;), the discount rate applied and the assessment of
recoverability</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="XBRL_TS_36c4b7e4c02c452cafe044f5c"></a></font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Recognition
and measurement</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The asset that arises from the Ekhurhuleni
electricity dispute </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">(refer </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Item 18.
&#8216;&#8216;Financial Statements - N</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ote 24 Payments made under protest&#8220;)</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> and that are payments made under protest is
initially measured at a discounted amount and any difference between the face
value of payments made under protest and the discounted amount on initial
recognition is recognised in profit or loss as a finance expense. Subsequent to
initial recognition, the Payments made under protest is measured using the
effective interest method to unwind the discounted amount to the original face
value less any write downs for recovery. Unwinding of the carrying value and changes
in the discount period are recognised in the statement of profit or loss.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><a name="XBRL_TS_36c4b7e4c02c452cafe044f5c_bclEnd"></a><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Assessment of recoverability</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The discounted amount of the payments under
protest is assessed at each reporting date to determine whether there is any
objective evidence that the full amount is no longer expected to be recovered.
The Group considers the reasonable and supportable information related to the creditworthiness
of Ekurhuleni Metropolitan Municipality and events surrounding the outcome of
the Main Application </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">(refer </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Item 18.
&#8216;&#8216;Financial Statements - N</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ote 24 Payments made under protest&#8220;)</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.&#160; Any write down is recognised in the statement
of profit or loss.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<font face="Times New Roman,serif" style="border:none;">
&nbsp;</font>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></b></font></p>


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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

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<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Other investments: Estimation of the fair
value of financial assets</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The fair
value of other investments are determined using assumptions about the future
that are inherently uncertain and can change materially over time. It includes a
number of assumptions that are based on both observable and unobservable
inputs. These include the following:</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td nowrap valign=bottom width=3% style="border:none;border-right:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=40% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="border:none;margin:0in;text-align:left;"><font color=black style="border:none;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in R
  million</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=29% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="border:none;margin:0in;text-align:left;"><font color=black style="border:none;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Observable/unobservable
  input</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=28% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black style="border:none;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=3% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=40% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=29% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black style="border:none;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=28% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:2.25pt;">
  <td nowrap valign=bottom width=3% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=29% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black style="border:none;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=3% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="border:none;margin:0in;text-align:left;"><font color=black style="border:none;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Rand Refinery operations</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=29% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black style="border:none;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:2.25pt;">
  <td nowrap valign=bottom width=3% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=29% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black style="border:none;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=3% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="border:none;margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Average gold price
  </font></font></p>
  </td>
 <td nowrap valign=bottom width=29% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="border:none;margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Observable input</font></font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="border:none;margin:0in;text-align:right;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R852,098/kg</font></font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=3% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="border:none;margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Average silver
  price </font></font></p>
  </td>
 <td nowrap valign=bottom width=29% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="border:none;margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Observable input</font></font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="border:none;margin:0in;text-align:right;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R9,453/kg</font></font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=3% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="border:none;margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Average South
  African CPI</font></font></p>
  </td>
 <td nowrap valign=bottom width=29% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="border:none;margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Observable input</font></font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="border:none;margin:0in;text-align:right;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4.8%</font></font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=3% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="border:none;margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Terminal growth
  rate</font></font></p>
  </td>
 <td nowrap valign=bottom width=29% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="border:none;margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Unobservable input</font></font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="border:none;margin:0in;text-align:right;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.0%</font></font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=3% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=40% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="border:none;margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Weighted average
  cost of capital</font></font></p>
  </td>
 <td nowrap valign=bottom width=29% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="border:none;margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Unobservable input</font></font></p>
  </td>
 <td nowrap valign=bottom width=28% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="border:none;margin:0in;text-align:right;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">15.1%</font></font></p>
  </td>
 </tr>
<tr style="height:2.25pt;">
  <td nowrap valign=bottom width=3% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=40% style="border:none;height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=29% style="border:none;height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black style="border:none;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=28% style="border:none;height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=3% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="border:none;margin:0in;text-align:left;"><font color=black style="border:none;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Investment in
  Prestige Bullion</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=29% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black style="border:none;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:2.25pt;">
  <td nowrap valign=bottom width=3% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=29% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black style="border:none;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=3% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="border:none;margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Discount period</font></font></p>
  </td>
 <td nowrap valign=bottom width=29% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="border:none;margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Unobservable input</font></font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="border:none;margin:0in;text-align:right;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">13 years</font></font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=3% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=40% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="border:none;margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cost of equity</font></font></p>
  </td>
 <td nowrap valign=bottom width=29% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="border:none;margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Unobservable input</font></font></p>
  </td>
 <td nowrap valign=bottom width=28% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="border:none;margin:0in;text-align:right;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">13.2%</font></font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=3% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=40% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=#FFCC00 style="border:none;"><font color=#FFCC00 face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=29% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=28% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Marketability and
minority discounts (both unobservable inputs) were also applied of 16.5% and
17.0% respectively. The latest budgeted cash flow forecasts provided by Rand
Refinery as at June 30, 2020 was used, and therefore classified as an unobservable
input into the models. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">New
standards, amendments to standards and interpretations</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Refer to Item 18. &#8216;&#8216;Financial Statements - Note 3
&#8211; New standards, amendments to standards and interpretations&#8221; for a discussion
of relevant standards, amendments to standards and interpretations that may be
applicable to the business of the Group and may have an impact on future
consolidated financial statements.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Comparison
of financial performance for the fiscal year ended June 30, 2020 with fiscal
year ended June 30, 2019</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Gold revenue</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The following table illustrates the year-on-year change in gold revenue
for fiscal year 2020 in comparison to fiscal year 2019:</font></font></p>

<p align=left style="margin:0in;text-align:left;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td nowrap rowspan=3 width=19% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><i><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R million</font></i></b></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total</font></b></p>
  </td>
 <td rowspan=3 width=23% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Impact of change in amount of gold sold</font></b></p>
  </td>
 <td rowspan=3 width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Impact of change in gold price</font></b></p>
  </td>
 <td rowspan=3 width=22% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Net change</font></b></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=12% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">gold revenue</font></b></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">gold revenue</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap width=19% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ergo </font></p>
  </td>
 <td nowrap width=12% style="border:none;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,574.5</font></p>
  </td>
 <td nowrap width=23% style="border:none;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(276.5)</font></p>
  </td>
 <td nowrap width=12% style="border:none;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">762.6</font></p>
  </td>
 <td nowrap width=22% style="border:none;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">486.1</font></p>
  </td>
 <td nowrap width=12% style="border:none;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3,060.6</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap width=19% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">FWGR</font></p>
  </td>
 <td nowrap width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">184.3</font></p>
  </td>
 <td nowrap width=23% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">686.0</font></p>
  </td>
 <td nowrap width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">248.4</font></p>
  </td>
 <td nowrap width=22% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">934.4</font></p>
  </td>
 <td nowrap width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,118.7</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap width=19% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Consolidated</font></p>
  </td>
 <td nowrap width=12% style="border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,758.8</font></p>
  </td>
 <td nowrap width=23% style="border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">409.5</font></p>
  </td>
 <td nowrap width=12% style="border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,011.0</font></p>
  </td>
 <td nowrap width=22% style="border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,420.5</font></p>
  </td>
 <td nowrap width=12% style="border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4,179.3</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gold revenue increased by R1,420.5&nbsp;million, or 51%, to R4,179.3&nbsp;million
during fiscal year 2020. </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">This was mainly due
to the average rand gold price received which increased by 33% to R768,675 per
kilogram&#160; as well as gold sold having increased by 14%, reflecting the </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">first full year of gold production and sales by
FWGR and mitigating the impact of Ergo</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#8217;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">s gold production which decreased by 11%.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Cost of sales</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Cost of sales amounted to R2,937.9 million in
fiscal year 2020, consisting mainly of operating costs of R2,692.1 million,
depreciation of R</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">270.8</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> million
and a positive movement in both change in estimate of environmental
rehabilitation of <a name="_Hlk524962172"></a>R21.9 million and gold in process
of <a name="_Hlk524962194"></a>R3.1 million, respectively. These are discussed
as follows: </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating costs</font></i></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Operating costs were <a name="_Hlk524962211"></a>R2,692.1
million for fiscal year 2020 compared to <a name="_Hlk524962229"></a>R2,471.1
million for fiscal year 2019. The increase </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">reflects the </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">first
full year of gold production by FWGR </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">as well as
inflationary increases.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Depreciation</font></i></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Depreciation charges were <a name="_Hlk524962251"></a>R270.8
million for fiscal year 2020 compared to <a name="_Hlk524962266"></a>R169.1 million
for fiscal year 2019. &#160;The increase reflects an increase in FWGR depreciation
due to its first full year production.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<font face="Times New Roman,serif" style="border:none;">
&nbsp;</font>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></font></p>


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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_47"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>

 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Change in estimate of
environmental rehabilitation</font></i></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">As of June 30, 2020, we estimate our total environmental
rehabilitation provision, being the discounted estimate of future costs, to be <a name="_Hlk524962347"></a>R568.9</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;million
as compared to </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R682.6</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;million at
June 30, 2019. A </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">change in estimate of
environmental rehabilitation of R21.9 million was recognized due to </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">updated vegetation and machine hire rates to recent
service level agreements and actual rates incurred, as well as the discount
rate (real rate) which was higher as a result of higher long-term SA government
bond rates and lower inflation rates than the prior year</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">A total
of <a name="_Hlk524962392"></a>R542.2&nbsp;million was invested in our various
environmental trust funds as at the end of fiscal year 2020, as compared to R508.9&nbsp;million
at the end of fiscal year 2019. The increase is attributable primarily due to <a name="_Hlk524962413"></a>R33.2 million interest received on these funds during
fiscal year 2020. A total of <a name="_Hlk524962429"></a>R83.8&nbsp;million (2019:
R78.6&nbsp;million) is invested in </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">funds
held in insurance instruments to secure </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">financial guarantees provided to
the DMR through an insurance cell captive company, the Guardrisk Cell Captive. The
increase is attributable to </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R5.2&nbsp;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">
million interest received on these funds during fiscal year 2020. </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">As at June 30, 2020 guarantees amounting to <a name="_Hlk524962465"></a>R427.3 million were in issue to the DMR (2019: R427.3
million). </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The shortfall between the invested funds and the estimated
provisions is expected to be financed by contributions to the Guardrisk Cell
Captive from time to time as required over the remaining production life of the
respective mining operations and, at the time of mine closure, the proceeds on
the disposal of remaining assets and gold from plant clean-up.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Movements in gold in process</font></i></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Movement in gold in process in fiscal year 2020 amounted to R<a name="_Hlk524962506"></a>3.1 million mainly due to an increase in the lock up
of gold in process at the plants.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Administration expenses and general costs</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Administration expenses and general costs increased by R219.0&nbsp;million
from R90.9&nbsp;million in fiscal year 2019 to <a name="_Hlk524962564"></a>R309.9&nbsp;million
in fiscal year 2020. Administration expenses and general costs in fiscal year
2020 included a share-based payments expense of R218.1 million<a name="_Hlk524963831"></a> (2020: R21.4 million). The increase in the
share-based payment expense is mainly due to the remeasurement of the cash-settled
share-based payment liability over the vesting period and an increase in the
seven-day volume weighted average price (VWAP) of the DRDGOLD share from R4.37
at June 30, 2019 to R25.14 at June 30, 2020. This liability is expected to be
fully settled on 5 November 2020.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Finance income</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Finance income increased from R<a name="_Hlk524962617"></a>58.3&nbsp;million
in fiscal year 2019 to R109.8&nbsp;million in fiscal year 2020<a name="_Hlk524964194"></a>, mainly due to increased interest income earned of R46.1
million due to </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">higher cash and cash
equivalents balances during the year as a result of the cash received from the
issue of ordinary shares to Sibanye-Stillwater</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Finance expenses</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Finance expenses decreased from R<a name="_Hlk524962670"></a>78.4
million in fiscal year 2019 to R68.8&nbsp;million in fiscal year 2020<a name="_Hlk524964178"></a>, mainly attributable to the decrease in the unwinding of
the provision for environmental rehabilitation as a result of a lower provision
estimated as at June 30, 2019.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Income tax</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Income tax amounted to a charge of R<a name="_Hlk524962693"></a>343.9&nbsp;million
for fiscal year 2020 (compared to an income tax charge of R26.6&nbsp;million
for fiscal year 2019) and consisted of a current tax charge of <a name="_Hlk524963148"></a>R263.2&nbsp;million, mostly relating to mining income as
a result of an increase in profitability of both Ergo and FWGR driven by an
increase in gold price and full redemption of capital expenditure, and a
deferred tax charge for fiscal year 2020 of R<a name="_Hlk524963170"></a>80.7
million, mostly relating to mining income.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The income
tax charge resulted from our profit before tax in fiscal year 2020 as well as a
charge of R20.7 million relating to the Ergo forecast weighted average deferred
tax rate that increased from 22.0% in fiscal year 2019 to 25.0% in fiscal year 2020
because of an increase in forecast profitability of Ergo. The increase in the
effective tax rate resulted in an increase in the deferred tax liability and
the associated tax charge.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>


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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p align=left style="border:none;margin:0in;text-align:left;"><font style="border:none;"><b><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Non-IFRS Measures</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Set forth below is a discussion of non-IFRS measures presented in
this report, including a reconciliation of such measures to the nearest measure
under IFRS, as well as an explanation as to why we believe that presentation of
such information provides useful information to investors and additional
purposes, if any, for which we use such measures.</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Adjusted earnings before interest, tax, depreciation and
amortization (&#8220;Adjusted EBITDA&#8221;)</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Set forth below is a presentation of our Adjusted EBITDA, which is
a non-IFRS measure, including the items included in this measure and a
reconciliation to profit for the year.&#160; </font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Our calculation of Adjusted
EBITDA is based on the calculation of this measure as included in our</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> RCF agreement and may not be comparable to similarly titled
measures of other companies. Adjusted EBITDA is not a measure of performance
under IFRS and should be considered in addition to, and not as a substitute
for, other measures of financial performance and liquidity.</font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> We consider
Adjusted EBITDA for the purpose of evaluating compliance with the covenants
imposed by the Company&#8217;s borrowing agreements entered into during fiscal 2019.
The Group considers the presentation of Adjusted EBITDA provides useful
information to investors to enable investors to assess compliance with our
covenants in the RCF agreement</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">.</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.75pt;">
  <td nowrap valign=bottom width=72% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap width=28% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Year ended, June 30</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td width=72% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><i><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Reconciliation of adjusted EBITDA</font></i></b></p>
  </td>
 <td width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=72% style="border:none;height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Profit for the year</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">635.0</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">78.5</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=72% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Income tax</font></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">343.9</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">26.6</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=72% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Profit before tax</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">978.9</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">105.1</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=72% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Finance expense</font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">68.8</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">78.4</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=72% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Finance income</font></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(109.8)</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(58.3)</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=72% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Results from operating activities</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">937.9</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">125.2</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=72% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Depreciation </font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">270.8</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">169.1</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap width=72% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Share based payment expense</font></p>
  </td>
 <td nowrap width=14% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">224.1</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">21.4</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=72% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Change in estimate of environmental
  rehabilitation recognised in profit or loss</font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(21.9)</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(60.0)</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=72% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gain on financial instruments at fair
  value through profit or loss</font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.1)</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=72% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gain on disposal of property, plant and
  equipment</font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.7)</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(5.8)</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=72% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Transaction costs</font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.4</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=72% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Retrenchment costs</font></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6.3</font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td nowrap width=72% style="height:11.25pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Adjusted earnings before interest, tax
  depreciation and amortisation (&quot;Adjusted EBITDA&quot;)<sup> 1</sup></font></b></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:double black 2.25pt;height:11.25pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,411.6</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:double black 2.25pt;height:11.25pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">254.1</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=72% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=14% style="border:none;height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap width=72% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><sup><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1</font></b></sup><sup><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> &nbsp;</font></sup><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">See Glossary of Terms for
  definitions.</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap width=72% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><sup><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></sup></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>




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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash operating costs, cash
operating costs per kilogram, all-in sustaining costs and all-in costs per
kilogram</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash operating costs per kilogram, all-in sustaining costs per
kilogram and all-in costs per kilogram are non-IFRS financial measures that
should not be considered by investors in isolation or as alternatives to cost
of sales, net profit/(loss) attributable to equity owners of the parent,
profit/(loss) before tax and other items or any other measure of financial
performance presented in accordance with IFRS or as an indicator of our
performance. While the World Gold Council has provided guidance for the
calculation of cash operating costs, cash operating costs per kilogram, all-in
sustaining costs and all-in costs per kilogram, such measurements may vary
significantly among gold mining companies, and these definitions by themselves
do not necessarily provide a basis for comparison with other gold mining
companies. However, we believe that these measures are useful indicators to
investors and our management of an individual mine's performance and of the
performance of our operations as a whole as they provide: </font></font></p>

<p style="border:none;margin:0in;margin-left:39.7pt;text-align:justify;text-indent:-19.85pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">an indication of a mine&#8217;s profitability and efficiency; </font></font></p>

<p style="border:none;margin:0in;margin-left:39.7pt;text-align:justify;text-indent:-19.85pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">the trend in costs;</font></font></p>

<p style="border:none;margin:0in;margin-left:39.7pt;text-align:justify;text-indent:-19.85pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">a measure of margin per kilogram, by comparison of the cash
operating costs per kilogram to the price of gold; and</font></font></p>

<p style="border:none;margin:0in;margin-left:39.7pt;text-align:justify;text-indent:-19.85pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">a benchmark of performance to allow for comparison against other
mines and mining companies. </font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">For fiscal year 2020, consolidated cash operating costs per
kilogram decreased by 3% to R482,417 per kilogram from R499,749 per kilogram in
fiscal year 2019. Consolidated all-in sustaining costs per kilogram increased
by 3% to R541,475 per kilogram in fiscal 2020 from R524,713 per kilogram in
fiscal year 2019. Consolidated all-in costs per kilogram decreased by 8% to R551,646
per kilogram of gold in fiscal 2020 from R600,941 per kilogram of gold in
fiscal year 2019. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">decrease in gold production at
Ergo</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> resulted in an increase in cash operating costs per kilogram, all-in
sustaining costs per kilogram</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> and </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">all-in
costs per kilogram</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> which was</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> moderated by the lower </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">cash operating costs per kilogram and all-in
sustaining costs per kilogram</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> &nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">of FWGR</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">. The increase in sustaining capital expenditure incurred during
fiscal year 2020 resulted in an increase in all-in sustaining costs per
kilogram. The decrease in growth capital expenditure incurred during fiscal
year 2020 resulted in a decrease in all-in costs per kilogram.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:24.0pt;">
  <td width=73% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><i><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Reconciliation of cash operating costs,
  cash operating costs per kilogram, all-in sustaining costs, all-in sustaining
  costs per kilogram, all-in costs and all-in costs per kilogram</font></i></b></p>
  </td>
 <td valign=bottom width=13% style="height:24.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=14% style="height:24.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td width=73% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><i><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R millions</font></i></b></p>
  </td>
 <td valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=73% style="border:none;height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cost of sales</font></b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> &nbsp;</font></p>
  </td>
 <td nowrap width=13% style="border:none;height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,937.9</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,553.9</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=73% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Depreciation </font></p>
  </td>
 <td nowrap width=13% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(270.8)</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(169.1)</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=73% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Retrenchment costs </font></p>
  </td>
 <td nowrap width=13% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(6.3)</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=73% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Change in estimate of environmental
  rehabilitation </font></p>
  </td>
 <td nowrap width=13% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">21.9</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">60.0</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=73% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Movement in gold in process </font></p>
  </td>
 <td nowrap width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.1</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">32.6</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=73% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Operating costs </font></p>
  </td>
 <td nowrap width=13% style="border:none;height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,692.1</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,471.1</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=73% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ongoing rehabilitation expenditure </font></p>
  </td>
 <td nowrap width=13% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(24.3)</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(18.3)</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=73% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Care and maintenance costs </font></p>
  </td>
 <td nowrap width=13% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(11.1)</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(8.8)</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=73% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other operating costs </font></p>
  </td>
 <td nowrap width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(30.7)</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(21.1)</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=73% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash operating costs<sup> 1</sup></font></b></p>
  </td>
 <td nowrap width=13% style="border:none;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,626.0</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,422.9</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=73% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Movement in gold in process </font></p>
  </td>
 <td nowrap width=13% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(3.1)</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(32.6)</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=73% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Administration expenses and other costs
  excluding non-recurring items<sup> 1</sup></font></p>
  </td>
 <td nowrap width=13% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">96.1</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">69.5</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=73% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other operating costs </font></p>
  </td>
 <td nowrap width=13% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">30.7</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">21.1</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=73% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Change in estimate of environmental
  rehabilitation </font></p>
  </td>
 <td nowrap width=13% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(21.9)</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(60.0)</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=73% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Unwinding of rehabilitation provision </font></p>
  </td>
 <td nowrap width=13% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">52.0</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">66.3</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=73% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Sustaining capital expenditure<sup> 1</sup></font></p>
  </td>
 <td nowrap width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">164.2</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">22.5</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=73% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">All-in sustaining costs <sup>1</sup></font></b></p>
  </td>
 <td nowrap width=13% style="border:none;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,944.0</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,509.7</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=73% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Retrenchment costs </font></p>
  </td>
 <td nowrap width=13% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6.3</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=73% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Care and maintenance costs </font></p>
  </td>
 <td nowrap width=13% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">11.1</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">8.8</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=73% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ongoing rehabilitation expenditure </font></p>
  </td>
 <td nowrap width=13% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">24.3</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">18.3</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=73% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Transaction costs</font></p>
  </td>
 <td nowrap width=13% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.4</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=73% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Growth capital expenditure<sup> 1</sup></font></p>
  </td>
 <td nowrap width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">18.5</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">331.2</font></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td nowrap width=73% style="height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">All-in costs<sup> 1</sup></font></b></p>
  </td>
 <td nowrap width=13% style="border:none;border-bottom:double black 2.25pt;height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,999.3</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:double black 2.25pt;height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,874.3</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=73% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gold produced (kilograms) </font></p>
  </td>
 <td nowrap width=13% style="border:none;height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5,424.0</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4,826.0</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=73% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash operating costs per kilogram (R per
  kilogram) </font></p>
  </td>
 <td nowrap width=13% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">482,417</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">499,749</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=73% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">All-in sustaining costs per kilogram (R
  per kilogram) </font></p>
  </td>
 <td nowrap width=13% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">541,475</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">524,713</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=73% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">All-in costs per kilogram (R per
  kilogram) </font></p>
  </td>
 <td nowrap width=13% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">551,646</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">600,941</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=73% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=73% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><i><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Reconciliation of sustaining capital
  expenditure and growth capital expenditure </font></i></b></p>
  </td>
 <td width=13% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=14% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=73% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Additions - property, plant and equipment
  owned</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">182.7</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">353.8</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=73% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Less</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=73% style="height:10.9pt;padding:0in 2.0pt 0in 8.75pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Growth capital expenditure<sup> 1</sup></font></p>
  </td>
 <td width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">18.5</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">331.2</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=73% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Sustaining capital expenditure<sup> 1</sup></font></p>
  </td>
 <td width=13% style="border:none;height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">164.2</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;height:10.9pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">22.5</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap width=73% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><sup><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1</font></b></sup><sup><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> &nbsp;</font></sup><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">See Glossary of Terms for
  definitions.</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>




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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash operating costs</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash operating costs are
linked directly to the level of throughput of a specific fiscal year. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The following table illustrates the year-on-year change in
cash operating costs for fiscal year 2020 in comparison with fiscal year 2019</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;"><b><font face="Times Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:12.0pt;">&nbsp;</font></b></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:25.15pt;">
  <td nowrap rowspan=2 width=18% style="height:25.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><b><i><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R million</font></i></b></p>
  </td>
 <td width=17% style="height:25.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash operating costs</font></b></p>
  </td>
 <td rowspan=2 valign=bottom width=17% style="border:none;border-bottom:solid black 1.0pt;height:25.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Impact of change in throughput</font></b></p>
  </td>
 <td rowspan=2 valign=bottom width=16% style="border:none;border-bottom:solid black 1.0pt;height:25.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Impact of change in costs</font></b></p>
  </td>
 <td rowspan=2 valign=bottom width=16% style="border:none;border-bottom:solid black 1.0pt;height:25.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Net change</font></b></p>
  </td>
 <td width=16% style="height:25.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash operating costs</font></b></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td width=17% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 <td width=16% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=18% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ergo </font></p>
  </td>
 <td width=17% style="border:none;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,311.1</font></p>
  </td>
 <td width=17% style="border:none;height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(292.8)</font></p>
  </td>
 <td width=16% style="border:none;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">255.7</font></p>
  </td>
 <td width=16% style="border:none;height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(37.1)</font></p>
  </td>
 <td width=16% style="border:none;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,274.0</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=18% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">FWGR</font></p>
  </td>
 <td width=17% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">111.8</font></p>
  </td>
 <td width=17% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">418.0</font></p>
  </td>
 <td width=16% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(177.8)</font></p>
  </td>
 <td width=16% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">240.2</font></p>
  </td>
 <td width=16% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">352.0</font></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td nowrap width=18% style="height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total</font></p>
  </td>
 <td width=17% style="border:none;border-bottom:double black 2.25pt;height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,422.9</font></p>
  </td>
 <td width=17% style="border:none;border-bottom:double black 2.25pt;height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">125.2</font></p>
  </td>
 <td width=16% style="border:none;border-bottom:double black 2.25pt;height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">77.9</font></p>
  </td>
 <td width=16% style="border:none;border-bottom:double black 2.25pt;height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">203.1</font></p>
  </td>
 <td width=16% style="border:none;border-bottom:double black 2.25pt;height:15.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,626.0</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><a name="_Hlk21191578"></a><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash operating costs in fiscal year 2020 increased by R203.1 million
to R2,626.0 million compared to cash operating costs of R2,422.9 million in
fiscal year 2019</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">This is
mainly due to the inclusion of the cash operating costs relating to the first
full year of production by FWGR of R352.0 million and inflationary increases.</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td colspan=7 width=100% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The following table lists the major
  components of cash operating costs for the Group for each operation and
  fiscal year set forth below respectively: </font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=29% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=29% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td colspan=2 width=20% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ergo</font></u></b></p>
  </td>
 <td width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;text-decoration:none;">&nbsp;</font></b></p>
  </td>
 <td width=28% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td colspan=2 width=20% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">FWGR</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=29% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td colspan=2 width=20% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Years ended </font></u></b></p>
  </td>
 <td width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;text-decoration:none;">&nbsp;</font></b></p>
  </td>
 <td width=28% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td colspan=2 width=20% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Year ended </font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=29% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Costs</font></u></b></p>
  </td>
 <td width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></u></b></p>
  </td>
 <td width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></u></b></p>
  </td>
 <td width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;text-decoration:none;">&nbsp;</font></b></p>
  </td>
 <td width=28% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Costs</font></u></b></p>
  </td>
 <td width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></u></b></p>
  </td>
 <td width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></u></b><sup><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1</font></sup></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=29% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Consumables </font></p>
  </td>
 <td width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">30%</font></p>
  </td>
 <td width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">35%</font></p>
  </td>
 <td width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=28% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Consumables </font></p>
  </td>
 <td width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">31%</font></p>
  </td>
 <td width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">38%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=29% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Labor </font></p>
  </td>
 <td width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">22%</font></p>
  </td>
 <td width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">18%</font></p>
  </td>
 <td width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=28% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Labor </font></p>
  </td>
 <td width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">22%</font></p>
  </td>
 <td width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">31%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=29% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Electricity and water </font></p>
  </td>
 <td width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">20%</font></p>
  </td>
 <td width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">20%</font></p>
  </td>
 <td width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=28% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Specialized service providers </font></p>
  </td>
 <td width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">12%</font></p>
  </td>
 <td width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">14%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=29% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Specialized service providers </font></p>
  </td>
 <td width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">17%</font></p>
  </td>
 <td width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">16%</font></p>
  </td>
 <td width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=28% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Electricity and water </font></p>
  </td>
 <td width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">9%</font></p>
  </td>
 <td width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">13%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=29% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other costs </font></p>
  </td>
 <td width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">11%</font></p>
  </td>
 <td width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">11%</font></p>
  </td>
 <td width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=28% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other costs </font></p>
  </td>
 <td width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">26%</font></p>
  </td>
 <td width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=3 nowrap valign=top width=49% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><sub><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1 After date of commercial production of
  Phase 1 of Aril 1, 2019</font></sub></p>
  </td>
 <td width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=29% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><sub><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></sub></p>
  </td>
 <td nowrap valign=top width=10% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><sub><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></sub></p>
  </td>
 <td nowrap valign=top width=10% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><sub><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></sub></p>
  </td>
 <td width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5B. LIQUIDITY AND CAPITAL RESOURCES</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Cash flows from operating activities</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Cash generated from operating activities amounted
to R1,128.9&nbsp;million for fiscal year 2020 (fiscal year 2019: R288.3&nbsp;million).
</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Cash generated from operating activities increased
during fiscal year 2020 mostly due </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">to gold sold that </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">increased by 14% as well as the average rand gold
price received having increased by 33% to R768,675 per kilogram. In addition,
the net movement in working capital decreased by R92.0 million in fiscal year
2020. The net movement in working capital increased by R73.8 million in fiscal
year 2019.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Cash flows from investing activities</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Net cash utilized by investing activities
amounted to R202.5&nbsp;million in fiscal year 2020 compared to R303.0&nbsp;million
in fiscal year 2019.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">In fiscal year 2020, net cash utilized by
investing activities consisted mainly of R181.1 million in additions to
property, plant and equipment and R22.1 million spent on environmental
rehabilitation payments. These outflows were reduced by R0.7 million proceeds
on the disposal of property, plant and equipment. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">In fiscal year 2019, net cash utilized by
investing activities consisted mainly of R347.4 million in additions to
property, plant and equipment and R16.6 million spent on environmental
rehabilitation payments. These outflows were reduced by R55.2 million cash
received from rehabilitation obligation funds and R5.8 million proceeds on the
disposal of property, plant and equipment.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Additions to property, plant and equipment</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> in fiscal year 2019 was R330.7 million and included R323.8 million
incurred on the development of Phase 1 of FWGR.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font color=black face="Times New Roman,serif" style="border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash flows from financing
activities</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Net cash inflow from</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> financing activities was R509.2&nbsp;million
in fiscal year 2020 compared to net cash outflows of R7.9&nbsp;million in
fiscal year 2019. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>


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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_51"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">During fiscal year 2020, the net cash inflow
consisted mostly of proceeds received on the issue of ordinary shares to
Sibanye-Stillwater amounting to R1,085.6 million offset by dividends paid on
ordinary shares amounting to R564.5 million.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">During fiscal year 2019, the net cash outflow
consisted mostly of borrowings raised and subsequently repaid of R192.0
million.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Cash and cash equivalents</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Cash and cash equivalents as at June 30, 2020 amounted
to R1,715.1 million compared to R279.5 million at the end of fiscal year </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">2019. Substantially all of our cash and cash
equivalent balances were denominated in South African rand.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Cash and cash equivalents as at June 30, 2020
includes restricted cash </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">related to</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> guarantees </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">of R19.3 million compared to R18.3 million at
the end of fiscal year </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">2019.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; At </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">September
30, 2020</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">, our cash and cash equivalents were R2,015.2 million.</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Borrowings and funding</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">At </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">June 30,
2020 and September 30, 2020</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">, our
external sources of capital included our RCF described in </font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Item 10C. Material
Contracts</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8217;&#8217;.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The RCF has been</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">
amended </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">as described </font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">in Item 10C. Material Contracts&#8221;. The amendments
include </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">a reduction in the size of the facility from R300million to </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R200 million</font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; &nbsp;</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">as well as not
including any commitment towards the performance guarantee issued to Ekurhuleni
Metropolitan Municipality. </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">No amounts were
drawn under this facility as of June 30, 2020 or </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">September 30, 2020.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Anticipated funding requirements and sources</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our cash and cash equivalents are set out above under
&#8220;Cash and cash equivalents&#8221;. Our management believes that existing cash
resources, net cash generated from operations and the availability of
negotiated funding facilities will be sufficient to meet the anticipated
commitments of our existing operations for fiscal year 2021. As a result of the
significant increase in the gold price, and the issue of shares to
Sibanye-Stillwater during fiscal 2020, at September 30, 2020 the Group has a
cash and cash equivalents balance of R</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2,015.2 </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">million. In addition, the Group has an
undrawn R200 million RCF available as additional backstop liquidity. Liquidity
is further enhanced by the continued high rand gold price levels. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;display:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">5C. RESEARCH AND DEVELOPMENT, PATENTS AND
LICENSES, ETC.</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">DRDGOLD
has a dedicated team that looks at ways and means of improving recoveries.
While the team remains active with an ongoing focus on improving extraction
efficiencies, the projects undertaken during the year ended June 30, 2020 were
focused on optimizing the existing facilities rather than implementing new
technologies to improve extraction efficiencies. We have no registered patents
or licenses. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">5D. TREND INFORMATION</font></i></b></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="background:yellow;border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><a name="_Hlk52521996"></a><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">In response to the COVID-19 pandemic and
measures taken to address the outbreak, investors globally, as they have in so
many previous times of crisis, turned to gold and gold stocks as a safe haven
asset, leading to a surge in the average gold price from R781,261 per kg in the
quarter ended March 31, 2020 to R988,030 per kg for the quarter ended June 30,
2020. The rand/dollar exchange rate remained volatile throughout the year
mainly as a result of economic uncertainty and perceived political instability,
global market slowdown sentiment, tensions between the USA and China, low
economic growth, and a seemingly terminally distressed Eskom. Further </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">volatility in the Rand was fueled by Moody&#8217;s
downgrade of South Africa&#8217;s sovereign credit rating to sub-investment grade as
a result of &#8220;continuing</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">deterioration in fiscal strength and
structurally very weak economic growth&#8221;. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Any sustained decline in the market price of gold from the current
elevated gold price levels would adversely affect us, and any decline in the
price of gold below the cost of production could result in the closure of some
or all of our operations which would result in significant costs and
expenditure, such as, incurring retrenchment costs earlier than expected </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">which could lead to a decline in profits, or losses</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">. In addition, as most of our production costs are in rands, while
gold is sold in dollars and then converted to rands, our results of operation
and financial condition have been and could be in the future materially
affected by an appreciation in the value of the rand. Accordingly, any
sustained decline in the dollar price of gold and/or the strengthening of the
South African rand against the dollar would negatively and adversely affect our
business, operating results and financial condition.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the fiscal year 2021, we are planning Group gold
production of 165,000 to 185,000 ounces at cash operating costs of
approximately R535,000 per kilogram. Our ability to meet the full year&#8217;s
production target could be impacted by COVID-19 in a number of ways, including
potential further national lockdowns, stoppages in production due to outbreaks
of infections in our workforce and interruptions to our supply chain. It could
also be impacted by lower grades, failure to achieve the targets set at Ergo
and FWGR, power interruptions and other risks (refer Item 3D. Risk
Factors&#8212;Risks related to our business and operations </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">and </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8220;&#8211;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Forward Looking
Statements</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">). We are also subject to cost pressures in
the event of above inflation increases in labor, electricity and water; crude
oil and steel costs. Unforeseen changes in ore grades and recoveries,
unexpected changes in the quality or quantity of reserves and resource,
technical production issues, environmental and industrial accidents, gold
theft, </font></font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

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<p style="border:none;margin:0in;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">environmental factors and pollution could
adversely impact the production, sales and cash operating costs for fiscal year
2021 </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">and cause us to fail to meet our targets for
the year</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Refer to </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Item 5A.: &#8220;Key drivers
of our operating results and principal factors affecting our operating results&#8221;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> for a discussion of the trend in the US Dollar
gold price as well as the exchange rate impacting our business.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="background:yellow;border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Operating results for the quarter ended September
30, 2020</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;display:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

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<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=33% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Production</font></u></b></p>
  </td>
 <td nowrap valign=top width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=18% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=33% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gold produced</font></p>
  </td>
 <td nowrap valign=top width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=18% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">kg</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,514</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,041</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">45%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=33% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=18% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">oz</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">48,676</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">33,469</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">45%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=33% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gold sold</font></p>
  </td>
 <td nowrap valign=top width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=18% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">kg</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,522</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">951</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">60%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=33% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=18% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">oz</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">48,676</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">30,576</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">59%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=33% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ore milled</font></p>
  </td>
 <td nowrap valign=top width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=18% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Metric (000't) </font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7,260</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5,737</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">27%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=33% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Yield</font></p>
  </td>
 <td nowrap valign=top width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=18% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Metric (g/t)</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.209</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.181</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">15%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=33% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=18% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=33% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Price and costs</font></u></b></p>
  </td>
 <td nowrap valign=top width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=18% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=33% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Average gold price received</font></p>
  </td>
 <td nowrap valign=top width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=18% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R per kg</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,029,893</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">970,198</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=33% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=18% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">US$ per oz</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,896</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,682</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">13%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=33% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash operating costs</font></p>
  </td>
 <td nowrap valign=top width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=18% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R/t</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">104</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">102</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=33% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=18% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">US$/t</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=33% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash operating costs</font></p>
  </td>
 <td nowrap valign=top width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=18% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R per kg</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">489,750</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">542,482</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-10%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=33% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=18% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">US$ per oz</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">901</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">941</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-4%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=33% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">All-in sustaining costs **</font></p>
  </td>
 <td nowrap valign=top width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=18% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R per kg</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">588,239</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">579,180</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=33% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=18% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">US$ per oz</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,083</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,004</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">8%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=33% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">All-in cost **</font></p>
  </td>
 <td nowrap valign=top width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=18% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R per kg</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">613,206</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">597,371</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=33% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=18% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">US$ per oz</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,129</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,036</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">9%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=6 valign=top width=96% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=33% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Capital expenditure</font></u></b></p>
  </td>
 <td nowrap valign=top width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=18% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=33% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Sustaining</font></p>
  </td>
 <td nowrap valign=top width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=18% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Rm</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">95.1</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">84.4</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">13%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=33% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=18% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">US$m</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.6</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4.7</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">19%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=33% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Non-sustaining/growth</font></p>
  </td>
 <td nowrap valign=top width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=18% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Rm</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">25.3</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4.5</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">462%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=33% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=18% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">US$m</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.5</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.3</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">400%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=33% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Average R/US$ exchange rate</font></p>
  </td>
 <td nowrap valign=top width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=18% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">16.90</font></p>
  </td>
 <td nowrap valign=top width=16% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">17.94</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-6%</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;margin-left:.25in;text-align:justify;"><sub><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN style="font-size:11.0pt;line-height:normal;">Rounding of
figures may result in computational discrepancies</font></i></font></sub></p>

<p style="border:none;margin-bottom:0in;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><sub><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN style="font-size:11.0pt;line-height:normal;">* </font><i><font face="Times New Roman,serif" lang=EN style="font-size:11.0pt;line-height:normal;">The Adjusted EBITDA may not be comparable to similarly titled
measures of other companies. Adjusted EBITDA is not a measure of performance
under IFRS and should be considered in addition to, and not as a substitute
for, other measures of financial performance and liquidity.</font></i></font></sub></p>

<p style="border:none;margin-bottom:6.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><sub><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN style="font-size:11.0pt;line-height:normal;">** </font><i><font face="Times New Roman,serif" lang=EN style="font-size:11.0pt;line-height:normal;">All-in cost
definitions based on the guidance note on non-GAAP Metrics issued by the World
Gold Council on 27 June 2013</font></i><font face="Times New Roman,serif" lang=EN style="font-size:11.0pt;line-height:normal;">.&nbsp;</font></font></sub></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Gold production increased by 45% from the previous
quarter to 1,514kg primarily due to a 27% increase in tonnage throughput and a
15% increase in yield. Gold sold increased by 60%. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As a result, the cash operating cost per kilogram
of gold sold decreased by 10% from the previous quarter to R489,750/kg. The
cash operating cost per ton of material processed increased by 2% to R104/t.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All-in sustaining costs per kilogram and all-in
costs per kilogram were R588,239/kg and R613,206/kg, respectively, increasing
quarter on quarter mainly due to an increase in sustaining capital expenditure.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Adjusted EBITDA increased by 110% from the
previous quarter to R770.4 million primarily due to a 60% increase in gold sold
and a 6% increase in the average Rand gold price received of R1,029,893/kg.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Cash and cash equivalents increased by R300.1
million to R2,015.2 million as at September 30, 2020 after paying the final
dividend for the year ended June 30, 2020 of R299.1 million. External
borrowings remained at Rnil as at September 30, 2020 (June 30, 2020: Rnil).</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The cash generated during the current quarter
will, </font><i><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">inter alia</font></i><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">, be applied towards the Company&#8217;s extended capital
expenditure programme for the year ending June 30, 2021. Despite the capital
expenditure planned for the year, management positions the company favourably
to, in the absence of unforeseen events, consider declaring an interim dividend
in February 2021.</font></font></p>


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 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

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<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">5E. OFF-BALANCE SHEET ARRANGEMENTS</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The Company does not engage in off-balance sheet financing
activities, and does not have any off-balance sheet debt obligations,
unconsolidated special purposes entities or unconsolidated affiliates.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;display:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td colspan=6 nowrap width=100% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><i><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5F. TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS</font></i></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=46% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=11% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td colspan=4 width=43% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Estimated and actual payments due by
  period</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td rowspan=2 width=46% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td rowspan=2 width=11% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total</font></u></b></p>
  </td>
 <td width=11% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Less than </font></u></b></p>
  </td>
 <td width=11% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Between </font></u></b></p>
  </td>
 <td width=11% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Between</font></u></b></p>
  </td>
 <td rowspan=2 width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">More than 5 years</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=11% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1 year</font></u></b></p>
  </td>
 <td width=11% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1-3 years</font></u></b></p>
  </td>
 <td width=11% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3-5 years</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=46% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=11% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R m</font></u></b></p>
  </td>
 <td width=11% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R m</font></u></b></p>
  </td>
 <td width=11% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R m</font></u></b></p>
  </td>
 <td width=11% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R m</font></u></b></p>
  </td>
 <td width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R m</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=46% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Provision for environmental
  rehabilitation <sup>2</sup></font></p>
  </td>
 <td width=11% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">568.9</font></p>
  </td>
 <td width=11% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">55.5</font></p>
  </td>
 <td width=11% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">137.1</font></p>
  </td>
 <td width=11% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">107.1</font></p>
  </td>
 <td width=10% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">269.2</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=46% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Lease liabilities</font></p>
  </td>
 <td width=11% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">47.1</font></p>
  </td>
 <td width=11% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10.1</font></p>
  </td>
 <td width=11% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">19.7</font></p>
  </td>
 <td width=11% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">11.3</font></p>
  </td>
 <td width=10% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6.0</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=46% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Trade and other payables </font></p>
  </td>
 <td width=11% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">478.8</font></p>
  </td>
 <td width=11% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">478.8</font></p>
  </td>
 <td width=11% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td width=11% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td width=10% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=46% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Purchase obligations &#8211;
  contracted capital expenditure <sup>1</sup></font></p>
  </td>
 <td width=11% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">130.6</font></p>
  </td>
 <td width=11% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">130.6</font></p>
  </td>
 <td width=11% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td width=11% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td width=10% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=46% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other contractual obligations </font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td width=10% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=46% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total contractual and cash
  obligations</font></b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> &nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,225.4</font></b></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">675.0</font></b></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">156.8</font></b></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">118.4</font></b></p>
  </td>
 <td width=10% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">275.2</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=46% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td colspan=6 nowrap valign=top width=100% style="height:9.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><sup><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1</font></sup><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> Represents planned capital expenditure
  for which contractual obligations exist.</font></p>
  </td>
 </tr>
<tr style="height:51.6pt;">
  <td colspan=6 valign=top width=100% style="height:51.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><sup><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2</font></sup><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> Gold mining companies are
  subject to extensive environmental regulations in the various jurisdictions
  in which they operate. These regulations establish certain conditions on the
  conduct of our operations. Pursuant to environmental regulations, we are also
  obliged to close our operations and reclaim and rehabilitate the lands upon
  which we have conducted our mining and gold recovery operations. The
  estimated closure costs at existing operating mines and mines in various
  stages of closure are reflected in this table. For more information on
  environmental rehabilitation obligations, see Item 4D. &#8220;Property, Plant and
  Equipment&#8221; and Note 11 - &#8220;Provision for environmental rehabilitation&#8221; under
  Item 18. &#8220;Financial Statements&quot;.</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td valign=top width=46% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><sup><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></sup></p>
  </td>
 <td valign=top width=11% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><sup><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></sup></p>
  </td>
 <td valign=top width=11% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><sup><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></sup></p>
  </td>
 <td valign=top width=11% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><sup><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></sup></p>
  </td>
 <td valign=top width=11% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><sup><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></sup></p>
  </td>
 <td valign=top width=10% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">5G.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; SAFE HARBOR</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">See
Special Note Regarding Forward-Looking Statements.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;display:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES </font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">6A. DIRECTORS AND SENIOR MANAGEMENT </font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Directors and Executive Officers</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our board of directors may consist of not less
than four and not more than twenty directors. As at June 30, 2020, our board
consisted of eight directors. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In accordance with JSE listing requirements and
our Memorandum of Incorporation, or MOI, one third of the directors comprising
the board of directors, on a rotating basis, are subject to re-election at each
annual general shareholders&#8217; meeting. Additionally, all directors are subject
to election at the first annual general meeting following their appointment.
Retiring directors normally make themselves available for re-election.&#160; </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Mr Timothy John Cumming and Ms Charmel Flemming
have been appointed as non-executive director and independent non-executive
director, respectively, of the Company, with effect from August 1, 2020</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.45pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The address of each of our Executive Directors and
Non-Executive Directors is the address of our principal executive offices.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Executive Directors</font></i></b></font></p>

<p style="border:none;margin:0in;margin-top:12.6pt;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Dani&#235;l (Niel) Johannes Pretorius (53)</font></i></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Chief
Executive Officer. Ni&#235;l Pretorius has two decades of experience in the mining
industry. He was appointed Chief Executive Officer designate of DRDGOLD on
August 21, 2008 and Chief Executive Officer on January 1, 2009. Having joined
the company on May 1, 2003 as legal advisor, he was promoted to Group Legal
Counsel on September 1, 2004 and General Manager: Corporate Services on April
1, 2005. Ni&#235;l was appointed Chief Executive Officer of Ergo Mining Operations
Proprietary Limited (formerly DRDGOLD SA) on July 1, 2006 and became Managing
Director thereof on April 1, 2008.</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Niel is a member of the Social &amp; Ethics Committee of DRDGOLD.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></font></p>

<font face="Times New Roman,serif" style="border:none;">
&nbsp;</font>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></font></p>


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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

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<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Adriaan (Riaan) Jacobus Davel
(44)</font></i></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> &nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Chief Financial Officer. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Riaan Davel joined DRDGOLD in January 2015. Before joining
DRDGOLD, he gained 17 years&#8217; experience in the professional services industry,
the majority obtained in the mining industry in Africa. As part of gaining that
experience, Riaan provided assurance and advisory services, including support
and training on IFRS to clients and teams across the African continent. He has
spent seven years at KPMG as an audit partner, performing, </font><i><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">inter alia</font></i><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">,
audits of listed companies in the mining industry, including SEC registrants.
Riaan has also gained experience as an IFRS technical partner and represented
the South African Institute of Chartered Accountants on the International
Accounting Standards Board&#8217;s project on extractive activities from 2003 to
2010. Riaan has served on committees that compile/update the South African
codes for reporting and valuation of mineral reserves and resources.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Non-Executive Directors</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Geoffrey Charles Campbell (59).</font></i></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> Geoffrey Campbell was appointed a Non-executive
Director in 2002, a senior independent non-executive director in December 2003
and Non-executive Chairman in October 2005. A qualified geologist, he has
worked on gold mines in Wales and Canada. He spent 15 years as a stockbroker
before becoming a fund manager, managing the Merrill Lynch Investment Managers
Gold and General Fund, one of the largest gold mining investment funds. He was
also research director for Merrill Lynch Investment Managers. Geoffrey is a
director of Oxford Abstracts Limited. Geoffrey chairs the Nominations component
of the Remuneration &amp; Nominations Committee of DRDGOLD.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Edmund Abel Jeneker (58)</font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:9.0pt;line-height:normal;">Edmund Jeneker was appointed Non-executive Director in November
2007 and Lead Independent Non-executive Director in August 2017. He has more
than 30 years&#8217; experience as an executive in banking, business strategy,
advisory and management at Grant Thornton South Africa Proprietary Limited,
Swiss Re Corporate Solutions Advisors South Africa Proprietary Limited, the
World Bank Competitiveness Fund and Deloitte South Africa. More recently, he
completed almost 14 years at Absa Bank and Barclays Africa Group, where he was
managing executive and served as director on the boards of several subsidiaries
in the Barclays Africa Group. Edmund is active in community social upliftment
and served as a member of the Provincial Development Commission of the Western
Cape Provincial Government. He currently serves on the Advisory Board of the
Institute of Directors Southern Africa, Investment Committee of BADISA and The
Cape Philharmonic Orchestra. He is a Chartered Director. Edmund chairs the
Social &amp; Ethics Committee and is a member of the Remuneration &amp;
Nominations Committee of the Company.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Johan Andries
Holtzhausen</font></i></font><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> (74)</font></i></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Johan Holtzhausen holds
a B.Sc.(Geology and Chemistry) from the University of Stellenbosch and a B.
Compt. (Hons) from the University of South Africa. He has been a Chartered
Accountant (South Africa) since 1975. He was appointed independent
Non-executive Director in on April 25, 2014. He has more than 42 years&#8217;
experience in the accounting profession, having served as a senior partner at
KPMG Services Proprietary Limited, and held the highest Generally Accepted Accounting
Principles (United States), Generally Accepted Auditing Standards and
Sarbanes-Oxley Act accreditation required to service clients listed on stock
exchanges in the United States. His clients included major corporations listed
in South Africa, Canada, the United Kingdom, Australia and the United States.
Johan currently serves as a voluntary independent director and chairman of the
Audit and Risk Committee of the Tourism Enterprise Partnership. He also chairs
the Audit and Risk Committee of Tshipi &#233; Ntle Manganese Mining Proprietary
Limited. He is a Non-executive Director of Caledonia Mining Corporation Plc, a
Canadian corporation listed in the United States and the United Kingdom, and he
chairs its Audit and Risk Committee.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;"><i><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Jean </font></i></font><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Johannes</font></i></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> Nel (48). Jean Nel was
appointed as an independent Non-executive Director on November 30, 2018. He
qualified as a CA(SA) in 1998 obtained the CFA (AIMR) qualification. Mr. Nel
has 20 years of mining finance and mining executive and operational management
experience. He was appointed to the Aquarius Platinum Board in April 2012 and
became CEO of the Group in November 2012, a position he held until Aquarius
Platinum was acquired by Sibanye- Stillwater in April 2016. From April 2016 to
January 2017 he was the CEO of the Platinum division of Sibanye Stillwater. He
is currently a non-executive director of Mimosa Investments which owns the
Mimosa platinum mine in Zimbabwe and Northam Platinum</font></font><font color=#333333 style="border:none;"><font color=#333333 face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">. Jean is a member of the
Audit &amp; Risk Committee of DRDGOLD.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Toko
Victoria Buyiswa Nomalanga Mnyango</font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> (54). Toko Mnyango was appointed
independent Non-executive Director on December 1, 2016. Toko began her career
as a prosecutor for the KaNgwane homeland, before becoming a legal advisor for
the Eastern Cape Development Corporation. She has held directorships on company
boards including Gijima, EOH Mthombo Proprietary Limited, AllPay Eastern Cape
Proprietary Limited, a subsidiary of ABSA Limited, and the Ryk Neethling
Foundation. She currently holds the position of CEO of Vitom Technologies Proprietary
Limited and Vitom Brands Communication Proprietary Limited. Toko chairs the
Remuneration component of the Remuneration &amp; Nominations Committee as is a
member of the Social &amp; Ethics Committee of DRDGOLD.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="border:none;"><i><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Kuby Prudence Lebina</font></i></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> (39). Prudence Lebina was
appointed as independent non-executive director on 03 May 2019. She qualified
as a chartered accountant in December 2005 after serving her articles at
PricewaterhouseCoopers Incorporated. A member of the South African Institute of
Chartered Accountants, with extensive experience in corporate finance,
financial management and investor relations in investment banking and the
mining industry, she is currently Chief Executive Officer of TriAlpha Investment
Management and non-executive director of Growthpoint Properties Limited. She is
a member of the Audit &amp; Risk Committee as well as the Remuneration &amp;
Nominations Committee.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;"><i><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Timothy John Cumming</font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> (63) holds a B.Sc
(Hons) in Civil Engineering from the University of Cape Town and an MA in
Philosophy, Politics and Economics from Oxford University. His career spans
mining, financial services and consulting. He is the founder of Scatterlinks
Proprietary Limited, a South African-based company providing leadership
development and advisory services to senior business executives. He is also an
independent non-executive director of Sibanye-Stillwater Limited and Nedgroup
Investments Limited and serves as non-executive Chairman of Riscura Holdings
Limited. Tim started out as an engineer at the Anglo American Corporation of
South Africa Limited working on a number of gold and diamond mines including
involvement in the geo-technical design of the Ergo tailings dam. Thereafter he
held senior roles in financial services including General Manager at Allan Gray
Limited, Head of Investment Research at HSBC Securities (SA), CEO of Old Mutual
Asset Managers and MD of various divisions within the Old Mutual Group. Other
involvements include Chairmanship of the Mandela Rhodes Foundation&#8217;s Investment
Committee and the Woodside Endowment Trust and membership of the Greenpop
advisory board (a social enterprise </font></font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="border:none;margin:0in;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">committed to
restoring ecosystems and sustainable development).</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=#333333 style="border:none;"><font color=#333333 face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Charmel Flemming (37)</font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> holds a B.Acc (Hons)
from the University of the Free State and is a qualified Chartered Accountant
(South Africa) with 10 years&#180; post articles experience primarily within the
mining space. She started her career as a trainee accountant at KPMG South
Africa and held various positions within the De Beers Group over a period of 11
years. She also served as a trustee on the boards of both the De Beers Benefit
Society Medical Aid and De Beers Pension Fund from 2014 to 2018. Charmel is the
founder and chief executive officer of F Twelve and is also a non-executive
director at Acorn Agri &amp; Food Limited and at ATKV.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Senior Management and Prescribed Officers</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Wilhelm Jacobus Schoeman (46) </font></i></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">(Dip Analytical Chemistry, </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">BTech Analytical Chemistry). Jaco Schoeman
joined DRDGOLD in 2011 as Executive Officer: Business Development to focus on
expanding the Group&#8217;s surface retreatment business and extracting maximum value
from existing resources. In July 2014, he was appointed Operations Director:
Ergo Mining Operations Proprietary Limited.&#160;&#160;&#160;&#160;&#160; </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Henry Gouws (51)</font></i></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> (National Higher Diploma (Extraction
Metallurgy), MDP) Managing Director: Ergo. Henry Gouws has 30 years&#8217; experience
in the mining industry. He graduated from Technikon Witwatersrand and obtained
a National Diploma in Extraction Metallurgy in 1990 and a National Higher
Diploma in Extraction Metallurgy in 1991. He completed a Management Development
Program in 2003 through Unisa School of Business Leadership and an Executive
Development Programme in 2012 through the University of Stellenbosch Business
School. He was appointed Operations Manager of Crown in January 2006 and
General Manager in July 2006. He was appointed to his current position in
October 1, 2011.</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Mark Burrell (58)</font></i></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> (BCom Accounting, MDP) Financial Director: Ergo. Mark Burrell
holds a BComm Accounting degree and has completed a Management Development
Programme (MDP) and has twenty years&#8217; experience in the mining sector. He
joined DRDGOLD in 2004 on a consulting basis and later that year, was appointed
as Financial Manager of the Blyvooruitzicht operation. He was appointed as
Financial Director of Ergo in January 2012. Mark serves as a director on the
Board of Rand Refinery Proprietary Limited.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Kevin Kruger (52)</font></i></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> (BscEng (Mechanical Engineering), MDP, PMD, Government
Certificate of Competency (Mines)). Kevin has 32 years&#8217; experience in the
mining industry in Africa. He joined the mining industry in January 1987 as
second year engineering student. Kevin graduated from the University of the
Witwatersrand at the end of 1989 obtaining his BSc (Mechanical Engineering) and
his government certificate of Competency (mines) during 1993. Kevin was
appointed as junior engineer in December 1989, section engineer - March 1994
and engineer in September 1994. He was appointed engineering manager 2003,
general manager &#8211; technical services 2004 and managing director Chizimgold
2010. On 01 October 2013 he was appointed as technical director at Ergo where
he was responsible for the environmental, health and safety, mineral resources
and engineering portfolios. On 1 August 2018, Kevin was appointed Managing
Director of FWGR.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Henriette Hooijer (40)</font></i></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> (BCom (Hons), CA(SA)). Henriette Hooijer is the Financial
Director of FWGR. She joined DRDGOLD in May 2016 and was appointed as Financial
Director of FWGR in August 2018. Before joining DRDGOLD, she spent 11 years&#8217; in
the professional services industry at KPMG, performing, inter alia, audits of
listed companies in the mining industry, including SEC registrants.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Elise Beukes (43)</font></i></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> (BProc). Elise Beukes was appointed as Company Secretary of
DRDGOLD with effect from October 01, 2019. She has broad governance experience
in all aspects of commercial law, having spent several years in both litigation
and commercial practice as an admitted attorney and four years as corporate
legal counsel. She has dealt extensively with broad-based black economic
empowerment structures, employee ownership schemes, enterprise development and
share incentive schemes involving complex company restructuring for both
multi-nationals and large local entities. She has extensive knowledge on the
new Companies Act and has particular interests in company secretarial and
corporate governance matters.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">There are no family relationships between any
of our non-executive directors, executive directors or members of the group
executive and senior management. There are no arrangements or understandings
between any of our directors or executive officers and any other person by
which any of our directors or executive officers has been so elected or
appointed. Furthermore, none of the non-executive directors, executive
directors, group executive and senior management members or other key
management personnel are elected or appointed under any undertaking by,
arrangement or understanding with any major shareholder, customer, supplier or
otherwise.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

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 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

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<p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">6B. COMPENSATION</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Our
MOI provide that the directors' fees should be determined from time to time in
a general meeting or by a quorum of Non-Executive Directors. The total amount
of directors' remuneration paid and or accrued for the year ended June 30, 2020
was R34.3 million. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Non-Executive Directors received the following
fees for fiscal year 2020:</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Base fee as Non-Executive Chairman of R1,388,518
per annum;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Base fee as Lead Independent Non-Executive
Director of R640,261 per annum;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Base fee as Non-Executive Directors of R617,119
per annum;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Annual fee for Audit and Risk Committee
Chairman of R30,856 (excluding fee received as a committee member);</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Annual fee for Audit and Risk Committee
member of R30,856;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Annual fee for the chairman of Remuneration
and Nominations Committee and Social and Ethics Committee of R23,142 (excluding
fee received as a committee member);</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Annual fee for members of Remuneration
Committee and Social and Ethics Committee of R23,142 each;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Daily fee of R23,142; </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Hourly rate of R3,086;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Half-day fee for participating by telephone
in special board meetings of R11,571; and</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The Chairman of the board, Lead Independent Non-Executive
Director and other Non-Executive Directors to receive committee fees.</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>





<font face="Times New Roman,serif" style="border:none;display:none;">
&nbsp;</font>



<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td nowrap valign=bottom width=9% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=5 nowrap valign=bottom width=91% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The following table sets forth the
  compensation for our directors and prescribed officers for the year ended
  June 30, 2020.</font></p>
  </td>
 </tr>
<tr style="height:24.75pt;">
  <td nowrap valign=bottom width=9% style="height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=5 valign=bottom width=91% style="height:24.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The disclosure detailed in this table is
  consistent with the disclosure requirements of the Companies Act, 2008 (Act
  71 of 2008) and the JSE Listings Requirements.</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=9% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=23% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:39.75pt;">
  <td nowrap valign=bottom width=9% style="border:none;border-right:solid #F9B200 1.0pt;height:39.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap rowspan=2 valign=bottom width=23% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:39.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Directors / Prescribed Officer </font></b></p>
  </td>
 <td valign=bottom width=17% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:39.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total remuneration recognised during the
  year</font></b></p>
  </td>
 <td valign=bottom width=17% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:39.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Short-Term Incentives recognised related
  to this cycle</font></b></p>
  </td>
 <td valign=bottom width=17% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:39.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Long-term Incentives paid during this
  cycle</font></b></p>
  </td>
 <td valign=bottom width=17% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:39.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total remuneration related to this cycle</font></b></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td nowrap valign=bottom width=9% style="border:none;border-right:solid #F9B200 1.0pt;height:15.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=17% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R'000</font></b></p>
  </td>
 <td nowrap width=17% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R'000</font></b></p>
  </td>
 <td nowrap width=17% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R'000</font></b></p>
  </td>
 <td nowrap width=17% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R'000</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=23% style="border:none;height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Executive directors</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=23% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">D J Pretorius</font></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6,904</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6,597</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5,094</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">18,595</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=23% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">A J Davel</font></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3,890</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3,706</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,862</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10,458</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=23% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10,794</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10,303</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7,956</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">29,053</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=23% style="border:none;height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Non-executive directors</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=23% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">G C Campbell</font></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,573</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,573</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=23% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">E A Jeneker</font></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">861</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">861</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=23% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">J Holtzhausen</font></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">714</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">714</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=23% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">T B V N Mnyango</font></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">728</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">728</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=23% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">J J Nel</font></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">685</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">685</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=23% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">P Lebina</font></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">705</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">705</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=23% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5,266</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5,266</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=23% style="border:none;height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Prescribed officers (1)</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=23% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">W J Schoeman</font></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3,689</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3,706</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,862</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10,257</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=23% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R Masemene</font></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">697</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">697</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=9% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=23% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">E Beukes</font></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">976</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">930</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,906</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=23% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5,362</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4,636</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,862</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">12,860</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td valign=top width=23% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=23% style="border:none;border-bottom:double #F9B200 2.25pt;height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:double #F9B200 2.25pt;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">21,422</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:double #F9B200 2.25pt;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">14,939</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:double #F9B200 2.25pt;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10,818</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:double #F9B200 2.25pt;height:10.9pt;padding:0in 4.25pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">47,179</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=9% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=23% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:50.25pt;">
  <td colspan=6 valign=top width=100% style="height:50.25pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><sup><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1)</font></sup><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> The Companies Act, 2008 (Act
  71 of 2008), under section 30, requires the remuneration of prescribed
  officers, as defined in regulation 38 of Company Regulations 2008, to be
  disclosed with that of directors of the company. A person is a prescribed
  officer if they have general executive authority over the company, general
  responsibility for the financial management or management of legal affairs,
  general managerial authority over the operations of the company or directly
  or indirectly exercise or significantly influence the exercise of control
  over the general management and administration of the whole or a significant
  portion of the business and activities of the company.</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=9% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=23% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=9% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=5 width=91% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">See also Item 6E. Share Ownership for
  details of share options held by directors.</font></p>
  </td>
 </tr>
</table></div>











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<DIV bclHeader>

 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p style="border:none;margin:0in;margin-top:6.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Compensation of key
management</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Refer to </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Item 18. &#8216;&#8216;Financial
Statements &#8211; Note 19.2 &#8211; Related party transactions&#8217;&#8217; for the total
compensation paid to key management (including executive and non-executive
directors as well as prescribed officers).</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The Group applies a pool-based incentive scheme, based on modified
free cash flow, because it drives a strong teamwork culture with all
participants working primarily towards a single goal, maximising free cash flow
which is an easy measure to understand. Participants include the executives,
prescribed officers and permanently employed senior management.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">On 28th August 2019, the Remuneration Committee approved certain
amendments to the Short-term incentive scheme effective from the 1st July 2019
for the financial year ending 30 June 2020. These amendments were as follows:</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; The inclusion of the CEO and CFO in the Short-Term incentive
scheme for senior management effective July 1, 2019. This is to create
consistency and a more integrated team-based approach to the short-term
incentives of the management team;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; The Free Cash Flow threshold was increased from 10% to 15% to
accommodate the inclusion of the CEO and CFO;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; The discretionary element available to the executive committee
which provides the ability to recognise exceptional discretionary effort was
reintroduced;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; The production modifier was enhanced to maximise production, which
Group exercise strong control over. The STI pool can be modified upwards as
well as downwards, based on gold produced, measured against budget;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; An important addition to the STI modifiers, which already includes
a safety modifier, is a fatality modifier. This was introduced to support the
Company&#8217;s strong commitment to its strategy of a renewed focus on employee
safety, development, values and wellbeing; </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; The individual performance moderator model has been expanded to
include employee performance ratings between 2 and 3 to participants in the STI
scheme on a broader sliding scale.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Performance measures </font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The STI is funded out of a pool created from the Free Cash Flow (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">FCF</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;)
generated by DRDGOLD in the financial year:</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; Free Cash Flow is defined as cash generated from operations,
less capital expenditure (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Capex</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;), and tax.. In the budgeting process,
if the Group believes that any Capex, Investment or other item/s should be
excluded or amortised or treated in any different way for determining FCF at
the end of the year, they may make representations to the Remuneration
Committee on the treatment of such item/s for the purposes of calculating FCF
for purposes of the STI pool. Remco has absolute discretion in approving the
treatment of such item/s;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; An STI Pool of up to 15% of FCF is created;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; The STI Pool is modified as per the Tables below;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Modifiers of the incentive pool</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">To drive strategic initiatives, the short-term incentive pool is
modified by up to 20% for isolated non-achievements of targets and up to 50%
for systemic or repetitive non-compliance. The modifiers are approved by the
Remuneration Committee. These strategic initiatives and their measures are
assessed at the beginning of each financial year to ensure that current
strategies are driven in that year. These strategic modifiers and their
weightings are communicated to participants at the beginning of each financial
year to ensure understanding and compliance.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The Group performance measures set out by the Remuneration
Committee and the weightings for FY2020 are as follows: </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Strategic Initiatives Modifiers</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Environmental: &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4%</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Safety: &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4%</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Social development: &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4%</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Labour development: &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4%</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Transformation: &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4%</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Fatality Modifier</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; Up to 25% per fatality, depending on the degree of culpability
of the company, as assessed by the Remuneration Committee.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; If the fatality/ies is/are as a result of a breakdown in or
disregard for a safety culture, the STI Pool can be modified by up to 100% at
the Remuneration Committee&#8217;s discretion.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Production Modifier </font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The calculated STI Pool may be modified, upwards or downwards,
based upon gold (kg) produced measured against budget, as follows:</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Gold (Kg) Produced:</font></u></b></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">STI&nbsp;</font></u></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">% of Budget</font></u></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Pool
Adjustment</font></u></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&lt; 93%&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -10%</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">93% to &lt; 97%&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -5%</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">97% to &lt; 103%&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0%</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">103% to &lt; 107%&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; +5%</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8805; 107%&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; +10%</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<font face="Times New Roman,serif" style="border:none;">
&nbsp;</font>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>


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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

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<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Distribution of the Incentive pool</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The STI pool, after any moderation, will be distributed as
follows:</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; 90% formulaically, pro-rata to each individual&#8217;s &#8220;% of STI
Pool&#8221;, as determined below and possibly moderated for individual performance as
follows:</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Individual Performance Rating</font></u></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Modifier
%</font></u></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&lt; 2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -100%</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2 to &lt; 2.25&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -80%</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.25 to &lt; 2.5&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -60%</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.5 to &lt; 2.75&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -40%</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.75 to &lt; 3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -20%</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8805; 3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0%</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; 10% on a discretionary basis.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Each participant&#8217;s &#8220;% of STI Pool&#8221; will be determined, taking
inter alia the following factors into account:</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All-inclusive package of the individual for the
financial year;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Market-related STI quanta applicable to the
Category;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">C.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The level of accountability and responsibility of
the role of the individual.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Because there is likely to be a portion of the 90% formulaic pool
distribution unallocated, due to some individuals with performance ratings of
less than 3, this unallocated portion plus the 10% discretionary pool will be
allocated by the Executive Committee after recommendations from line
management. The Remuneration Committee will approve any allocations from the
10% discretionary pool to Executive Committee members.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">In order to be able to reward exceptional individual performance
appropriately, the formulaic plus discretionary allocations may exceed this
amount, but these instances, if any, would be subject to the Executive
Committee&#8217;s and ultimately the Remuneration Committee&#8217;s approval.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Further considerations for the CEO and CFO</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">For the CEO and CFO (&#8220;executive directors&#8221;) the formulaically
calculated STI amounts will be reviewed by the Remuneration Committee, who has
absolute discretion to further modify the STI amounts, upwards or downwards:</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; If compelling, exceptional and objective circumstances warrant
such application of discretion; and</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; To ensure that the STI amounts awarded are balanced and
equitable.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Executive Directors&#8217; STI amounts may be settled in a combination
of cash and DRDGOLD shares (deferred bonus shares), with Remco having discretion
to make up to 40% of the award in deferred bonus shares.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Deferred Bonus Shares will vest / be released to the Executive
Directors as follows:</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; 50% after 9 months;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; 50% after 18 months.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The following provisions apply to the deferred bonus shares:</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Executive Director needs to be in active service
and not under notice of resignation on the vesting dates in order to be
eligible to receive the deferred bonus shares and any dividends accrued
thereon; and</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The deferred bonus shares carry voting and dividend
rights; however, the dividends will accrue and will only be paid out upon the
vesting / release of the shares to which the dividends relate.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Service Agreements</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Service contracts negotiated with each executive and non-executive
director incorporate their terms and conditions of employment and are approved
by our Remuneration Committee. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The Company&#8217;s current executive directors, Mr. D.J. Pretorius and
Mr. A.J. Davel, entered into agreements of employment with us, on January 1,
2009 and January 1, 2015, respectively. These agreements regulated the
employment relationship with Messrs. D.J. Pretorius and A.J. Davel during the
year ended June 30, 2020.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">On July 1, 2019 Mr. D.J. Pretorius entered into a new agreement of
employment for a period of 3 years and thereafter it continues indefinitely
until terminated by either party on not less than three months&#8217; written notice.
Under the employment agreement effective up to June 30, 2022 Mr. D.J. Pretorius
receives from us a guaranteed remuneration package of R6.2 million per annum.
Mr.&nbsp;D.J. Pretorius was eligible under his employment agreement, for an
incentive bonus of up to 100% of his annual remuneration package in respect of
one bonus cycle per annum over the duration of his appointment, on the condition
that DRDGOLD achieves certain key performance indicators. In addition, he is
eligible to participate in the cash-settled long-term incentive scheme and was
awarded 2,323,009 phantom shares in November 2015 and 1,069,321 equity-settled
share options in December 2019. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>


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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Mr. A.J. Davel entered into a new employment agreement effective
from July 1, 2019 for a period of 3 years and thereafter it continues
indefinitely until terminated by either party on not less than three months&#8217;
prior written notice. Mr. A.J. Davel receives from us a guaranteed remuneration
package of R3.4 million per annum. Mr.&nbsp;A.J. Davel is eligible under his
employment agreement, for a short term incentive of up to 100% of his annual
remuneration package in respect of one bonus cycle per annum over the duration
of his appointment, on the condition that DRDGOLD achieves certain key
performance indicators. He is eligible to participate in the long term
incentive scheme. He was issued 205,207 phantom shares under the cash-settled long-term
incentive scheme on his joining DRDGOLD and 1,305,033 phantom shares in
November 2015 and 517,522 equity-settled share options in December 2019.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Messrs. G.C. Campbell and E.A. Jeneker each have
service agreements which run for fixed periods until October 31, 2021. Mr. J
Turk service as director terminated on October 31, 2018. Mr. J.A Holtzhausen
has a service agreement which runs for a fixed period until April 25, 2022. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Mrs. TVBN Mnyango</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> has a service
agreement which runs until November 30, 2020. Mr. J Nel entered into a service
agreement which runs for a fixed period until November 30, 2020 and Ms. K.P
Lebina entered into a service agreement which runs until May 02, 2021. <a name="_Hlk54110489"></a>Mr. T J Cumming and Ms Charmel Flemming entered into a
service agreement which runs for a fixed period until July 31, 2022. After
expiration of the initial two-year periods, the agreements continue
indefinitely until terminated by either party on not less than three months&#8217;
prior written notice.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The Company does not administer any pension,
retirement or other similar scheme in which the directors receive a benefit.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each service agreement with our directors provides
for the provision of benefits to the director where the agreement is terminated
by us in the case of our executive officers, except where terminated as a
result of certain action on the part of the director, upon the director
reaching a certain age, or by the director upon the occurrence of a change of
control. A termination of a director's employment upon the occurrence of a change
of control is referred to as an &#8220;eligible termination.&#8221; Upon an eligible
termination, the director is entitled to receive a payment equal to at least
one year's salary or fees, but not more than three years' salary for Executive
Directors or two years&#8217; fees for Non-Executive Directors, depending on the
period of time that the director has been employed. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="background:yellow;border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">6C. BOARD PRACTICES</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Board of Directors</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">As at June 30, 2020, the
board of directors comprises two Executive Directors
(Mr.&nbsp;D.J.&nbsp;Pretorius and Mr.&nbsp;A.J. Davel), and six Non-Executive
Directors (Messrs. G.C.&nbsp;Campbell, J.J. Nel, E.A.&nbsp;Jeneker, J.A.
Holtzhausen and Mmes. K.P. Lebina and TVBN Mnyango). The Non-Executive
Directors are independent under the New York Stock Exchange, or NYSE,
requirements (as affirmatively determined by the Board of Directors) and the
South African King IV Report.</font></font></p>

<p style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><a name="_Hlk51086344"></a><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">As at September 30, 2020, the Board of
Directors comprises ten directors. TJ Cumming and C Flemming </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">were appointed as non-executive director and <a name="_Hlk51086292"></a>independent non-executive director, respectively, of the
Company, with effect from August 1, 2020.</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">In accordance with the King IV Report on corporate governance, as
encompassed in the JSE Listings Requirements, and in accordance with the United
Kingdom Combined Code, the responsibilities of Chairman and Chief Executive
Officer are separate. Mr. G.C. Campbell is the Non-Executive Chairman, Mr. D.J.
Pretorius is the Chief Executive Officer and Mr. A.J Davel is the Chief
Financial Officer. The board has established a Remuneration and Nominations
committee, and it is our policy for details of a prospective candidate to be
distributed to all directors for formal consideration at a full meeting of the
board. A prospective candidate would be invited to attend a meeting and be interviewed
before any decision is taken. In compliance with the NYSE rules a majority of
independent directors will select or recommend director nominees.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The board&#8217;s main roles are to create value for shareholders, to
provide leadership of the Company, to approve the Company&#8217;s strategic
objectives and to ensure that the necessary financial and other resources are
made available to management to enable them to meet those objectives. The board
retains full and effective control over the Company, meeting on a quarterly
basis with additional ad hoc meetings being arranged when necessary, to review
strategy and planning and operational and financial performance. The board
further authorizes acquisitions and disposals, major capital expenditure,
stakeholder communication and other material matters reserved for its
consideration and decision under its terms of reference. The board also
approves the annual budgets for the various operational units.</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The board is responsible for monitoring the activities of
executive management within the company and ensuring that decisions on material
matters are referred to the board. The board approves all the terms of
reference for the various subcommittees of the board, including special
committees tasked to deal with specific issues. Only the executive directors
are involved with the day-to-day management of the Company.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">To assist new directors, an induction program has been established
by the Company, which includes background materials, meetings with senior
management, presentations by the Company&#8217;s advisors and site visits. The
directors are assessed annually, both individually and as a board, as part of
an evaluation process, which is driven by an independent consultant. In
addition, the Remuneration and Nominations Committees formally evaluate the
executive directors on an annual basis, based on objective criteria.</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">All directors, in accordance with the Company&#8217;s MOI, are subject
to retirement by rotation and re-election by shareholders. In addition, all
directors are subject to election by shareholders at the first annual general
meeting following their appointment by directors. The appointment of new
directors is approved by the board as a whole. The names of the directors
submitted for re-election are accompanied by sufficient biographical details in
the notice of the forthcoming annual general meeting to enable shareholders to
make an informed decision in respect of their re-election.</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>


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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_60"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>

 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">All directors have access to the advice and services of the
Company Secretary, who is responsible to the board for ensuring compliance with
procedures and regulations of a statutory nature. Directors are entitled to
seek independent professional advice concerning the affairs of the Company at
the Company&#8217;s expense, should they believe that course of action would be in
the best interest of the Company.</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Board meetings are held quarterly in South Africa and occasionally
abroad. The structure and timing of the Company&#8217;s board meetings, which are
scheduled over two days, allows adequate time for the Non-Executive Directors
to interact without the presence of the Executive Directors. The board meetings
include the meeting of the Audit &amp; Risk Committee, Remuneration &amp;
Nominations Committee as well as Social &amp; Ethics Committee which act as
subcommittees to the board. Each subcommittee is chaired by one of the
Independent Non-Executive Directors, each of whom provides a formal report back
to the board. Each subcommittee meets for approximately half a day. Certain
senior personnel of the Company attend the subcommittee meetings as invitees.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The board sets the standards and values of the Company and much of
this has been embodied in the Company&#8217;s Code of Conduct, which is available on
our website at www.drdgold.com. The Code of Conduct applies to all directors,
officers and employees, including the principal executive, financial and
accounting officers, in accordance with Section 406 of the US Sarbanes-Oxley
Act of 2002, the related US securities laws and the NYSE rules. The Code contains
provisions for employees to report violations of Company policy or any
applicable law, rule or regulation, including US securities laws.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">A description of the significant ways in which our corporate
governance practices differ from practices followed by U.S. companies listed on
the NYSE can be found in Item 16G. Corporate Governance.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Directors' Terms of Service</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The following table shows the date of appointment,
expiration of term and number of years of service with us of each of the
directors as at June 30, 2020: </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:36.75pt;">
  <td width=32% style="height:36.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Director</font></u></b></p>
  </td>
 <td width=32% style="height:36.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Title</font></u></b></p>
  </td>
 <td valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:36.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Year first appointed</font></b></p>
  </td>
 <td valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:36.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Term of current office</font></b></p>
  </td>
 <td valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:36.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Unexpired term of current office</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=32% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">D.J. Pretorius</font></p>
  </td>
 <td width=32% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Chief Executive Officer</font></p>
  </td>
 <td width=12% style="border:none;height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2008</font></p>
  </td>
 <td width=12% style="border:none;height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3 years</font></p>
  </td>
 <td width=12% style="border:none;height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">24 months</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=32% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">A.J. Davel</font></p>
  </td>
 <td width=32% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Chief Financial Officer</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2015</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3 years</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">24 months</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=32% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">G.C. Campbell</font></p>
  </td>
 <td width=32% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Non-Executive Director</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2002</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2 years</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">16 months</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=32% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">E.A. Jeneker</font></p>
  </td>
 <td width=32% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Non-Executive Director</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2007</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2 years</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">16 months</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=32% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">J. Holtzhausen</font></p>
  </td>
 <td width=32% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Non-Executive Director</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2014</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2 years</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">21 months</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=32% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">T.V.B.N. Mnyango</font></p>
  </td>
 <td width=32% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Non-Executive Director</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2016</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2 years</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5 months</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=32% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">J.J Nel</font></p>
  </td>
 <td width=32% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Non-Executive Director </font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2018</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2 years</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5 months</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=32% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">K.P Lebina</font></p>
  </td>
 <td width=32% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Non-Executive Director</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2 years</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10 months</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=32% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=32% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
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</table></div>



<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Executive Committee</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As at June 30, 2020, the Executive Committee
consisted of Mr. D J Pretorius (Chairman), Mr. A J Davel, Mr. W.J. Schoeman and
Ms. E. Beukes.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The Executive Committee meets on a weekly
basis to review current operations, develop strategy and policy proposals for
consideration by the board of directors. Members of the Executive Committee,
who are unable to attend the meetings in person, are able to participate via
teleconference facilities, to allow participation in the discussion and
conclusions reached. The subsidiary companies&#8217; executives are permanent
participants on the Executive Committee.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Board Committees</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The board has established a number of standing committees to
enable it to properly discharge its duties and responsibilities and to
effectively fulfill its decision-making process. Each committee acts within
written terms of reference which have been approved by the board and under
which specific functions of the board are delegated. The terms of reference for
all committees can be obtained by application to the Company Secretary at the
Company&#8217;s registered office. Each committee has defined purposes, membership
requirements, duties and reporting procedures. Minutes of the meetings of these
committees are circulated to the members of the committees and made available
to the board. Remuneration of Non-Executive Directors for their services on the
committees concerned is determined by the board. The committees are subject to annual
evaluation by the board with respect to their performance and effectiveness. The
following information reflects the composition and activities of these
committees.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Committees of the Board of Directors</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Remuneration and Nominations Committee</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">As at June 30, 2020 the Remuneration and
Nominations Committee consisted of G C Campbell (Chairman: nominations), T V B
N Mnyango (Chairwoman: remuneration), E A Jeneker and K P Lebina</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The Remuneration and Nominations Committee meets on an </font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ad hoc</font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">
basis. All members of this committee are independent NEDs </font></font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_61"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

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<p style="border:none;margin:0in;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">who are independent according to the definition set out in the
NYSE Rules</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">. It is chaired by the board chairman when matters relating to
nominations are discussed and by an independent NED when matters relating to
remuneration are discussed.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The primary remuneration role of the committee is to execute the
following functions:</font></font></p>

<p style="border:none;margin:0in;margin-left:56.7pt;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ensure the establishment of a formal process
for the appointment of directors;</font></font></p>

<p style="border:none;margin:0in;margin-left:56.7pt;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ensure that inexperienced directors are
developed through a mentorship programme;</font></font></p>

<p style="border:none;margin:0in;margin-left:56.7pt;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ensure that directors receive regular briefings
on changes in risks, laws and the appropriate contribution;</font></font></p>

<p style="border:none;margin:0in;margin-left:56.7pt;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">drive an annual process to evaluate the
board, board committees and individual directors; </font></font></p>

<p style="border:none;margin:0in;margin-left:56.7pt;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ensure that succession plans for the board,
chief executive officer and senior management appointments are developed and
implemented.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The committee has a mandate to offer competitive packages that
will attract and retain executives of the highest caliber and encourage and
reward superior performance. Industry surveys are provided for comparative
purposes, and to assist the</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">committee
in the formulation of remuneration policies that are market related.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The key nominations responsibilities of the committee include the
following:</font></font></p>

<p style="border:none;margin:0in;margin-left:56.7pt;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">make recommendations to the board on the
appointment of new directors;</font></font></p>

<p style="border:none;margin:0in;margin-left:49.65pt;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">make recommendations on the composition of
the board and the balance between executive and NEDs appointed to the board;</font></font></p>

<p style="border:none;margin:0in;margin-left:56.7pt;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">review board structure, size and composition
on a regular basis;</font></font></p>

<p style="border:none;margin:0in;margin-left:56.7pt;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">make recommendations on directors eligible to
retire by rotation; and</font></font></p>

<p style="border:none;margin:0in;margin-left:56.7pt;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">apply the principles of good corporate
governance and best practice in respect of nominations matters.</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Audit and Risk Committee</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.25in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">As at June 30, 2020 the </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Audit and Risk Committee</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">
consisted of </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">J A Holtzhausen (Chairman), J J Nel and K P Lebina.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">All members of the Audit and Risk Committee are independent
according to the definition set out in the NYSE Rules. The committee&#8217;s charter
deals with all the aspects relating to its functioning.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Audit and Risk Committee charter sets out the committee&#8217;s terms of reference
which include responsibility for:</font></font></p>

<p style="border:none;margin:0in;margin-left:56.7pt;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">appointment and oversight of e</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">xternal auditors, audit process and financial
reporting;</font></font></p>

<p style="border:none;margin:0in;margin-left:56.7pt;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">oversight of i</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">nternal audit;</font></font></p>

<p style="border:none;margin:0in;margin-left:56.7pt;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">overseeing the </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">integrated reporting and assurance model;</font></font></p>

<p style="border:none;margin:0in;margin-left:56.7pt;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">overseeing the development and annual review
of a policy and plan for risk management;</font></font></p>

<p style="border:none;margin:0in;margin-left:56.7pt;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ensuring that risk management assessments are
performed on a continuous basis;</font></font></p>

<p style="border:none;margin:0in;margin-left:56.7pt;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ensuring that reporting on risk management
assessment is complete, timely, accurate and accessible;</font></font></p>

<p style="border:none;margin:0in;margin-left:56.7pt;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ensuring that frameworks and methodologies
are implemented to increase the possibility of anticipating unpredictable
risks;</font></font></p>

<p style="border:none;margin:0in;margin-left:56.7pt;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ensuring that continuous risk monitoring by
management takes place.&#160; </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The Audit and Risk Committee meets each quarter with the external
auditors, the company&#8217;s manager: risk and internal audit, and the CFO. The
committee reviews the audit plans of the internal auditors to ascertain the
extent to which the scope of the audits can be relied upon to detect weaknesses
in internal controls. It also reviews the annual and interim financial
statements prior to their approval by the board.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The committee is responsible for making recommendations to
appoint, reappoint or remove the external auditors, and the designated external
audit partner as well as determining their remuneration and terms of
engagement. In accordance with its policy, the committee preapproves all audit
and non-audit services provided by the external auditors. KPMG Inc. was
reappointed by shareholders at the </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">last&nbsp;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">
AGM on December 2, 2019 to perform DRDGOLD&#8217;s external audit function, </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">such appointment was made by the shareholders in accordance with
the laws of South Africa and upon recommendation of the board following the
Audit and Risk Committee</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The internal audit function is performed in-house, with the
assistance of Pro-Optima Audit Services Proprietary Limited. Internal audits
are performed at all DRDGOLD operating units and are aimed at reviewing,
evaluating and improving the effectiveness of risk management, internal
controls and corporate governance processes.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Significant deficiencies, material weaknesses, instances of
non-compliance and exposure to high risk and development needs are brought to
the attention of operational management for resolution </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">and
reported to the Audit and Risk Committee</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">. The
committee members have access to all the records of the internal audit team.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">DRDGOLD&#8217;s internal and external auditors have unrestricted access
to the chairman of the Audit and Risk Committee and, where necessary, to the
chairman of the board and the CEO. All significant findings arising from audit
procedures are brought to the attention of the committee and, if necessary, to
the board.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Section 404 of </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">the Sarbanes-Oxley Act of 2002</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> stipulates that management is required to assess the
effectiveness of the internal controls surrounding the financial reporting
process. The results of this assessment are reported in the form of a
management attestation report that is filed with the SEC as part of the Form
20-F. Additionally, DRDGOLD&#8217;s external auditors are required to express an
opinion on the effectiveness of internal controls over financial reporting,
which is also contained in the Company&#8217;s Form 20-F.</font></font></p>


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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_62"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

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<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">An important aspect of risk management is the transfer of risk to
third parties to protect the company from disaster. DRDGOLD&#8217;s major assets and
potential business interruption and liability claims are therefore covered by
the group insurance policy, which encompasses all the operations. Most of these
policies are held through insurance companies operating in the United Kingdom,
Europe and South Africa. The various risk-management initiatives undertaken
within the group as well as the strategy to reduce costs without compromising
cover have been successful and resulted in substantial insurance cost savings
for the Group.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Social and Ethics Committee</font></i></font></p>

<p style="border:none;margin:0in;margin-right:3.3pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">As at June 30, 2020, the Social and Ethics Committee consisted of
Mr. E.A. Jeneker (Chairman), Mr. D.J. Pretorius and Mrs. TVBN Mnyango. Membership
thereof remains unchanged.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><a name="_Hlk19635062"></a><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The
Social and Ethics Committee is a statutory body established in terms of section
72 of the Companies Act, 2008; the objectives of which are to facilitate
transformation and sustainable development by, </font><i><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">inter alia, </font></i><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">promoting
transformation within the Company and economic empowerment of previously
disadvantaged communities particularly within the areas where the Company
conducts business; striving towards achieving the goal of equality as the South
African Constitution and other legislation require within the context of the
demographics of the country at all levels of the Company and its subsidiaries;
and conducting business in a manner which is conducive to internationally
acceptable environmental and sustainability standards</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:35.3pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The following terms of reference were approved by the board to
enable the committee to function effectively. These are to </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">be responsible for and </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">make recommendations to
the board </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">with respect to the following matters</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">:</font></font></p>

<p style="border:none;margin:0in;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">monitor the Company&#8217;s activities regarding
the 10 principles set out in the United Nations Global Compact Principles and
the OECD recommendations regarding Corruption, the Employment Equity Act and
the Broad Based Black Economic Empowerment Act;</font></font></p>

<p style="border:none;margin:0in;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">maintaining records of sponsorship, donations
and charitable giving;</font></font></p>

<p style="border:none;margin:0in;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">reviewing matters relating to </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the environment, health and public safety,
including the impact of the company&#8217;s activities and of its products or
services; </font></font></p>

<p style="border:none;margin:0in;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">reviewing matters relating to </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">labor and employment</font></font></p>

<p style="border:none;margin:0in;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">reviewing and recommending the company&#8217;s code
of ethics;</font></font></p>

<p style="border:none;margin:0in;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">reviewing and recommending any corporate
citizenship policies;</font></font></p>

<p style="border:none;margin:0in;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">reviewing significant cases of employee
conflicts of interests, misconduct or fraud, or any other unethical activity by
employees or the Company</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">6D. EMPLOYEES</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Employees</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The
total number of employees at June 30, 2020, of 2,573 comprises 1,615
specialized service providers and 958 employees who are directly employed by us
and our subsidiary companies. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The total number of employees at June 30, 2019, of
2,617 comprises 1,591 specialized service providers and 1,026 employees who are
directly employed by us and our subsidiary companies.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The total number of employees at June 30, 2018, of
2,304 comprises 1,426 specialized service providers and 878 employees who are
directly employed by us and our subsidiary companies.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The total number of employees at September 30,
2020, of 2,454 comprises 1,495 specialized service providers and 959 employees
who are directly employed by us and our subsidiary companies. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All of our employees are based at our operations
that operate exclusively in South Africa.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Labor Relations</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As at June 30, 2020, approximately
91.9% of our Ergo employees and 83.1% of our FWGR employees are members of
trade unions or employee associations. South Africa's labor relations
environment remains a platform for social reform. The National Union of
Mineworkers, (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">NUM</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;), one of the main South African mining industry
unions, is influential in the tripartite alliance between the ruling African
National Congress, the Congress of South African Trade Unions, (&#8220;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">COSATU</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;),
and the South African Communist Party as it is the biggest affiliate of COSATU.
The relationship between management and labor unions remains cordial. The
organized labor coordinating forum meets regularly to discuss matters pertinent
to both parties.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On September 16, 2019, Ergo
signed a two-year wage agreement with the Majority Unions for an </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">average
increase of 5.9% per annum across our workforce</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> with individual increases </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ranging from 5.5% to
7% per annum</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">, with the intention to extend this agreement
to a third year</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. The next round of wages and conditions of
employment negotiations will commence in June 2021. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">As part of the transitional arrangements at FWGR, a three-year
wage agreement is in place and is expected to conclude in June 2021</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We recognize the need for transformation and have
put systems and structures in place to address this at both management and
board level. We aim to recruit in line with our transformational objectives. The
composition of the Board of Directors specifically, changed significantly </font></font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

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<p style="border:none;margin:0in;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">over the past two fiscal years and is more diverse and
reflective of transformation and South Africa&#8217;s demographics.
</font></font></p>


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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

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<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Safety
statistics</font></i></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Due to the importance of our
labor force, we continuously strive to create a safe and healthy working
environment. The following are our fiscal 2020 overall safety statistics for
our operations:</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td width=29% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><b><i><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(Per million man hours)</font></i></b></p>
  </td>
 <td colspan=2 width=24% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ergo</font></u></b></p>
  </td>
 <td colspan=2 width=24% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">FWGR</font></u></b></p>
  </td>
 <td colspan=2 width=23% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Consolidated</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=29% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><i><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 width=24% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Year ended June 30,</font></u></b></p>
  </td>
 <td colspan=2 width=24% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Year ended June 30,</font></u></b></p>
  </td>
 <td colspan=2 width=23% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Year ended June 30,</font></u></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td width=29% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></u></b></p>
  </td>
 <td width=12% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></u></b></p>
  </td>
 <td width=12% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></u></b></p>
  </td>
 <td width=12% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></u></b></p>
  </td>
 <td width=12% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></u></b></p>
  </td>
 <td width=11% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=29% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Lost time injury frequency
  rate (LTIFR)<sup>1</sup></font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.25</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.37</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.3</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.37</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.27</font></p>
  </td>
 <td width=11% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.37</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=29% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Reportable incidence frequency
  rate (RIFR)<sup>1</sup></font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.9</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.69</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.3</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.37</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.96</font></p>
  </td>
 <td width=11% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.78</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=29% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Fatalities </font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td width=11% style="height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1</font></p>
  </td>
 </tr>
<tr style="height:16.5pt;">
  <td colspan=7 width=100% style="height:16.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><sup><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1 Calculated as follows: actual number of
  instances divided by the total number of man hours worked multiplied by one
  million.</font></sup></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;margin-top:10.0pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">6E. SHARE OWNERSHIP</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><em><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;font-style:normal;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></em><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">To the best of our knowledge, we believe that
our ordinary shares held by prescribed officers and directors, in aggregate, do
not exceed one percent of the Company&#8217;s issued ordinary share capital. For
details of share ownership of directors and prescribed officers see Item 7A.
Major Shareholders.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">As of June 30, 2020, directors and prescribed
officers do not hold any options to purchase ordinary shares.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><em><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;font-style:normal;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Closed
periods apply to share trading by directors, prescribed officers and other
employees, whenever persons become or could potentially become aware of
material price sensitive information, such as information relating to an
acquisition, bi-annual results etc., which is not in the public domain. When
these persons have access to this information an embargo is placed on share
trading for those individuals concerned. The embargo need not involve the
entire Company in the case of an acquisition and may only apply to the board of
directors, executive committee, and the financial and new business teams, but
in the case of interim and year-end results the closed-period is group-wide.</font></font></em></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">DRDGOLD Phantom Share Scheme (Amended November 2015)</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Salient terms of the DRDGOLD Phantom Share Scheme are
disclosed in </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Item 18. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8216;&#8216;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Financial Statements - Note 19.1 Liability
for Long-Term Incentive Scheme</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8217;&#8217;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">During fiscal year 2016, DRDGOLD&#8217;s </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Remuneration
and Nominations Committee </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">approved a revised long-term
incentive scheme. On November 4, 2015, the committee approved an allocation of
20,527,978 phantom shares which is driven by share price performance and
individual performance and is based on phantom share allocations. The vesting
of any shares allocated is staggered over a five-year period commencing in the
third year after the allocation is granted in line with King IV Report recommendations.
The objectives of the revised scheme are to drive the longer-term strategies of
DRDGOLD, to align participants&#8217; interests with shareholders&#8217; interest, to
incentivise and motivate participants, to attract and retain scarce human
resources and to reward superior performance by the Company and participants. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Remuneration and Nominations Committee</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> has
the authority to amend in part or in its entirety or withdraw the long-term
incentive scheme at any time.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">No phantom shares were granted during fiscal year 2020 (2019:
388,547, 2018: nil). 9,845,638 phantom shares were outstanding June 30, 2020
(2019: 16,157,058). </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;margin-bottom:8.0pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">New DRDGOLD
Management Long-Term Incentive Scheme</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:5.65pt;margin-left:0in;margin-right:15.35pt;margin-top:0in;text-align:justify;text-indent:.5in;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">On December 2, 2019 shareholders approved a new Equity-Settled Long-Term
Incentive Scheme (&#8220;</font><b><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Scheme</font></b><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#8221;) for purposes of replacing the current Cash-Settled
Long-Term Incentive Scheme. The cash-settled long-term incentive scheme has a
finite life and comes to an end with the vesting of the last phantom shares
during fiscal year 2021. Certain key features of the Scheme are:</font></font></p>

<p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><b><i><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Equity settled</font></i></b></font></p>

<p style="border:none;margin:0in;margin-bottom:5.65pt;margin-left:0in;margin-right:15.35pt;margin-top:0in;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The Scheme
will be equity-settled.&#160; Equity-settlement will be implemented by way of market
acquisition of DRDGOLD ordinary shares or through the issue of authorised but
unissued shares or treasury shares.</font></font></p>

<p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><b><i><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Participants</font></i></b></font></p>

<p style="border:none;margin:0in;margin-bottom:5.65pt;margin-left:0in;margin-right:15.35pt;margin-top:0in;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Persons
eligible to participate in the Scheme will be permanent employees (which, for
the avoidance of doubt, includes an executive director, but excludes a
non-executive director) of the Company and its subsidiaries, in Category 19 and
above (&#8220;</font><b><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Participants</font></b><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#8221;). &nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><b><i><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Award of Conditional Shares</font></i></b></font></p>

<p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Pursuant to the Scheme, the Company&#8217;s Remuneration Committee will
resolve, on an annual basis, to award &#8220;Conditional Shares&#8221; (&#8220;</font><b><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Award</font></b><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#8221;)
which are comprised of: </font></font></p>

<p style="border:none;margin-bottom:5.65pt;margin-left:.5in;margin-right:15.35pt;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=#181717 face=Symbol style="border:none;"><font color=#181717 face=Symbol lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#183;</font><font color=#181717 face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#8220;Performance Shares&#8221; which are subject to
conditions, as set out in the rules of the Scheme and performance conditions;
and </font></font></p>

<p style="border:none;margin-bottom:5.65pt;margin-left:.5in;margin-right:15.35pt;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=#181717 face=Symbol style="border:none;"><font color=#181717 face=Symbol lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#183;</font><font color=#181717 face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#8220;Retention Shares&#8221; which are subject to conditions,
as set out in the rules of the Scheme.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:5.65pt;margin-left:0in;margin-right:15.35pt;margin-top:0in;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Participants
are not required to pay for Awards or Shares Settled in terms of vested Awards.
</font></font></p>

<p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Annual awards of Conditional Shares will be made, in two forms:</font></font></p>


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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p style="border:none;margin-bottom:5.65pt;margin-left:.5in;margin-right:15.35pt;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=#181717 face=Symbol style="border:none;"><font color=#181717 face=Symbol lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#183;</font><font color=#181717 face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">80% of the Award will be comprised of Performance
Shares</font></font></p>

<p style="border:none;margin-bottom:5.65pt;margin-left:.5in;margin-right:15.35pt;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=#181717 face=Symbol style="border:none;"><font color=#181717 face=Symbol lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#183;</font><font color=#181717 face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">20% of the Award will be comprised of Retention
Shares</font></font></p>

<p style="border:none;margin:0in;margin-bottom:5.65pt;margin-left:0in;margin-right:15.35pt;margin-top:0in;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The target
award value will be referenced to market-related award quanta, and will be
adjusted based upon individual performance as follows:</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:35.2pt;width:100%;">
 <tr style="height:11.15pt;">
  <td width=50% style="border:solid windowtext 1.0pt;height:11.15pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Individual Rating</font></font></p>
  </td>
 <td width=50% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:11.15pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">% of Target Value Awarded</font></font></p>
  </td>
 </tr>
<tr style="height:10.3pt;">
  <td nowrap width=50% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&lt; 2.75</font></font></p>
  </td>
 <td nowrap width=50% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">0%</font></font></p>
  </td>
 </tr>
<tr style="height:11.2pt;">
  <td nowrap width=50% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:11.2pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">2.75 to &lt; 3.00</font></font></p>
  </td>
 <td nowrap width=50% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.2pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">50%</font></font></p>
  </td>
 </tr>
<tr style="height:12.1pt;">
  <td nowrap width=50% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:12.1pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">3.0 to &lt; 3.75</font></font></p>
  </td>
 <td nowrap width=50% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:12.1pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">100%</font></font></p>
  </td>
 </tr>
<tr style="height:12.1pt;">
  <td nowrap width=50% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:12.1pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">3.75 to &lt; 4.5</font></font></p>
  </td>
 <td nowrap width=50% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:12.1pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">133.33%</font></font></p>
  </td>
 </tr>
<tr style="height:8.05pt;">
  <td nowrap width=50% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:8.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">4.5 to &lt; 5.0</font></font></p>
  </td>
 <td nowrap width=50% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">166.67%</font></font></p>
  </td>
 </tr>
<tr style="height:8.95pt;">
  <td nowrap width=50% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:8.95pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">5.0</font></font></p>
  </td>
 <td nowrap width=50% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.95pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">200%</font></font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;margin-bottom:5.65pt;margin-left:0in;margin-right:15.35pt;margin-top:0in;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><b><i><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Dividend and Voting Rights</font></i></b></font></p>

<p style="border:none;margin:0in;margin-bottom:5.65pt;margin-left:0in;margin-right:15.35pt;margin-top:0in;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The
Conditional Share Awards carry no dividend or voting rights, until Settled, and
therefore any transfer and other rights associated with the Conditional Shares
will only vest following settlement.</font></font></p>

<p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><b><i><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Vesting of the Conditional Shares</font></i></b></font></p>

<p style="border:none;margin:0in;margin-bottom:5.65pt;margin-left:0in;margin-right:15.35pt;margin-top:0in;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The first
grant was made on December 2, 2019 and will vest in two tranches, 50% on the
2nd anniversary and the remaining 50% on the 3rd anniversary of the grant date
respectively, provided the employee is still within the employment of the Group
until the respective vesting dates.</font></font></p>

<p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><b><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Retention shares: </font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:5.65pt;margin-left:0in;margin-right:15.35pt;margin-top:0in;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">100% of
the retention shares will vest if the employee remains in the employ of the
Company at vesting date and individual performance criteria are met.</font></font></p>

<p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><b><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Performance shares:</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:5.65pt;margin-left:0in;margin-right:15.35pt;margin-top:0in;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Total
shareholder&#8217;s return (&#8220;</font><b><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">TSR</font></b><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#8221;) measured against a hurdle rate of 15%
referencing DRDGOLD&#8217;s Weighted Average Cost of Capital &#8220;WACC&#8221;: </font></font></p>

<p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#8226;&#160; 50% of the performance shares are linked to this condition; and</font></font></p>

<p style="border:none;margin:0in;margin-bottom:5.65pt;margin-left:0in;margin-right:15.35pt;margin-top:0in;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#8226;&#160; all of
these performance shares will vest if DRDGOLD&#8217;s TSR exceeds the hurdle rate
over the vesting period </font></font></p>

<p style="border:none;margin:0in;margin-bottom:5.65pt;margin-left:0in;margin-right:15.35pt;margin-top:0in;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">TSR
measured against a peer group of 3 peers (Sibanye-Stillwater, Harmony Limited
and Pan-African Resources Limited): </font></font></p>

<p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#8226;&#160; 50% of the performance shares are linked to this condition; and</font></font></p>

<p align=left style="border:none;margin:0in;margin-bottom:5.65pt;margin-left:9.0pt;margin-right:15.1pt;margin-top:0in;text-align:left;text-indent:-9.0pt;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#8226;&#160; The number of performance shares which vest is
based on DRDGOLD&#8217;s actual TSR performance in relation to percentiles of peer
group&#8217;s performance as follows</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:42.3pt;width:100%;">
 <tr style="height:12.7pt;">
  <td width=48% style="border:solid windowtext 1.0pt;height:12.7pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Percentile of Peers</font></font></p>
  </td>
 <td width=52% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:12.7pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">% of Conditional Shares Vesting</font></font></p>
  </td>
 </tr>
<tr style="height:10.3pt;">
  <td nowrap width=48% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&lt; 25th percentile</font></font></p>
  </td>
 <td nowrap width=52% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">0%</font></font></p>
  </td>
 </tr>
<tr style="height:12.55pt;">
  <td nowrap width=48% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:12.55pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">25th to &lt; 50th percentile</font></font></p>
  </td>
 <td nowrap width=52% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:12.55pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">25%</font></font></p>
  </td>
 </tr>
<tr style="height:13.45pt;">
  <td nowrap width=48% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:13.45pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">50th to &lt; 75th percentile</font></font></p>
  </td>
 <td nowrap width=52% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.45pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">75%</font></font></p>
  </td>
 </tr>
<tr style="height:8.95pt;">
  <td nowrap width=48% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:8.95pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&#8805; 75th percentile</font></font></p>
  </td>
 <td nowrap width=52% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.95pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">100%</font></font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;margin-bottom:5.65pt;margin-left:0in;margin-right:15.35pt;margin-top:0in;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-bottom:5.65pt;margin-left:0in;margin-right:15.35pt;margin-top:0in;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Awarded
Conditional Shares which do not Vest to the Participant, as a result of
forfeiture or which lapse, revert back to the Scheme.</font></font></p>

<p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><b><i><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Share Limits</font></i></b></font></p>

<p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><b><i><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Overall Company Limit</font></i></b></font></p>

<p style="border:none;margin:0in;margin-bottom:5.65pt;margin-left:0in;margin-right:15.35pt;margin-top:0in;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The
aggregate number of Shares at any one time which may be awarded for Settlements
under the Scheme shall not exceed 34,500,000 (thirty four million, five hundred
thousand) Shares (representing approximately 4.95% of the total issued share
capital of the Company at the date of this Notice).</font></font></p>

<p style="border:none;margin:0in;margin-right:15.1pt;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><b><i><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Individual Limit</font></i></b></font></p>

<p style="border:none;margin:0in;margin-bottom:5.65pt;margin-left:0in;margin-right:15.35pt;margin-top:0in;text-align:justify;"><font color=#181717 face="Times New Roman,serif" style="border:none;"><font color=#181717 face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Subject to
certain dilution adjustments, the aggregate number of Shares at any one time
which may be awarded under the Scheme to any one Participant shall not exceed
14,500,000 Shares.</font></font></p>

<h1 style="border:none;margin:0in;page-break-after:avoid;text-align:justify;">&nbsp;</h1>
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 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<h1 style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:12.0pt;">ITEM&nbsp;7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS </font></b></font></h1>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">7A.
MAJOR SHAREHOLDERS</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">As of September 30, 2020, our issued capital consisted of: </font></font></p>

<p style="border:none;margin:0in;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">864,588,711</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> ordinary shares of no par value; and </font></font></p>

<p style="border:none;margin:0in;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">5,000,000 cumulative preference shares. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To our knowledge, as of June 30, 2020, we were not
directly or indirectly owned or controlled by another corporation or any person
or foreign government</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">, other than control
in the form of ownership of a significant amount of our shares and option to
acquire further shares, as is the case for Sibanye-Stillwater</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On July 31, 2018, 265 million ordinary shares were
issued to Sibanye-Stillwater as settlement of the purchase consideration for
the acquisition of the WRTRP Assets. On January 8, 2020, Sibanye-Stillwater
exercised the option granted to it to subscribe for such number of new ordinary
shares in the share capital of DRDGOLD for cash resulting in Sibanye-Stillwater
holding in aggregate 50.1% of all DRDGOLD shares in issue (including treasury
shares). Sibanye-Stillwater subscribed for 168,158,944 Subscription Shares at
an aggregate subscription price of R1,086 million, on January 22, 2020. The
Subscription Shares were allotted and issued at a price of R6.46 per share,
being a 10% discount to the 30-day volume weighted average traded price.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Other than the above there are no arrangements, the operation of
which may at a subsequent date result in a change in control of us. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Based on information available to us, as of
September 30, 2020:</font></font></p>

<p style="border:none;margin:0in;margin-left:49.65pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">there were 10,468 record holders of our
ordinary shares in South Africa, who held 559,688,990 or approximately 64.7% of
our ordinary shares;</font></font></p>

<p style="border:none;margin:0in;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">there was one record holder of our cumulative
preference shares in South Africa, who held 5,000,000 ordinary shares or 100%
of our cumulative preference shares;</font></font></p>

<p style="border:none;margin:0in;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">there were 36 US record holders of our
ordinary shares, who held approximately 33,974,859 ordinary shares or
approximately 3.9% of our ordinary shares excluding those shares held as part
of our ADR program; and</font></font></p>

<p style="border:none;margin:0in;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">there were 664 registered holders of our ADRs
in the United States, who held approximately 215,869,190 shares (21,586,919
ADRs) or approximately 25.0% of our ordinary shares. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The following table sets forth information
regarding the beneficial ownership of our ordinary shares as of September 30,
2020, by: </font></font></p>

<p style="border:none;margin:0in;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">each of our directors and prescribed
officers; and </font></font></p>

<p style="border:none;margin:0in;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">any person whom the directors are aware of as
at September 30, 2020 who is interested directly or indirectly in 1% or more of
our ordinary shares. There was significant change in the percentage ownership
of the major shareholders over the preceding three years.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="background:aqua;border:none;display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:14.45pt;">
  <td valign=top width=65% style="height:14.45pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td colspan=2 width=35% style="height:14.45pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Shares Beneficially owned</font></u></b></p>
  </td>
 </tr>
<tr style="height:24.0pt;">
  <td width=65% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Holder</font></u></b></p>
  </td>
 <td width=14% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Number</font></u></b></p>
  </td>
 <td width=21% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Percent of outstanding ordinary shares</font></u></b></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td width=65% style="height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Directors/prescribed officers</font></u></b></p>
  </td>
 <td width=14% style="height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;text-decoration:none;">&nbsp;</font></b></p>
  </td>
 <td width=21% style="height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;text-decoration:none;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=65% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">D.J. Pretorius </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">500,255</font></p>
  </td>
 <td width=21% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">*</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=65% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">A.J. Davel</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">200,000</font></p>
  </td>
 <td width=21% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">*</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=65% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">G.C. Campbell </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">100,000</font></p>
  </td>
 <td width=21% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">*</font></b></p>
  </td>
 </tr>
<tr style="height:3.0pt;">
  <td width=65% style="height:3.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:3.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=21% style="height:3.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=65% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other</font></u></b></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;text-decoration:none;">&nbsp;</font></b></p>
  </td>
 <td width=21% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;text-decoration:none;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=65% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Sibanye-Stillwater</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">433,158,944</font></p>
  </td>
 <td width=21% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">50.10%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=65% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Van Eck Associates Corporation</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">49,058,680</font></p>
  </td>
 <td width=21% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.67%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=65% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Government Employees Pension
  Fund</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">28,425,900</font></p>
  </td>
 <td width=21% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.32%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=65% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ruffer, LLP</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">20,333,440</font></p>
  </td>
 <td width=21% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.35%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=65% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Renaissance Technologies, LLC</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">13,826,130</font></p>
  </td>
 <td width=21% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.60%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=65% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">BBH LUX FAST EMERGING MARKETS
  FUND</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10,581,533</font></p>
  </td>
 <td width=21% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.74%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=65% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">DRDSA Empowerment Trust</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10,500,000</font></p>
  </td>
 <td width=21% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.46%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=65% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">JPMC-VANGUARD BBH LENDING
  ACCOUNT</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10,191,520</font></p>
  </td>
 <td width=21% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.22%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=65% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">BBH LUX FAST EMERGING MARKETS
  FUND</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10,027,018</font></p>
  </td>
 <td width=21% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.22%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=65% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ergo Mining Operations
  Proprietary Limited</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">9,474,920</font></p>
  </td>
 <td width=21% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.21%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=65% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">CLEARSTREAM BANKING S.A
  LUXEMBOURG</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">8,881,647</font></p>
  </td>
 <td width=21% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.20%</font></p>
  </td>
 </tr>
<tr style="height:2.25pt;">
  <td width=65% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=21% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap width=65% style="height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">*&#160;&#160;&#160;&#160; Indicates share ownership of less
  than 1% of our outstanding ordinary shares. </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=21% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;margin-top:10.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">No shareholder has voting rights which differ from the voting
rights of any other shareholder. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<font face="Times New Roman,serif" style="border:none;">
&nbsp;</font>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>


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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_67"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>

 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Cumulative Preference
Shares</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Randgold and Exploration Company Limited, or
Randgold, owns 5,000,000 (100%) of our cumulative preference shares. Randgold's
registered address is Suite 25, Katherine &amp; West Building, Corner of
Katherine and West Streets, Sandown, Sandton, 2196. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The holders of cumulative preference shares do not
have voting rights unless any preference dividend is in arrears for more than
six months. The terms of issue of the cumulative preference shares are that
they carry the right, in priority to the Company's ordinary shares, to receive
a dividend equal to 3% of the gross future revenue generated by the
exploitation or the disposal of the Argonaut mineral rights acquired from
Randgold in September&nbsp;1997. Additionally, holders of cumulative preference
shares may vote on resolutions which adversely affect their interests and on
the disposal of all, or substantially all, of our assets or mineral rights.
There is currently no active trading market for our cumulative preference
shares. Holders of cumulative preference shares will only obtain their
potential voting rights once the Argonaut Project becomes an operational gold
mine, and dividends accrue to them. The prospecting rights have since expired
and the Argonaut Project terminated. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The development of the
project is not expected to materialise and therefore no dividend is expected to
be paid.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">7B.
RELATED PARTY TRANSACTIONS</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Transactions with
related parties are disclosed in </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Item 18.
&#8216;&#8216;Financial Statements - Note 5.2 &#8211; Cost of sales&#8217;&#8217;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Remuneration paid to key management is disclosed in </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Item 18. &#8216;&#8216;Financial Statements - Note 19.3 &#8211;
Key management personnel remuneration&#8217;&#8217;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;text-indent:.5in;"><font color=#231F20 face=Bliss-Light style="border:none;display:none;"><font color=#231F20 face=Bliss-Light lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">7C. INTERESTS OF EXPERTS AND COUNSEL</font></b></font></p>

<p style="border:none;margin:0in;margin-left:1.0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Not applicable.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;display:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 8. FINANCIAL INFORMATION</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">8A. CONSOLIDATED STATEMENTS AND OTHER
FINANCIAL INFORMATION</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;text-indent:-.25in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">1.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Please refer to Item 18. Financial
Statements.</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;text-indent:-.25in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">2.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Please refer to Item 18. Financial
Statements.</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;text-indent:-.25in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">3.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Please refer to Item 18. Financial
Statements.</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;text-indent:-.25in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">4.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The last year of audited financial statements
is not older than 15 months.</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;text-indent:-.25in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">5.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not applicable.</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;text-indent:-.25in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">6.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not applicable.</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;text-indent:-.25in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">7.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">See under Item 4D. Property, plant and
equipment&#8212;Ongoing Legal Proceedings.</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;text-indent:-.25in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">8.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Please see Item 10B. Memorandum of
Incorporation.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;display:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">8B. SIGNIFICANT CHANGES</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:13.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font color=#231F20 face="Times New Roman,serif" style="border:none;"><font color=#231F20 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:13.0pt;">Significant
changes that have occurred since June 30, 2020, the date of the last audited
financial statements included in this Annual Report, are discussed in the
relevant notes to the financial statements under Item 18. Financial Statements.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;display:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>


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 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

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<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 9. THE OFFER AND LISTING</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">9A.
OFFER AND LISTING DETAILS</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The principal trading market for our equity securities is the JSE
(symbol: DRD) and our ADSs that trade on the New York Stock Exchange (symbol:
DRD). The ADRs are issued by The Bank of New York Mellon, as depositary. Each
ADR represents one ADS and each ADS represents ten of our ordinary shares.
Until July 23, 2007, each ADS represented one of our ordinary shares</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. </font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font style="display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></font></p>

<p style="border:none;margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The cumulative preference shares are not
traded on any exchange.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; There have been no trading
suspensions with respect to our ordinary shares on the JSE during the past
three years ended June 30, 2020, nor have there been any trading suspensions
with respect to our ADRs on the New York Stock Exchange since our listing on
that market.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">9B. PLAN OF DISTRIBUTION</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not
applicable.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">9C. MARKETS</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Nature of Trading Markets</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">See </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#8220;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Offer
and Listing Details</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;"> above</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">9D. SELLING SHAREHOLDERS</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not
applicable.</font></font></p>

<p style="border:none;margin:0in;margin-top:10.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">9E. DILUTION</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not
applicable.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">9F. EXPENSES OF THE ISSUE</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not applicable.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font style="border:none;display:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 10. ADDITIONAL INFORMATION</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">10A.
SHARE CAPITAL</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not applicable.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font style="display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">10B. MEMORANDUM OF INCORPORATION</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">As
of June 30, 2020, we had authorized for issuance 1,500,000,000 ordinary shares
of no par value (as of September 30, 2020: 1,500,000,000), and 5,000,000
cumulative preference shares of R0.10 par value (as of September 30, 2020:
5,000,000). On this date, we had issued 864,588,711 ordinary shares (as of September
30, 2020: 864,588,711) and 5,000,000 cumulative preference shares (as of September
30, 2020: 5,000,000). </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Set out below are brief summaries of certain
provisions of our Memorandum of Incorporation, or our MOI, the Companies Act of
South Africa and the JSE Listings Requirements, all as in effect on June 30,
2020 and September 30, 2020. The summary does not purport to be complete and is
subject to and qualified in its entirety by reference to the full text of the
MOI, the Companies Act, and the JSE Listings Requirements.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We are registered under the Companies Act of South
Africa under registration number 1895/000926/06. As set forth in our Memorandum
of Incorporation, the main object and business of our company is mining and
exploration for gold and other minerals. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Borrowing Powers</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our directors may from time to time borrow for the
purposes of the company, such sums as they think fit and secure the payment or
repayment of any such sums, or any other sum, as they think fit, whether by the
creation and issue of securities, mortgage or charge upon all or </font></font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p style="border:none;margin:0in;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">any of the property or assets of the company. The
directors shall procure that the aggregate principal amount at any one time
outstanding in respect of monies so borrowed or raised by the company and all
the subsidiaries for the time being of the company shall not exceed the
aggregate amount at that time authorized to be borrowed or secured by the
company or the subsidiaries for the time being of the company (as the case may
be).</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Share Ownership Requirements</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our directors are not required to hold any shares
to qualify or be appointed as a director. </font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Voting by Directors</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A director may authorize any other director to
vote for him at any meeting at which neither he nor his alternate director
appointed by him is present. Any director so authorized shall, in addition to
his own vote, have a vote for each director by whom he is authorized. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The quorum necessary for the transaction of the
business of the directors is a majority of the directors present at a meeting
before a vote may be called at any meeting of directors. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Directors are required to notify our board of
directors of interests in companies and contracts. If a director has a personal
financial interest in respect of a matter to be considered at a meeting of the
board he or she must disclose the interest and its nature, any material
information relating to the matter and thereafter leave the meeting immediately
after making the disclosure. Such director must not take part in consideration
of the matter. He is not to be regarded as being present for the purpose of
determining whether a resolution has sufficient support to be adopted.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The King IV Report on Corporate Governance for
South Africa, 2016 (King IV) was published on 1 November 2016 and came into
effect on 1 April 2017 for companies with financial years commencing
thereafter. The application regime for King IV is &quot;apply and
explain&quot;, requiring companies to substantially and meaningfully strive
towards good corporate governance. King IV is principles and outcomes based: a
departure from mere compliance-based mindset. King IV recognises that sound
governance outcomes, exemplified by integrity, competence, responsibility,
accountability, fairness and transparency, are the cardinal pillars of good
corporate citizenship. The JSE Limited has since made the adoption and
application of King IV mandatory for all listed companies.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The remuneration of non-executive directors is
typically determined by the board, but subject to approval by the shareholders
at the AGM of the Company. In terms of section 65(11)(h) of the Companies Act,
2008 read with sections 66(8) and 66(9) thereof, remuneration may only be paid
to directors for their services as directors in accordance with a special
resolution approved by the shareholders within the&#160; previous 2 (two) years. A
special resolution was passed at the 2019 AGM on December 2, 2019 to increase
the NED remuneration.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Under South African common law, directors are
required to comply with certain fiduciary duties to the company and to exercise
proper care and skill in discharging their responsibilities. These common law
duties have now been codified by the Companies Act.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Age Restrictions</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; There is no age limit for directors. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Election of Directors</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;Each director shall be appointed by election by
way of an ordinary resolution of shareholders at a general or annual meeting of
company (&#8220;elected director (s)&#8221;) and no appointment of a director by way of a
written circulated shareholders resolution in terms of section 60 of the
Companies Act shall be competent.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; One third of our directors, on a rotating basis,
are subject to re-election at each annual general shareholder&#8217;s meeting.
Retiring directors usually make themselves available for re-election. An
amendment to the MOI which also subjects executive directors to re-election by
rotation was approved by shareholders at the 2014 annual general meeting.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">General Meetings</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On the request of any shareholder or shareholders
holding not less than 10 percent of our share capital which carries the right
of voting at general meetings, we shall issue a notice to shareholders
convening a general meeting for a date not less than 15&nbsp;days from the date
of the notice. Directors may convene general meetings at any time. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our annual general meeting and a meeting of our
shareholders for the purpose of passing a special resolution may be called by
giving 15&nbsp;days advance written notice of that meeting. For any other
general meeting of our shareholders, 15&nbsp;days advance written notice is
required. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our MOI provides that if at a meeting convened
upon request by our shareholders, a quorum is not present within fifteen
minutes after the time selected for the meeting, such meeting shall be
postponed for one week. However the chairman has the discretion to extend the
fifteen minutes for a reasonable period on certain grounds. The necessary
quorum is three members present with sufficient voting powers in person or by
proxy to exercise in aggregate 25% of the voting rights. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Voting Rights</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The holders of our ordinary shares are generally
entitled to vote at general meetings and on a show of hands have one vote per
person </font></font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

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<p style="border:none;margin:0in;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">and on a poll have one vote for every share
held. The holders of our cumulative preference shares are not entitled to vote
at a general meeting unless any preference dividend is in arrears for more than
six&nbsp;months at the date on which the notice convening the general meeting
is posted to the shareholders. Additionally, holders of cumulative preference
shares may vote on resolutions which adversely affect their interests and on
resolutions regarding the disposal of all or substantially all of our assets or
mineral rights. When entitled to vote, holders of our cumulative preference
shares are entitled to one vote per person on a show of hands and that portion
of the total votes which the aggregate amount of the nominal value of the
shares held by the relevant shareholder bears to the aggregate amount of the
nominal value of all shares issued by us. </font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Dividends</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We may, in certain
circumstances in a general meeting, or our directors may, from time to time,
declare a dividend to be paid to the shareholders in proportion to the number
of shares they each hold. No dividend shall be declared except out of our
profits. Dividends may be declared either free or subject to the deduction of
income tax or duty in respect of which we may be charged. Holders of ordinary
shares are entitled to receive dividends as and when declared by the directors.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Ownership Limitations</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; There are no limitations imposed by our MOI or
South African law on the rights of shareholders to hold or vote on our ordinary
shares or securities convertible into our ordinary shares. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Winding-up</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If we are wound-up, then the assets remaining
after payment of all of our debts and liabilities, including the costs of
liquidation, shall be applied to repay to the shareholders the amount paid up
on our issued capital and thereafter the balance shall be distributed to the
shareholders in proportion to their respective shareholdings. On a winding up,
our cumulative preference shares rank, in regard to all arrears of preference
dividends, prior to the holders of ordinary shares. As of June 30, 2020 and
September 30, 2020, no such dividends have been declared. Except for the
preference dividend and as described in this Item our cumulative preference
shares are not entitled to any other participation in the distribution of our
surplus assets on winding-up. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Reduction of Capital</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We may, by special
resolution, reduce the share capital authorized by our MOI, or reduce our
issued share capital including, without limitation, any stated capital, capital
redemption reserve fund and share premium account by making distributions and
buying back our shares. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Amendment of the </font></i></b></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">MOI</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our MOI may be altered by the
passing of a special resolution or in compliance with a court order. The
Company may also amend the MOI by increasing or decreasing the number of
authorized shares, classifying or reclassifying shares, or determining the
terms of shares in a class. A special resolution is passed when the
shareholders holding at least 25% of the total votes of all the members
entitled to vote are present or represented by proxy at a meeting and, if the
resolution was passed on a show of hands, at least 75% of those shareholders
voted in favor of the resolution and, if a poll was demanded, at least 75% of
the total votes to which those shareholders are entitled were cast in favor of
the resolution. An amendment to the MOI to increase the number of authorized
shares was approved by shareholders at the 2018 general meeting on March 28,
2018.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Consent of the Holders of Cumulative
Preference Shares</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The rights and conditions attaching to the
cumulative preference shares may not be cancelled, varied or added, nor may we
issue shares ranking, regarding rights to dividends or on winding up, in
priority to or equal with our cumulative preference shares, or dispose of all
or part of the Argonaut mineral rights without the consent in writing of the
registered holders of our cumulative preference shares or the prior sanction of
a resolution passed at a separate class meeting of the holders of our
cumulative preference shares. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Distributions</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;We are authorized to make payments in cash or in
specie to our shareholders in accordance with the provisions of the Companies
Act and other consents required by law from time to time. We may, for example,
in a general meeting, upon recommendation of our directors, resolve that any
surplus funds representing capital profits arising from the sale of any capital
assets and not required for the payment of any fixed preferential dividend, be
distributed among our ordinary shareholders. However, no such profit shall be
distributed unless we have sufficient other assets to satisfy our liabilities
and to cover our paid up share capital. We also need to consider the solvency
and liquidity requirements stated in the Companies Act of South Africa. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Directors&#8217; power to vote compensation to
themselves</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The remuneration of non-executive directors may
not exceed in any financial year the amount fixed by the Company in general
meeting. The Companies Act requires that remuneration to non-executive
directors may be paid only in accordance with a special resolution approved by
shareholders within the previous two years.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Time limit for dividend entitlement </font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>


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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_71"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>

 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All unclaimed monies that are
due to any shareholder/s shall be held by the company in trust for an
indefinite period until lawfully claimed by such shareholder/s, subject to the
Prescription Act, 1969 as amended or any other law which governs the law of
prescription.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Staggered director elections &amp; cumulative
voting</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">At each annual general meeting of the Company
one-third of the directors shall retire and be eligible for re-election. No
provision is made for cumulative voting.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Sinking fund provisions and liability to
further capital calls</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; There are no sinking fund provisions in the MOI
attaching to any class of the company shares, and the company does not subject
shareholders to liability to further capital calls.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Provision that would delay/prevent change of
control </font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Companies Act provides that companies which
propose to merge or amalgamate must enter into a written agreement setting out
the terms thereof. They must prove that upon implementation of the amalgamation
or merger each will satisfy the solvency and liquidity test. Companies involved
in disposals, amalgamations or mergers, or schemes of arrangement must obtain a
compliance certificate from the Takeover Regulation Panel, pass special
resolutions and in some instances they must obtain an independent expert
report.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">10C. MATERIAL CONTRACTS</font></i></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amendment and extension to ZAR300 million
Revolving Credit Facility </font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">On September 14, 2020, DRDGOLD Limited amended the initial R300
million Revolving Credit Facility (&#8220;</font><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">RCF</font></b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#8221;) secured with ABSA Bank Limited
(acting through its Corporate and Investment Banking division) to a R200
million RCF and simultaneously extended the final repayment date to September
14, 2022. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The RCF bears interest at JIBAR plus a margin of 275 basis points (initial
RCF: 325 basis points) nominal annual compounded quarterly. A commitment fee of
35% of the applicable margin per annum is due on the undrawn RCF. A debt
origination fee of 0.5% (initial RCF: 1%) is payable on the available
commitment of R200 million.</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Relevant covenants include that, during any rolling 12
month period, (i) the interest cover<sup>1</sup> shall not be less than 4 times
and (ii) net debt <sup>2</sup> to adjusted EBITDA shall not exceed 2 times. </font></font></p>

<p align=left style="border:none;margin:0in;margin-left:.5in;text-align:left;"><sup><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></sup></p>

<p align=left style="border:none;margin:0in;margin-left:.5in;text-align:left;"><sup><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1 Interest cover means the ratio of Adjusted EBITDA to
Total Net Interest (interest charged on Financial Indebtedness after deducting
all interest received on Cash and cash equivalents (excluding interest received
on restricted cash)).</font></font></sup></p>

<p align=left style="border:none;margin:0in;text-align:left;text-indent:.5in;"><sup><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2 Means Total Debt after deducting Cash and cash
equivalents (excluding restricted cash)</font></font></sup></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:18.0pt;">The description of the
amended RCF is qualified by reference to the addendum to the RCF filed herewith
as an Exhibit.</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Performance Guarantee</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">On December 10, 2018, ABSA Bank Limited (acting through its
Corporate and Investment Banking division) issued a performance guarantee (&#8220;</font><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Guarantee</font></b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#8221;)
to Ekurhuleni Metropolitan Municipality (refer to Item 18. &#8220;Financial
Statements - Note 24 &#8211; Payments made under protest&#8221;). R125 million of the
initial R300 million RCF was committed to the Guarantee.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The amended R200 million RCF dated September 14, 2020 does not
include any commitment towards the Guarantee.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The description of the performance guarantee issued to the
Municipality is qualified by reference to the Addendum to the RCF and the
Performance Guarantee filed herewith as Exhibits to this report.</font></font></p>


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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

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<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10D.
EXCHANGE CONTROLS</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The following is a summary of the material South African exchange
control measures, which has been derived from publicly available documents. The
following summary is not a comprehensive description of all the exchange
control regulations. The discussion in this section is based on the current law
and positions of the South African Government. Changes in the law may alter the
exchange control provisions that apply, possibly on a retroactive basis. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Introduction</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Dealings in foreign currency, the export of
capital and revenue, payments by residents to non-residents and various other
exchange control matters in South Africa are regulated by the South African
exchange control regulations, or the Regulations. The Regulations form part of
the general monetary policy of South Africa. The Regulations are issued under
Section&nbsp;9 of the Currency and Exchanges Act, 1933 (as amended). In terms
of the Regulations, the control over South African capital and revenue
reserves, as well as the accruals and spending thereof, is vested in the
Treasury (Ministry of Finance), or the Treasury. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Treasury has delegated the administration of
exchange controls to the Exchange Control Department of the South African Reserve
Bank, or SARB, which is responsible for the day to day administration and
functioning of exchange controls. SARB has a wide discretion. Certain banks
authorized by the Treasury to co-administer certain of the exchange controls,
are authorized by the Treasury to deal in foreign exchange. Such dealings in
foreign exchange by authorized dealers are undertaken in accordance with the
provisions and requirements of the exchange control rulings, or Rulings, and
contain certain administrative measures, as well as conditions and limits
applicable to transactions in foreign exchange, which may be undertaken by
authorized dealers. Non-residents have been granted general approval, in terms
of the Rulings, to deal in South African assets, to invest and disinvest in
South Africa. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Regulations provide for restrictions on
exporting capital from the Common Monetary Area consisting of South Africa,
Namibia, and the Kingdoms of Lesotho and Swaziland. Transactions between
residents of the Common Monetary Area are not subject to these exchange control
regulations. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; There are many inherent disadvantages to exchange
controls, including distortion of the price mechanism, problems encountered in
the application of monetary policy, detrimental effects on inward foreign
investment and administrative costs associated therewith. The South African
Finance Minister has indicated that all remaining exchange controls are likely
to be dismantled as soon as circumstances permit. Since 1998, there has been a
gradual relaxation of exchange controls. The gradual approach to the abolition
of exchange controls adopted by the Government of South Africa is designed to
allow the economy to adjust more smoothly to the removal of controls that have
been in place for a considerable period of time. The stated objective of the
authorities is equality of treatment between residents and non-residents with
respect to inflows and outflows of capital. The focus of regulation, subsequent
to the abolition of exchange controls, is expected to favor the positive
aspects of prudential financial supervision. &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The present exchange control
system in South Africa is used principally to control capital movements. South
African companies are not permitted to maintain foreign bank accounts without
SARB approval and, without the approval of SARB, are generally not permitted to
export capital from South Africa or hold foreign currency. In addition, South
African companies are required to obtain the approval of the SARB prior to
raising foreign funding on the strength of their South African statements of
financial position, which would permit recourse to South Africa in the event of
defaults. Where 75% or more of a South African company's capital, voting power,
power of control or earnings is directly or indirectly controlled by non-residents,
such a corporation is designated an &#8220;affected person&#8221; by the SARB, and certain
restrictions are placed on its ability to obtain local financial assistance. We
are not, and have never been, designated an &#8220;affected person&#8221; by the SARB. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Foreign investment and outward loans by South
African companies are also restricted. In addition, without the approval of the
SARB, South African companies are generally required to repatriate to South
Africa profits of foreign operations and are limited in their ability to
utilize profits of one foreign business to finance operations of a different
foreign business. South African companies establishing subsidiaries, branches,
offices or joint ventures abroad are generally required to submit financial
statements on these operations as well as progress reports to the SARB on an
annual basis. As a result, a South African company's ability to raise and
deploy capital outside the Common Monetary Area is restricted. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Although exchange controls have been gradually
relaxed since 1998, unlimited outward transfers of capital are not permitted at
this stage. Some of the more salient changes to the South African exchange
control provisions over the past few years have been as follows: </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">corporations wishing to invest in countries
outside the Common Monetary Area, in addition to what is set out below, apply
for permission to enter into corporate asset/share swap and share placement
transactions to acquire foreign investments. The latter mechanism entails the
placement of the locally quoted corporation's shares with long-term overseas
holders who, in payment for the shares, provide the foreign currency abroad
which the corporation then uses to acquire the target investment;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">corporations wishing to establish new
overseas ventures are permitted to transfer offshore up to R500 million to
finance approved investments abroad and up to R500 million to finance approved
new investments in African countries on an annual bases. Approval from the SARB
is required in advance for investments in excess of R500 million. On
application to the SARB, corporations are also allowed to use part of their
local cash holdings to finance up to 10% of approved new foreign investments
where the cost of these investments exceeds the current limits;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">as a general rule, the SARB requires that
more than 10% of equity of the acquired off-shore venture is acquired within a
predetermined period of time, as a prerequisite to allowing the expatriation of
funds. If these requirements are not met, the SARB may instruct that the equity
be disposed of. In our experience the SARB has taken a commercial view on this,
and has on occasion extended the period of time for compliance; and</font></font></p>


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<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">remittance of directors' fees payable to
persons permanently resident outside the Common Monetary Area may be approved
by authorized dealers, in terms of the Rulings.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authorized dealers in foreign exchange may,
against the production of suitable documentary evidence, provide forward cover
to South African residents in respect of fixed and ascertained foreign exchange
commitments covering the movement of goods. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Persons who emigrate from South Africa are
entitled to take limited amounts of money out of South Africa as a settling-in
allowance. The balance of the emigrant's funds will be blocked and held under
the control of an authorized dealer. These blocked funds may only be invested
in: </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">blocked current, savings, interest bearing
deposit accounts in the books of an authorized dealer in the banking sector; </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">securities quoted on the JSE and financial
instruments listed on the Bond Exchange of South Africa which are deposited
with an authorized dealer and not released except temporarily for switching
purposes, without the approval of the SARB. Authorized dealers must at all
times be able to demonstrate that listed or quoted securities or financial
instruments which are dematerialized or immobilized in a central securities
depository are being held subject to the control of the authorized dealer
concerned; or</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">mutual funds.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Aside from the investments referred to above,
blocked rands may only be utilized for very limited purposes. Dividends
declared out of capital gains or out of income earned prior to emigration
remain subject to the blocking procedure. It is not possible to predict when
existing exchange controls will be abolished or whether they will be continued
or modified by the South African Government in the future. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Sale of Shares</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Under present exchange control regulations in
South Africa, our ordinary shares and ADRs are freely transferable outside the
Common Monetary Area between non-residents of the Common Monetary Area. In
addition, the proceeds from the sale of ordinary shares on the JSE on behalf of
shareholders who are not residents of the Common Monetary Area are freely
remittable to such shareholders. Share certificates held by non-residents will
be endorsed with the words &#8220;non-resident,&#8221; unless dematerialized. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Dividends</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Dividends declared in respect of shares held by a
non-resident in a company whose shares are listed on the JSE are freely
remittable. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any cash dividends paid by us are paid in rands.
Holders of ADRs on the relevant record date will be entitled to receive any
dividends payable in respect of the shares underlying the ADRs, subject to the
terms of the deposit agreement entered on August 12, 1996, and as amended and
restated, between the Company and The Bank of New York, as the depository.
Subject to exceptions provided in the deposit agreement, cash dividends paid in
rand will be converted by the depositary to dollars and paid by the depositary
to holders of ADRs, net of conversion expenses of the depositary, in accordance
with the deposit agreement. The depositary will charge holders of ADRs, to the
extent applicable, taxes and other governmental charges and specified fees and
other expenses. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Voting rights</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; There are no limitations
imposed by South African law or by our MOI on the right of non-South African
shareholders to hold or vote our ordinary shares. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;display:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>


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 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

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<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">10E.
TAXATION</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Material South African Income Tax
Consequences</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The following is a summary of
material income tax considerations under South African income tax law. No
representation with respect to the consequences to any particular purchaser of
our securities is made hereby. Prospective purchasers are urged to consult
their tax advisers with respect to their particular circumstances and the
effect of South African or other tax laws to which they may be subject.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; South Africa imposes tax on worldwide income of
South African residents. Generally, individuals not resident in South Africa do
not pay tax in South Africa except in the following circumstances: </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Income Tax and Withholding Tax on Dividends</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Non-residents will pay income tax on any amounts
received by or accrued to them from a source within (or deemed to be within)
South Africa. Interest earned by a non-resident on a debt instrument issued by
a South African company will be regarded as being derived from a South African
source but will be regarded as exempt from taxation in terms of
Section&nbsp;10(1)(i) of the South African Income Tax Act, 1962 (as amended),
or the Income Tax Act. This exemption applies to so much of any interest and
dividends (which are not otherwise exempt) received from a South African source
not exceeding (a) R34,500 if the taxpayer is 65 years of age or older or (b)
R23,800 if the taxpayer is younger than 65 years of age at the end of the
relevant tax year. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No withholding tax is deductible in respect of
interest payments made to non-resident investors. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Section 64F of the amendments to the Income Tax Act as set out in
Part VIII in Chapter II of the Income Tax Act sets out beneficial owners who
are exempt from the dividend tax which includes resident companies receiving a
dividend after the effective date, being April 1, 2012. The Convention between
the United States of America and the Republic of South Africa for the Avoidance
of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes
on Income and Capital Gains, or the Tax Treaty, would limit the rate of this
tax with respect to dividends paid on ordinary shares or ADRs to a U.S.
resident (within the meaning of the Tax Treaty) to 5% of the gross amount of
the dividends if such U.S. resident is a company which holds directly at least
10% of our voting stock and 20% of the gross amount of the dividends in all
other cases.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The above provisions shall not apply if the
beneficial owner of the dividends is resident in the United States, carries on
business in South Africa through a permanent establishment situated in South
Africa, or performs in South Africa independent personal services from a fixed
base situated in South Africa, and the dividends are attributable to such
permanent establishment or fixed base.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-right:4.25pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In fiscal years 2020 and 2019, the corporate tax
rates for taxable mining and non&#8209;mining income, to which the Companies in
the Group is subject, were 34% and 28%, respectively. </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The
formula for determining the South African gold mining tax rate for fiscal years
ended </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2020&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> and </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2019&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> is: Y = 34 &#8211; 170/X. Where Y is the percentage rate of tax
payable and X is the ratio of taxable income, net of any qualifying capital
expenditure that bears to mining income derived, expressed as a percentage.</font></font></p>

<p style="border:none;margin:0in;margin-right:4.25pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-right:4.25pt;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; With effect from
April 1, 2014, </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Section 8F of the Income Tax Act results in </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">any amount of interest which is
incurred in respect of a &#8220;</font><i><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">hybrid debt instrument</font></i><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221; is </font></font><a name="_Ref426566799"></a><font style="border:none;"><font face="Times Roman,serif" lang=EN-GB style="font-size:9.0pt;line-height:normal;">deemed
to be a dividend </font><i><font face="Times Roman,serif" lang=EN-GB style="font-size:9.0pt;line-height:normal;">in specie</font></i><font face="Times Roman,serif" lang=EN-GB style="font-size:9.0pt;line-height:normal;"> &nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-GB style="font-size:9.0pt;line-height:normal;">declared by the payor and received by the recipient which is
exempt from income tax, as opposed to interest which is taxable. The terms of
some of our intercompany loans</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> &nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-GB style="font-size:9.0pt;line-height:normal;">cause the affected loans to be
deemed as </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8220;</font><i><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">hybrid
debt instruments</font></i><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221; and the interest thereof to be deemed to be an exempt
dividend </font><i><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">in specie</font></i><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">. This characterization of the affected loans as a &#8220;</font><i><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">hybrid
debt instrument</font></i><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221; was not impacted by </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">subsequent amendments to Section 8F of the Income Tax Act that
became effective in fiscal year </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-right:4.25pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">U.S. Federal Income Tax Considerations</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The following discussion is a
summary of the U.S. federal income tax considerations to U.S. holders of the
ownership and disposition of ordinary shares or ADRs. It deals only with U.S. holders
who hold ordinary shares or ADRs as capital assets for U.S. federal income tax
purposes. This discussion is based upon the provisions of the Internal Revenue
Code of 1986, as amended, or the Code, published rulings, judicial decisions
and the Treasury regulations, all as currently in effect and all of which are
subject to change, possibly on a retroactive basis. This discussion has no
binding effect or official status of any kind; we cannot assure holders that
the conclusions reached below would be sustained by a court if challenged by
the Internal Revenue Service. </font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This discussion does not address all aspects of U.S.
federal income taxation that may be applicable to holders in light of their
particular circumstances and does not address special classes of U.S. holders
subject to special treatment (such as dealers in securities or currencies,
partnerships or other pass-through entities, banks and other financial
institutions, traders in securities that elect mark-to-market treatment, insurance
companies, tax-exempt organizations (including private foundations), certain
expatriates or former long-term residents of the United States, persons holding
ordinary shares or ADRs as part of a &#8220;hedge,&#8221; &#8220;conversion transaction,&#8221;
&#8220;synthetic security,&#8221; &#8220;straddle,&#8221; &#8220;constructive sale&#8221; or other integrated
investment, persons who acquired the ordinary shares or ADRs upon the exercise
of employee stock options or otherwise as compensation, persons whose
functional currency is not the U.S. dollar, or persons that actually or
constructively own ten percent or more of the voting power or value of our
shares). This discussion addresses only U.S. federal income tax considerations
and does not address the effect of any state, local, or foreign tax laws that
may apply, the alternative minimum tax, the Medicare tax or the application of
the federal estate or gift tax. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

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<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">For purposes of this discussion, a &#8220;U.S. holder&#8221;
is a beneficial owner of ordinary shares or ADRs who or that is, for U.S. federal
income tax purposes:</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">a citizen or individual resident of the United
States; </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">a corporation (or any entity treated as a
corporation for U.S. federal income tax purposes) created or organized under
the laws of the United States or any political subdivision thereof; </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">an estate, the income of which is subject to U.S.
federal income tax without regard to its source; or </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">a trust, if a court within the United States is
able to exercise primary supervision over the administration of the trust and
one or more U.S. persons have the authority to control all substantial
decisions of the trust or if the trust has made a valid election to be treated
as a U.S. person. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If a partnership (or an entity treated as a partnership
for U.S. federal income tax purposes) holds any ordinary shares or ADRs, the
tax treatment of a partner will generally depend on the status of the partner
and on the activities of the partnership. Partners in partnerships holding any
ordinary shares or ADRs are urged to consult their tax advisors. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Because individual circumstances may differ, U.S. holders
of ordinary shares or ADRs are urged to consult their tax advisors concerning
the U.S. federal income tax considerations applicable to their particular
situations as well as any considerations to them arising under the tax laws of
any foreign, state or local taxing jurisdiction.</font></font></p>

<p style="border:none;margin:0in;margin-right:4.25pt;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Ownership of Ordinary Shares or ADRs</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For purposes of the Code, a U.S. holder of ADRs
will be treated for U.S. federal income tax purposes as the owner of the
ordinary shares represented by those ADRs. Exchanges of ordinary shares for ADRs
and ADRs for ordinary shares generally will not be subject to U.S. federal
income tax. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to the discussion below under the heading &#8220;Passive
Foreign Investment Company&#8221;, distributions with respect to the ordinary shares
or ADRs, other than distributions in liquidation and distributions in
redemption of stock that are treated as exchanges, will be taxed to U.S. holders
as ordinary dividend income to the extent that the distributions do not exceed
our current and accumulated earnings and profits. For U.S. federal income tax
purposes, the amount of any distribution received by a U.S. holder will equal
the dollar value of the sum of the South African rand payments made (including
the amount of South African income taxes, if any, withheld with respect to such
payments), determined at the &#8220;spot rate&#8221; on the date the dividend distribution
is includable in such U.S. holder's income, regardless of whether the payment
is in fact converted into dollars. Generally, any gain or loss resulting from
currency exchange fluctuations during the period from the date a U.S. holder
includes the dividend payment in income to the date such holder converts the
payment into dollars will be treated as ordinary income or loss. Distributions,
if any, in excess of our current and accumulated earnings and profits will
constitute a non-taxable return of capital and will be applied against and
reduce the holder's basis in the ordinary shares or ADRs. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To the extent that these distributions exceed the U.S.
holder's tax basis in the ordinary shares or ADRs, as applicable, the excess
generally will be treated as capital gain, subject to the discussion below
under the heading &#8220;Passive Foreign Investment Company&#8221;. We do not intend to
calculate our earnings or profits for U.S. federal income tax purposes. U.S. holders
should therefore assume that any distributions with respect to our ordinary
shares or ADRs will constitute dividend income.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8220;Qualified dividend income&#8221; received by individual
U.S. holders (as well as certain trusts and estates) generally will be taxed at
a maximum U.S. federal income tax rate applicable to capital gains</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">This reduced rate generally would apply to dividends paid by us if,
at the time such dividends are paid, either (i)&nbsp;we are eligible for
benefits under a qualifying income tax treaty with the United States or
(ii)&nbsp;our ordinary shares or ADRs with respect to which such dividends were
paid are readily tradable on an established securities market in the United
States. However, this reduced rate is subject to certain important requirements
and exceptions, including, without limitation, certain holding period
requirements and an exception applicable if we are treated as a passive foreign
investment company as discussed under the heading &#8220;Passive Foreign Investment
Company&#8221;. U.S. holders are urged to consult their tax advisors regarding the U.S.
federal income tax rate that will be applicable to their receipt of any
dividends paid with respect to the ordinary shares and ADRs. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For purposes of this discussion, the &#8220;spot rate&#8221;
generally means a rate that reflects a fair market rate of exchange available
to the public for currency under a &#8220;spot contract&#8221; in a free market and
involving representative amounts. A &#8220;spot contract&#8221; is a contract to buy or
sell a currency on or before two business days following the date of the
execution of the contract. If such a spot rate cannot be demonstrated, the U.S.
Internal Revenue Service has the authority to determine the spot rate. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Dividend income derived with respect to the
ordinary shares or ADRs will not be eligible for the dividends received
deduction generally allowed to a U.S. corporation under Section&nbsp;243 of the
Code. Dividend income will be treated as foreign source income for foreign tax
credit and other purposes. In computing the separate foreign tax credit
limitations, dividend income should generally constitute &#8220;passive category
income,&#8221; or in the case of certain U.S. holders, &#8220;general category income.&#8221; </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

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<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Passive Foreign
Investment Company</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A special and adverse set of U.S. federal income
tax rules apply to a U.S. holder that holds stock in a passive foreign
investment company, or PFIC. We would be a PFIC for U.S. federal income tax
purposes if for any taxable year either (i)&nbsp;75% or more of our gross
income, including our pro rata share of the gross income of any company in
which we are considered to own 25% or more of the shares by value, were passive
income or (ii)&nbsp;50% or more of our average total assets (by value),
including our pro rata share of the assets of any company in which we are considered
to own 25% or more of the shares by value, were assets that produced or were
held for the production of passive income. If we were a PFIC, U.S. holders of
the ordinary shares or ADRs would be subject to special rules with respect to
(i)&nbsp;any gain recognized upon the disposition of the ordinary shares or ADRs
and (ii) any receipt of an excess distribution (generally, any distributions to
a U.S. holder during a single taxable year that is greater than 125% of the
average amount of distributions received by such U.S. holder during the three
preceding taxable years in respect of the ordinary shares or ADRs or, if
shorter, such U.S. holder's holding period for the ordinary shares or ADRs).
Under these rules:</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the gain or excess distribution will be
allocated ratably over a U.S. holder's holding period for the ordinary shares
or ADRs, as applicable; </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the amount allocated to the taxable year in
which a U.S. holder realizes the gain or excess distribution will be taxed as
ordinary income; </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the amount allocated to each prior year
(other than a pre-PFIC year), with certain exceptions, will be taxed at the
highest tax rate in effect for that year; and </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the interest charge generally applicable to
underpayments of tax will be imposed in respect of the tax attributable to each
such year (other than a pre-PFIC year). </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Although we generally will be treated as a PFIC as
to any U.S. holder if we are a PFIC for any year during a U.S. holder's holding
period, if we cease to satisfy the requirements for PFIC classification, the U.S.
holder may avoid PFIC classification for subsequent years if such holder elects
to recognize gain based on the unrealized appreciation in the ordinary shares
or ADRs through the close of the tax year in which we cease to be a PFIC. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A U.S. holder of a PFIC is required to file an
annual report with the Internal Revenue Service containing such information as
the U.S. Secretary of Treasury may require.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A U.S. holder of the ordinary shares or ADRs that
are treated as &#8220;marketable stock&#8221; under the PFIC rules may be able to avoid the
imposition of the special tax and interest charge described above by making a
mark-to-market election. Pursuant to this election, the U.S. holder would
include in ordinary income or loss for each taxable year an amount equal to the
difference as of the close of the taxable year between the fair market value of
the ordinary shares or ADRs and the U.S. holder's adjusted tax basis in such
ordinary shares or ADRs. Losses would be allowed only to the extent of net
mark-to-market gain previously included by the U.S. holder under the election
for prior taxable years. If a mark-to-market election with respect to ordinary
shares or ADRs is in effect on the date of a U.S. holder's death, the tax basis
of the ordinary shares or ADRs in the hands of a U.S. holder who acquired them
from a decedent will be the lesser of the decedent's tax basis or the fair
market value of the ordinary shares or ADRs. U.S. holders desiring to make the
mark-to-market election are urged to consult their tax advisors with respect to
the application and effect of making the election for the ordinary shares or ADRs.
</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the case of a U.S. holder who holds ordinary
shares or ADRs and who does not make a mark-to-market election, the special tax
and interest charge described above will not apply if such holder makes an
election to treat us as a &#8220;qualified electing fund&#8221; in the first taxable year
in which such holder owns the ordinary shares or ADRs and if we comply with
certain reporting requirements. However, we do not intend to supply U.S. holders
with the information needed to report income and gain pursuant to a &#8220;qualified
electing fund&#8221; election in the event that we are classified as a PFIC. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;We believe that we were not a PFIC for our
fiscal year ended June&nbsp;30, </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2020</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. However, under the PFIC rules income and assets are require to be
measured and classified in accordance with U.S. federal income tax principles.
Our analysis is based on our financial statements as prepared in accordance
with IFRS, which may substantially differ from U.S. federal income tax
principles. Therefore, no assurance can be given that we were not a PFIC.
Furthermore, the tests for determining whether we would be a PFIC for any
taxable year are applied annually and it is difficult to make accurate
predictions of future income and assets, which are relevant to this
determination. In addition, certain factors in the PFIC determination, such as
reductions in the market value of our capital stock, are not within our control
and can cause us to become a PFIC. Accordingly, there can be no assurance that
we will not become a PFIC. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The rules relating to PFICs are very complex.
U.S. holders are urged to consult their tax advisors regarding the application
of the PFIC rules to their investments in our ordinary shares or ADRs.</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Disposition of Ordinary Shares or ADRs</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to the discussion
above under the heading &#8220;Passive Foreign Investment Company&#8221;, upon a sale,
exchange, or other taxable disposition of ordinary shares or ADRs, a U.S. holder
will recognize gain or loss in an amount equal to the difference between the U.S.
dollar value of the amount realized on the sale or exchange and such holder's
adjusted tax basis in the ordinary shares or ADRs. Subject to the application
of the &#8220;passive foreign investment company&#8221; rules discussed above, such gain or
loss generally will be capital gain or loss and will be long-term capital gain
or loss if the U.S. holder has held the ordinary shares or ADRs for more than
one year. The deductibility of capital losses is subject to limitations. Gain
or loss recognized by a U.S. holder on the taxable disposition of ordinary
shares or ADRs generally will be treated as U.S.&#8209;source gain or loss for U.S.
foreign tax credit purposes. </font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<font face="Times New Roman,serif" style="border:none;">
&nbsp;</font>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>


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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_77"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the case of a cash basis U.S.
holder who receives rands in connection with the taxable disposition of
ordinary shares or ADRs, the amount realized will be based on the spot rate as
determined on the settlement date of such exchange. A U.S. holder who receives
payment in rand and converts rand into U.S. dollars at a conversion rate other
than the rate in effect on the settlement date may have a foreign currency
exchange gain or loss that would be treated as ordinary income or loss. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; An accrual basis U.S. holder
may elect the same treatment required of cash basis taxpayers with respect to a
taxable disposition of ordinary shares or ADRs, provided that the election is
applied consistently from year to year. Such election may not be changed
without the consent of the Internal Revenue Service. In the event that an
accrual basis holder does not elect to be treated as a cash basis taxpayer,
such U.S. holder may have a foreign currency gain or loss for U.S. federal
income tax purposes because of the differences between the U.S. dollar value of
the currency received prevailing on the trade date and the settlement date. Any
such currency gain or loss will be treated as ordinary income or loss and would
be in addition to gain or loss, if any, recognized by such U.S. holder on the
disposition of such ordinary shares or ADRs. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Information with respect to Foreign Financial
Assets</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Certain U.S. holders may be required to report on
Internal Revenue Service Form 8938 information relating to an interest in
ordinary shares or ADRs, subject to certain exceptions (including an exception
for assets held in accounts maintained by certain financial institutions,
although the account itself may be reportable if held at a non-U.S. financial
institution). U.S. holders should consult their tax advisers regarding the
effect, if any, of this reporting requirement on their acquisition, ownership
and disposition of ordinary shares or ADRs. U.S. holders should consult their
tax advisors regarding application of the information reporting and backup
withholding rules.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font style="display:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;text-decoration:none;">&nbsp;</font></i></font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10F. DIVIDENDS AND PAYING AGENTS</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not
applicable</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font style="display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></font></p>

<p align=left style="border:none;margin:0in;margin-left:.5in;text-align:left;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">10G. STATEMENT BY EXPERTS</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not
applicable.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">10H. DOCUMENTS ON DISPLAY</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">DRDGOLD files annual reports on Form 20-F and reports on Form 6-K
with the SEC. You may access this information at the SEC&#8217;s home page
(http://www.sec.gov). Copies of the documents referred to herein may be
inspected at DRDGOLD Limited&#8217;s offices by contacting DRDGOLD Limited, P.O. Box
390, Maraisburg, Johannesburg, South Africa 1700. Attn: Company Secretary. Tel
No. +27-11-470-2600. </font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font style="display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">10I. SUBSIDIARY INFORMATION</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not
applicable.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM&nbsp;11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
MARKET RISK </font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">General</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the normal course of our operations, we are
exposed to market risk, including commodity price, foreign currency, interest
and credit risks. Refer to Item 18. &#8216;&#8216;Financial Statements - Note 27 -
Financial instruments&#8217;&#8217; of the consolidated financial statements for a
qualitative and quantitative discussion of our exposure to these market risks.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Our long-term strategy is to remain unhedged
and to keep borrowings to a minimum. During fiscal 2020 we do not hold or issue
derivative financial instruments for speculative purposes, nor did we hedge
forward gold sales.</font></font><font face=Dutch801BT-Roman,serif style="border:none;"><font face=Dutch801BT-Roman,serif lang=EN-US style="font-size:9.0pt;line-height:normal;"> &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">However, in instances where we need to incur medium-term borrowings
to finance growth projects that introduce some liquidity risk to the Group, we
may mitigate this liquidity risk by entering into an arrangement to provide
price protection against a possible decrease in the Rand gold price while
borrowings are in place. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">For example in fiscal 2019 we entered into a
hedging instrument in the form of a collar in respect of 50,000 ounces of gold
that expired at the end of May 2019.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Commodity price risk</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The rand market price of gold has a significant
effect on our results of operations, our ability and the ability of our
subsidiaries to pay dividends and undertake capital expenditures, and the
market price of our ordinary shares or ADSs. Historically, rand gold prices
have fluctuated widely and are affected by numerous industry factors over which
we have no control. The aggregate effect of these factors on the rand gold price
is impossible for us to predict. The rand price of gold may not remain at a
level allowing us to economically exploit our reserves. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>


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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_78"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>

 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; It is our long-term policy
not to hedge this commodity price risk. However, in instances where we need to
incur medium-term borrowings to finance growth projects that introduce some
liquidity risk to the Group, we may mitigate this liquidity risk by entering
into an arrangement to provide price protection against a possible decrease in
the Rand gold price while borrowings are in place. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">For example in fiscal
2019 we entered into a hedging instrument in the form of a collar in respect of
50,000 ounces of gold that expired at the end of May 2019.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Concentration of credit risk</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Credit risk is the risk of financial loss to
us if a customer or counterparty to a financial instrument fails to meet its
contractual obligations, and arises principally from our receivables from
customers and investment securities</font></font><font color=#231F20 face=Bliss-Light style="border:none;"><font color=#231F20 face=Bliss-Light lang=EN-US style="font-size:9.0pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Group manages its exposure to credit risk on
trade receivables by maintaining a short term cycle to settlement of 2 days.
The Group manages its exposure to credit risk on other receivables by dealing
with a number of counterparties, ensuring that these counterparties are of good
credit standing and transacting on a secured or cash basis where considered
required. Receivables are regularly monitored and assessed for recoverability.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Foreign currency risk</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our reporting currency is South African rand.
Although gold is sold in US dollars, the Company is obliged to convert this
into rands. We are thus exposed to fluctuations in the US dollar/rand exchange
rate. Foreign exchange fluctuations affect the cash flow that we will realize
from our operations as gold is sold in US dollars, while production costs are
incurred primarily in rands. Our results are positively affected when the US
dollar strengthens against the rand and adversely affected when the US dollar
weakens against the rand. Our cash and cash equivalent balances are mostly held
in South African rands. Holdings denominated in other currencies are
insignificant.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:10.9pt;">
  <td colspan=5 nowrap valign=bottom width=100% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><i><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Long-term debt</font></i></b></p>
  </td>
 </tr>
<tr style="height:20.25pt;">
  <td nowrap valign=bottom width=9% style="height:20.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=4 nowrap valign=top width=91% style="height:20.25pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Set out below is an analysis of our debt
  as at June 30, 2020 consisting of lease liabilities. All of our long-term
  debt is denominated in South African rand.</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td nowrap valign=bottom width=9% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=54% style="height:9.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Interest rate</font></b></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=13% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td nowrap valign=bottom width=9% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=54% style="height:9.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total </font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=13% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:9.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">8.8% - 10.3%</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td nowrap valign=bottom width=9% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=54% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=13% style="border:none;height:9.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R'm</font></u></b></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td nowrap valign=bottom width=9% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=54% style="height:9.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Repayment period</font></b></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=13% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td nowrap valign=bottom width=9% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=54% style="height:9.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2021</font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=13% style="height:9.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">14.0</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td nowrap valign=bottom width=9% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=54% style="height:9.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2022</font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=13% style="height:9.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">11.7</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td nowrap valign=bottom width=9% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=54% style="height:9.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2023</font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=13% style="height:9.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">11.7</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td nowrap valign=bottom width=9% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=54% style="height:9.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2024</font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=13% style="height:9.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td nowrap valign=bottom width=9% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=54% style="height:9.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2025</font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=13% style="height:9.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4.7</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td nowrap valign=bottom width=9% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=54% style="height:9.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2026</font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=13% style="height:9.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td nowrap valign=bottom width=9% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=54% style="height:9.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2027</font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=13% style="border:none;border-bottom:solid black 1.0pt;height:9.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.3</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td nowrap valign=bottom width=9% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=54% style="height:9.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total </font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=13% style="border:none;border-bottom:solid black 1.0pt;height:9.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">55.4</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td nowrap valign=bottom width=9% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=54% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td width=13% style="border:none;height:9.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:24.6pt;">
  <td colspan=5 valign=bottom width=100% style="height:24.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Based on our fiscal year 2020 financial
  results, a hypothetical 100 basis points (increase)/decrease in interest rate
  activity would (increase)/decrease our interest expense by R0.5 million.</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;margin-top:10.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM&nbsp;12. DESCRIPTION OF SECURITIES OTHER
THAN EQUITY SECURITIES </font></b></font></p>

<p style="border:none;margin:0in;margin-top:10.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">12A.
DEBT SECURITIES</font></i></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not applicable</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:10.0pt;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">12B. WARRANTS AND RIGHTS</font></i></b></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not applicable.</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><font style="display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">12C. OTHER SECURITIES</font></i></b></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not applicable.</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><font style="display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></font></p>


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 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">12D. AMERICAN DEPOSITARY SHARES</font></i></b></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Depositary Fees and Charges</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; DRDGOLD&#8217;s American Depository Shares, or ADSs,
each representing ten of DRDGOLD&#8217;s ordinary shares, are traded on the New York
Stock Exchange, or NYSE under the symbol &#8220;DRD&#8221; (until December 29, 2011 our
ADSs were traded on the Nasdaq Capital Market under the symbol &#8220;DROOY&#8221;). The
ADSs are evidenced by American Depository Receipts, or ADRs, issued by The Bank
of New York Mellon, as Depository under the Amended and Restated Deposit
Agreement dated as of August 12, 1996, as amended and restated as of October 2,
1996, as further amended and restated as of August 6, 1998, as further amended
and restated July 23, 2007, among DRDGOLD Limited, The Bank of New York Mellon and
owners and beneficial owners of ADRs from time to time. ADR holders may have to
pay the following service fees to the Depositary:</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font style="display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:9.6pt;">
  <td width=10% style="height:9.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Service</font></u></b></p>
  </td>
 <td width=46% style="height:9.6pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;text-decoration:none;">&nbsp;</font></b></p>
  </td>
 <td width=44% style="height:9.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Fees (USD)</font></u></b></p>
  </td>
 </tr>
<tr style="height:20.45pt;">
  <td colspan=2 width=56% style="height:20.45pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Issuance of ADSs, including
  issuances resulting from a distribution of ordinary shares or rights </font></p>
  </td>
 <td width=44% style="height:20.45pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">$5.00 (or less) per 100 ADSs (or portion
  thereof)<sup>1</sup></font></p>
  </td>
 </tr>
<tr style="height:.3in;">
  <td colspan=2 width=56% style="height:.3in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cancellation of ADSs for the
  purpose of withdrawal, including if the Deposit Agreement terminates </font></p>
  </td>
 <td width=44% style="height:.3in;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">$5.00 (or less) per 100 ADSs (or portion
  thereof)<sup>1</sup></font></p>
  </td>
 </tr>
<tr style="height:9.0pt;">
  <td colspan=2 width=56% style="height:9.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Distribution of cash dividends
  or other cash distributions </font></p>
  </td>
 <td width=44% style="height:9.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2 cents (or less) per ADS (or portion
  thereof)</font></p>
  </td>
 </tr>
<tr style="height:20.45pt;">
  <td colspan=2 width=56% style="height:20.45pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Distribution of securities
  distributed to holders of deposited securities which are distributed by the
  Depositary to ADS registered holders </font></p>
  </td>
 <td width=44% style="height:20.45pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">$5.00 (or less) per 100 ADSs (or portion
  thereof)</font></p>
  </td>
 </tr>
<tr style="height:7.9pt;">
  <td width=10% style="height:7.9pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=46% style="height:7.9pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=44% style="height:7.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:9.0pt;">
  <td nowrap valign=bottom width=10% style="height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=90% style="height:9.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">In addition, ADR holders are
  responsible for certain fees and expenses incurred by the Depositary on their
  behalf including (1) taxes and other</font></p>
  </td>
 </tr>
<tr style="height:40.15pt;">
  <td colspan=3 valign=top width=100% style="height:40.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">governmental charges, (2) such
  registration fees as may from time to time be in effect for the registration
  of transfers of ordinary shares generally on the share register and
  applicable to transfers of ordinary shares to the name of the Depositary or
  its nominee or the Custodian or its nominee on the making of deposits or
  withdrawals, (3) such cable, telex and facsimile transmission expenses as are
  expressly provided in the Deposit Agreement, and (4) such expenses as are
  incurred by the Depositary in the conversion of foreign currency to U.S.
  Dollars.</font></p>
  </td>
 </tr>
<tr style="height:5.45pt;">
  <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:5.45pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=46% style="border:none;border-bottom:solid black 1.0pt;height:5.45pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:5.45pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:.3in;">
  <td colspan=3 width=100% style="height:.3in;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><sup><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">[1]</font></sup><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> </font><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">These fees are typically paid to the
  Depositary by the brokers on behalf of their clients receiving the
  newly-issued ADSs from the Depositary or delivering the ADSs to the
  Depositary for cancellation. The brokers in turn charge these transaction
  fees to their clients.</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=10% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=46% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The Depositary collects its fees for delivery
and surrender of ADSs directly from investors depositing or surrendering ADSs
for the purpose of withdrawal or from intermediaries acting for them. The
Depositary, collects fees for making distributions to investors by deducting
those fees from the amounts distributed or by selling a portion of
distributable property to pay the fees. The Depositary may collect its annual
fee for depositary services by deductions from cash distributions or by
directly billing investors or by charging the book-entry system accounts of
participants acting for them. The Depositary may generally refuse to provide
fee-attracting services until its fees for those services are paid. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Depositary Payments </font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The Bank of New York Mellon, as Depositary,
has agreed to reimburse DRDGOLD an annual amount of $75,000 mainly consisting
of accumulated contributions towards the Company&#8217;s investor relations
activities (including investor meetings, conferences and fees of investor
relations service vendors). After the deduction of other fees, the annual
reimbursement for the year ended June 30, 2020 amounts to approximately $51,944
(June 30, 2019: $16,237, June 30, 2018: $5,974). DRDGOLD is also entitled to a
25% share of the dividend fees which amounts to approximately $65,551 for the
year ended June 30, 2020 (June 30, 2019: $nil, June 30, 2018: $20,195).</font></font></p>


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 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p align=center style="border:none;margin:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">PART II</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM&nbsp;13. DEFAULTS, DIVIDEND ARREARAGES AND
DELINQUENCIES </font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">There
have been no material defaults in the payment of principal, interest, a sinking
or purchase fund installment, or any other material defaults with respect to
any indebtedness of ours.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM&nbsp;14. MATERIAL MODIFICATIONS TO THE RIGHTS OF
SECURITY HOLDERS AND USE OF PROCEEDS </font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not
applicable. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font style="display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">ITEM
15. CONTROLS AND PROCEDURES </font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">15A.
Disclosure Controls and Procedures</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">As of June 30, 2020, our management, with the participation of our
Chief Executive Officer and Chief Financial Officer have evaluated the
effectiveness of our disclosure controls and procedures (as this term is
defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act). Our management,
including the Chief Executive Officer and Chief Financial Officer, concluded
that our disclosure controls and procedures were effective as of June 30, 2020.</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Our disclosure controls and procedures are designed to provide
reasonable assurance that information required to be disclosed by us in the
reports that we file or submit under the Securities Exchange Act of 1934 is recorded,
processed, summarized and reported, within the time periods specified in the
applicable rules and forms and that such information required to be disclosed
by us in the reports we file or submit under the Securities Exchange Act is
accumulated and communicated to our management, including our Chief Executive
Officer and Chief Financial Officer, as appropriate to allow timely decisions
regarding required disclosures.</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">There are inherent limitations in the effectiveness of any system
of disclosure controls and procedures. These limitations include the
possibility of human error and the circumvention or overriding of the controls
and procedures. Accordingly, any such system can only provide reasonable
assurance of achieving the desired control objectives</font></font><font face=Times-Roman,serif style="border:none;"><font face=Times-Roman,serif lang=EN-US style="font-size:9.0pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font style="display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">15B.
Management&#8217;s Annual Report on Internal Control Over Financial Reporting </font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Our management is responsible for establishing and maintaining
adequate internal control over financial reporting. Internal control over
financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under
the Securities Exchange Act of 1934 as a process designed by, or under the
supervision of, our Chief Executive Officer and Chief Financial Officer and
effected by our board, management and other personnel to provide reasonable
assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with IFRS. Under
Section 404 of the Sarbanes Oxley Act of 2002, management is required to assess
our internal controls surrounding the financial reporting process as at the end
of each fiscal year. Based on that assessment, management is to determine
whether or not our internal controls over financial reporting are effective. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Internal control over financial reporting includes those policies
and procedures that: </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:53.7pt;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">pertain to the maintenance of records that in reasonable detail
accurately and fairly reflect the transactions and dispositions of our assets;</font></font></p>

<p style="border:none;margin:0in;margin-left:53.7pt;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance with
IFRS, and that our receipts and expenditures are being made only in accordance
with authorizations of our management and board; and</font></font></p>

<p style="border:none;margin:0in;margin-left:53.7pt;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of our assets that
could have a material effect on our financial statements.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements. Instead, it must
be noted that even those systems that management deems to be effective can only
provide reasonable assurance with respect to the preparation and presentation
of our financial statements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may
become inadequate because of changes in conditions, or the degree of compliance
with the policies and procedures. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Our management assessed the effectiveness of our internal control
over financial reporting as of June&nbsp;30,&nbsp;2020. In making this assessment,
our management used the criteria set forth by the </font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Internal
Control-Integrated Framework (2013) </font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO). Based on our assessment and
those criteria, our management concluded that as of June 30, 2020 our internal
control over financial reporting was effective. <a name="_DV_M5"></a><a name="_DV_M10"></a><a name="_DV_M11"></a><a name="_DV_M17"></a><a name="_DV_M22"></a><a name="_DV_M25"></a><a name="_DV_M26"></a><a name="_DV_M27"></a><a name="_DV_M28"></a><a name="_DV_M29"></a></font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">15C. Attestation Report of the independent registered
public accounting firm</font></i></b></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The effectiveness of internal control over financial reporting as
of June 30, 2020 was audited by KPMG Inc., independent registered public
accounting firm, as stated in their report on page F-1 of this Form 20-F.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>


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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

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<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">15D. Changes in Internal Control Over
Financial Reporting</font></i></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Changes that have materially affected, or are reasonably likely to
materially affect, our internal control over financial reporting during the
period covered by the annual report, need to be identified and reported as
required by paragraph (d) of Rule 13a-15.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">During the year ended June 30, 2020, there have not been any
changes in our internal control over financial reporting that have materially
affected, or are reasonably likely to materially affect, our internal control
over financial reporting.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT </font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="background:yellow;border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Mr.&nbsp;J.A.&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Holtzhausen</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">, Chairman of the Audit and Risk Committee, has been determined by
our board to be an audit committee financial expert within the meaning of the
Sarbanes-Oxley Act, in accordance with the Rules of the New York Stock Exchange</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">, or NYSE,</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> and rules promulgated by the SEC
and</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> independent both under the New York
Stock Exchange Rules and the South African Johannesburg Stock Exchange Rules</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">.
The board is satisfied that the skills, experience and attributes of the
members of the audit and risk committee are sufficient to enable those members
to discharge the responsibilities of the audit and risk committee. </font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 16B. CODE OF ETHICS</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">We have adopted a Code of Conduct that applies to all senior
executives including our Non-Executive Chairman, the Chief Executive Officer,
Chief Financial Officer, Chief Operating Officer and the Financial Director at
our mining operation as well as all other employees. The Code of Conduct can be
accessed on the Company&#8217;s website at the following web address: www.drdgold.com/about-us/governance.</font></font></p>

<p style="border:none;margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND
SERVICES</font></b></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">KPMG Inc. has served as our independently registered public
accountant for the fiscal years ended June 30, 2020, 2019 and 2018, for which
audited financial statements appear in this Annual Report. The Annual General
Meeting elects the auditors annually.</font></font></p>

<p style="border:none;margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The following table presents the aggregate fees
for professional audit services and other services rendered by KPMG Inc. to us
in fiscal year 2020 and 2019:</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Audit
Fees</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Audit fees billed for the annual audit
services engagement, which are those services that the external auditor reasonably
can provide, include the company audit; statutory audits; comfort letters and
consents; attest services; and assistance with and review of documents filed
with the SEC.</font></font></p>

<p align=left style="margin:0in;text-align:left;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:10.9pt;">
  <td width=72% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><i><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Auditors' remuneration</font></i><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> &nbsp;</font></p>
  </td>
 <td colspan=2 width=28% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Year ended June 30,</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=72% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td width=14% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=72% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R m</font></u></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R m</font></u></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=72% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Audit fees</font></p>
  </td>
 <td width=14% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">8.4</font></p>
  </td>
 <td width=14% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">8.3</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=72% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">All other fees</font></p>
  </td>
 <td width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.4</font></p>
  </td>
 <td width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.0</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=72% style="height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total</font></p>
  </td>
 <td width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">8.8</font></p>
  </td>
 <td width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">9.3</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">All Other Fees</font></i></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
all other fees during fiscal year 2020 consist of the following:</font></font></p>

<p style="border:none;margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R0.2 million with respect to limited assurance provided by KPMG on
specified items contained in our Integrated Report for fiscal year 2019; and</font></font></p>

<p style="border:none;margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R0.2 million with respect to limited assurance provided by KPMG on
specified items contained in our Integrated Report for fiscal year 2020;</font></font></p>

<p style="border:none;margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
all other fees during fiscal year 2019 consist of the following:</font></font></p>

<p style="border:none;margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R0.4 million with respect to limited assurance provided by KPMG on
specified items contained in our Integrated Report for fiscal year 2018;</font></font></p>

<p style="border:none;margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R0.1 million with respect to limited assurance provided by KPMG on
specified items contained in our Integrated Report for fiscal year 2019; and</font></font></p>

<p style="border:none;margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R0.5 million with respect to agreed-upon procedures performed by
KPMG on the eXtensible Business Reporting Language (XBRL) interactive data file
related to the form 20-F for fiscal year 2018;</font></font></p>

<p style="border:none;margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Audit and Risk Committee is directly responsible for recommending the
appointment, re-appointment and removal of the external auditors as well as the
remuneration and terms of engagement of the external auditors. The committee
pre-approves, and has pre-approved, all non-audit services provided by the
external auditors. The</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> Audit and Risk
Committee considered all of the fees mentioned above and determined that such
fees are compatible with maintaining KPMG Inc.&#8217;s independence.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>


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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM
16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not
applicable.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND
AFFILIATED PURCHASERS</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not applicable</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not
applicable.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 16G. CORPORATE GOVERNANCE</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">As
a foreign private issuer with shares listed on the NYSE, we are subject to
corporate governance requirements imposed by NYSE. Under section 303A.11 of the
NYSE Listing Standards, a foreign private issuer such as us may follow its home
country corporate governance practices in lieu of certain of the NYSE Listing
Standards on corporate governance. We are also exempt from certain NYSE
corporate governance requirements as a &quot;controlled company&quot;. The
following paragraphs summarize the significant differences between these
various requirements and how it is implemented by DRDGOLD: </font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Shareholder meeting quorum requirements</font></i></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Section 310.00 of the NYSE Listing Standards
provides that the quorum required for any meeting of holders of common stock
should be sufficiently high to insure a representative vote. Consistent with
the practice of companies incorporated in South Africa, our Memorandum of
Incorporation requires a quorum of three members present with sufficient voting
powers in person or by proxy to exercise in aggregate 25% of the voting rights
and we have elected to follow our home country rule.</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 16H. MI<a name="tx421786_32"></a><a name="tx421786_32_bclEnd"></a>NE SAFETY DISCLOSURES </font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;text-indent:.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:9.0pt;line-height:18.0pt;">Not applicable. </font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;display:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>


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<p align=center style="border:none;margin:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">PART III</font></b></font></p>

<p align=center style="border:none;margin:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM&nbsp;17. FINANCIAL STATEMENTS</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not
applicable.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font style="display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:15.0pt;">
  <td nowrap valign=bottom width=76% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ITEM 18 FINANCIAL STATEMENTS</font></b></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td nowrap valign=bottom width=76% style="height:11.45pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:11.45pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The following annual financial statements
  and related auditor&#8217;s reports are filed as part of this Annual Report</font></b></p>
  </td>
 <td valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><u><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Page</font></u></b></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Report of the Independent Registered
  Public Accounting Firm </font></p>
  </td>
 <td valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">F&#8209;1</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Consolidated statement of profit or loss
  and other comprehensive income for the years ended June 30, 2020, 2019 and
  2018</font></p>
  </td>
 <td valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">F-3</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Consolidated statement of financial
  position at June 30, 2020 and 2019</font></p>
  </td>
 <td valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">F&#8209;4</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Consolidated statement of changes in
  equity for the years ended June 30, 2020, 2019 and 2018</font></p>
  </td>
 <td valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">F&#8209;5</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Consolidated statement of cash flows for
  the years ended June 30, 2020, 2019 and 2018</font></p>
  </td>
 <td valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">F&#8209;4</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="border:none;border-bottom:solid black 1.0pt;height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Notes to the consolidated financial
  statements </font></p>
  </td>
 <td valign=bottom width=24% style="border:none;border-bottom:solid black 1.0pt;height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">F&#8209;1 to F&#8209;29</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="border:none;height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">About these consolidated financial
  statements</font></p>
  </td>
 <td valign=bottom width=24% style="border:none;height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Use of accounting assumptions, estimates
  and judgements</font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">New standards, amendments to standards
  and interpretations not yet adopted</font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Performance</font></b></p>
  </td>
 <td valign=bottom width=24% style="height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Revenue </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Results from operating activities </font></p>
  </td>
 <td valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cost of sales </font></p>
  </td>
 <td valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.1</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other income </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.2</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Administration expenses and other costs</font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.3</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Finance income </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Finance expense </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Earnings per share </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">8</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Resource assets and related liabilities</font></b></p>
  </td>
 <td valign=bottom width=24% style="height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Property, plant and equipment </font></p>
  </td>
 <td valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">9</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Right of use assets and leases</font></p>
  </td>
 <td valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Provision for environmental
  rehabilitation </font></p>
  </td>
 <td valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">11</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Investment in rehabilitation obligation
  funds </font></p>
  </td>
 <td valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">12</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Working capital</font></b></p>
  </td>
 <td valign=bottom width=24% style="height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash and cash equivalents </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">13</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash generated by operations </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">14</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Trade and other receivables </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">15</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Trade and other payables </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">16</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Inventories </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">17 </font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Tax</font></b></p>
  </td>
 <td valign=bottom width=24% style="height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Income tax </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">18 </font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Income tax expense </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">18.1</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Deferred tax </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">18.2</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Employee matters</font></b></p>
  </td>
 <td valign=bottom width=24% style="height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Employee benefits </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">19</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash-settled tong-term incentive scheme</font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">19.1</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Equity-settled tong-term incentive scheme</font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">19.2</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Transactions with key management
  personnel</font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">19.3</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Capital and equity</font></b></p>
  </td>
 <td valign=bottom width=24% style="height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Capital management </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">20</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Equity </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">21</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Disclosure items</font></b></p>
  </td>
 <td valign=bottom width=24% style="height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Interest in subsidiaries </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">22</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Operating segments </font></p>
  </td>
 <td valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">23</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Payments made under protest</font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">24</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other investments</font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">25</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Contingencies</font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">26</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Financial instruments </font></p>
  </td>
 <td valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">27</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Related parties </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">28</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=76% style="border:none;border-bottom:solid black 1.0pt;height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Subsequent events </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="border:none;border-bottom:solid black 1.0pt;height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">29</font></p>
  </td>
 </tr>
</table></div>











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<p align=left style="border:none;margin:0in;margin-bottom:10.0pt;text-align:left;"><font face=Calibri,sans-serif style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></font></p>

<p align=center style="border:none;margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">Report
of Independent Registered Public Accounting Firm</font></b></font></p>

<p align=left style="border:none;margin:0in;margin-bottom:10.0pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">To the Shareholders and Board
of Directors </font></font></p>

<p align=left style="border:none;margin:0in;margin-bottom:10.0pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">DRDGOLD Limited:</font></font></p>

<p style="border:none;margin:0in;margin-bottom:5.0pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">Opinions on the Consolidated Financial Statements and Internal
Control over Financial Reporting </font></font></p>

<p style="border:none;margin:0in;margin-bottom:10.0pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">We have audited the accompanying consolidated statements of
financial position of DRDGOLD Limited and subsidiaries (the Company) as of June
30, 2020 and 2019, the related consolidated statements of profit or loss and
other comprehensive income, changes in equity, and cash flows for each of the
years in the three-year period ended June 30, 2020, and the related notes
(collectively, the consolidated financial statements). We also have audited the
Company&#8217;s internal control over financial reporting as of June 30, 2020, based
on criteria established in Internal Control &#8211; Integrated Framework (2013) issued
by the Committee of Sponsoring Organizations of the Treadway Commission.&#160; </font></font></p>

<p style="border:none;margin:0in;margin-bottom:10.0pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">In our opinion, the consolidated financial statements referred to
above present fairly, in all material respects, the financial position of the
Company as of June 30, 2020 and 2019, and the results of its operations and its
cash flows for each of the years in the three-year period ended June 30, 2020,
in conformity with International Financial Reporting Standards as issued by the
International Accounting Standards Board. Also in our opinion, the Company
maintained, in all material respects, effective internal control over financial
reporting as of June 30, 2020 based on criteria established in Internal Control
&#8211; Integrated Framework (2013) issued by the Committee of Sponsoring
Organizations of the Treadway Commission.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:10.0pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">Basis for Opinions </font></i></font></p>

<p style="border:none;margin:0in;margin-bottom:10.0pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">The Company&#8217;s management is responsible for these consolidated
financial statements, for maintaining effective internal control over financial
reporting, and for its assessment of the effectiveness of internal control over
financial reporting, included in the accompanying Management&#8217;s Annual Report on
Internal Control over Financial Reporting. Our responsibility is to express an
opinion on the Company&#8217;s consolidated financial statements and an opinion on
the Company&#8217;s internal control over financial reporting based on our audits. We
are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) (PCAOB) and are required to be independent with
respect to the Company in accordance with the U.S. federal securities laws and
the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:10.0pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">We conducted our audits in accordance with the standards of the
PCAOB. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the consolidated financial statements are
free of material misstatement, whether due to error or fraud, and whether
effective internal control over financial reporting was maintained in all
material respects. </font></font></p>

<p style="border:none;margin:0in;margin-bottom:10.0pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">Our audits of the consolidated financial statements included
performing procedures to assess the risks of material misstatement of the
consolidated financial statements, whether due to error or fraud, and
performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in
the consolidated financial statements. Our audits also included evaluating the
accounting principles used and significant estimates made by management, as
well as evaluating the overall presentation of the consolidated financial
statements. Our audit of internal control over financial reporting included
obtaining an understanding of internal control over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating
the design and operating effectiveness of internal control based on the
assessed risk. Our audits also included performing such other procedures as we
considered necessary in the circumstances. We believe that our audits provide a
reasonable basis for our opinions.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:10.0pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">Definition and Limitations of Internal Control over Financial
Reporting </font></i></font></p>

<p style="border:none;margin:0in;margin-bottom:10.0pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">A company&#8217;s internal control over financial reporting is a process
designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company&#8217;s internal
control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets
of the company; (2) provide reasonable assurance that transactions are recorded
as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of
the company are being made only in accordance with authorizations of management
and directors of the company; and (3) provide </font></font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p style="border:none;margin:0in;margin-bottom:10.0pt;page-break-after:avoid;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">reasonable
assurance regarding prevention or timely detection of unauthorized acquisition,
use, or disposition of the company&#8217;s assets that could have a material effect
on the financial statements.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:10.0pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.</font></font></p>

<p align=left style="border:none;margin:0in;margin-bottom:8.0pt;page-break-after:avoid;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-bottom:10.0pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">/s/ KPMG Inc.</font></font></p>

<p align=left style="border:none;margin:0in;margin-bottom:10.0pt;page-break-after:avoid;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">We have
served as the Company&#8217;s auditor since 2003. </font></font></p>

<p align=left style="border:none;margin:0in;page-break-after:avoid;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">Johannesburg, Republic of
South Africa</font></font></p>

<p align=left style="border:none;margin:0in;margin-bottom:10.0pt;page-break-after:avoid;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">October
29, 2020</font></font></p>



<font face="Times New Roman,serif" style="border:none;">
&nbsp;</font>




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</DIV>
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 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.5pt;">
  <td nowrap valign=top width=54% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif style="display:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=top width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td nowrap valign=bottom width=54% style="border-bottom:solid #F9B200 1.0pt;border-left:solid #F9B200 1.0pt;border-right:none;border-top:none;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #FFC000 1.0pt;border-top:none;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2018</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=54% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=7% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=13% style="background:#DBDBDB;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=13% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=13% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=54% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Revenue</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4,185.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,762.1</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,490.4</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=54% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cost of
  sales</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.1</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2,937.9)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2,553.9)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2,347.7)</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=54% style="border:none;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=54% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gross profit
  from operating activities</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,247.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">208.2</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">142.7</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=54% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other
  income</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.2</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7.9</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=54% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Administration
  expenses and other costs</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.3</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(309.9)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(90.9)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(90.7)</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=54% style="border:none;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=54% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Results
  from operating activities</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">937.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">125.2</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">52.0</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=54% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Finance
  income</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">109.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">58.3</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">38.8</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=54% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Finance
  expense</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(68.8)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(78.4)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(58.4)</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=54% style="border:none;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=54% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Profit
  before tax</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">978.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">105.1</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">32.4</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=54% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Income tax</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">18.1</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(343.9)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(26.6)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(25.9)</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid #F9B200 1.0pt;height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Profit for
  the year</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;border-bottom:solid #F9B200 1.0pt;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">635.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">78.5</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6.5</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=54% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=54% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other
  comprehensive income</font></b></p>
  </td>
 <td valign=bottom width=7% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=54% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Items that
  will not be reclassified to profit or loss, net of tax</font></b></p>
  </td>
 <td valign=bottom width=7% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:23.25pt;">
  <td valign=bottom width=54% style="height:23.25pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Net fair
  value adjustment on equity investments at fair value through other
  comprehensive income</font></p>
  </td>
 <td valign=top width=7% style="height:23.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=13% style="background:#DBDBDB;height:23.25pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">190.6</font></b></p>
  </td>
 <td valign=bottom width=13% style="height:23.25pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(5.9)</font></p>
  </td>
 <td valign=bottom width=13% style="height:23.25pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:2.45pt;">
  <td nowrap valign=bottom width=54% style="height:2.45pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:2.45pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:2.45pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:2.45pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:2.45pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:22.5pt;">
  <td valign=bottom width=54% style="height:22.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Fair value
  adjustment on equity investments at fair value through other comprehensive
  income</font></p>
  </td>
 <td valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:22.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">25</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;height:22.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">191.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:22.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(5.9)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-right:solid black 1.0pt;height:22.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td nowrap valign=bottom width=54% style="height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Deferred
  tax thereon</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">18.2</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:13.15pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1.2)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:13.15pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:13.15pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=54% style="height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=54% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Items that
  will be reclassified subsequently to profit or loss, net of tax</font></b></p>
  </td>
 <td valign=bottom width=7% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=54% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Net fair
  value adjustment on available-for-sale investments</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.6</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=54% style="height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:3.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=54% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total
  other comprehensive income for the year</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">190.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(5.9)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.6</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total
  comprehensive income for the year</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">825.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">72.6</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7.1</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=54% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=54% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Earnings
  per share</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=54% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=54% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Basic
  earnings per share (SA cents per share)</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">8</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">82.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">11.8</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.5</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Diluted
  earnings per share (SA cents per share)</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">8</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">81.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">11.5</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.5</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=54% style="border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=7% style="border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=13% style="border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=13% style="border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=13% style="border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=54% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=7% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=13% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=13% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=13% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td colspan=5 nowrap valign=top width=100% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The
  accompanying notes are an integral part of these consolidated financial
  statements.</font></p>
  </td>
 </tr>
</table></div>











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 <tr style="height:13.5pt;">
  <td nowrap valign=bottom width=65% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif style="display:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=65% style="border-bottom:solid #F9B200 1.0pt;border-left:solid #F9B200 1.0pt;border-right:none;border-top:none;height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #FFC000 1.0pt;border-top:none;height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #FFC000 1.0pt;border-top:none;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=65% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ASSETS</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Non-current
  assets</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3,485.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3,403.9</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Property,
  plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">9</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,621.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,775.3</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Investments
  in rehabilitation obligation funds</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">12</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">626.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">587.5</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Payments
  made under protest</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">24</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">35.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;27.6 <sup>1</sup></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other
  investments</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">25</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">195.3</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;3.5 <sup>1</sup></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Deferred
  tax asset</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">18.2</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">8.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10.0</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=65% style="height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Current
  assets</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,189.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">656.1</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Inventories</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">17</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">323.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">304.6</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Current
  tax receivable</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4.1</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Trade and
  other receivables</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">15</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">146.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">67.9</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash and
  cash equivalents</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">13</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,715.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">279.5</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=65% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">TOTAL
  ASSETS</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5,675.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4,060.0</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=65% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">EQUITY
  AND LIABILITIES</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Equity</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4,040.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,688.6</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Stated
  share capital</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">21.1</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6,157.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5,072.8</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other
  reserves</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">453.6</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Retained
  earnings</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2,117.7)</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2,837.8)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Non-current
  liabilities</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">889.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">913.2</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Provision
  for environmental rehabilitation</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">11</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">568.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">682.6</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Deferred
  tax liability</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">18.2</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">273.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">193.2</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Employee
  benefits</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">19</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">37.4</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Lease
  liabilities (2019: finance lease obligation)</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10.2</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">37.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=65% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Current
  liabilities</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">745.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">458.2</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Trade and
  other payables</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">16</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">478.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">419.2</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Employee
  benefits</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">19</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">227.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">22.6</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Current
  portion of lease liabilities (2019: current portion of finance lease
  obligation)</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10.2</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">11.0</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Current
  tax liability</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">29.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.4</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">TOTAL
  LIABILITIES</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,635.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,371.4</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=65% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">TOTAL
  EQUITY AND LIABILITIES</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:gainsboro;border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5,675.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4,060.0</font></p>
  </td>
 </tr>
<tr style="height:37.5pt;">
  <td colspan=4 nowrap valign=top width=100% style="border:none;height:37.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1 During 2020,
  the Group disaggregated &#8220;other assets&#8221; into &#8220;payments made under protest&#8221; and
  &#8220;other investments&#8221; respectively to reflect different types of material
  assets more appropriately. Comparative amounts in the statement of financial
  position were reclassified for consistency. As a result, R27.6 million was
  reclassified from &#8220;other assets&#8221; into &#8220;payments made under protest&#8221; and R3.5
  million was reclassified from &#8220;other assets&#8221; into &#8220;other investments</font></sup></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td colspan=4 nowrap valign=top width=100% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The
  accompanying notes are an integral part of these consolidated financial
  statements.</font></p>
  </td>
 </tr>
</table></div>











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 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=50% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif style="display:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=5% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=50% style="border:none;border-left:solid #FFC000 1.0pt;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-right:solid #F9B200 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Stated</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid #F9B200 1.0pt;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid #F9B200 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid #F9B200 1.0pt;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=50% style="border:none;border-left:solid #FFC000 1.0pt;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-right:solid #F9B200 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">share</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid #F9B200 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid #F9B200 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Retained</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid #F9B200 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total</font></b></p>
  </td>
 </tr>
<tr style="height:13.8pt;">
  <td nowrap valign=bottom width=50% style="border-bottom:solid #F9B200 1.0pt;border-left:solid #FFC000 1.0pt;border-right:none;border-top:none;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=5% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">capital</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">reserves</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">earnings</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">equity</font></b></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=50% style="border:none;height:12.6pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=5% style="border:none;height:12.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:12.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:12.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:12.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:12.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=50% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Balance at
  June 30, 2017</font></b></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4,177.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2,875.3)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,302.4</font></b></p>
  </td>
 </tr>
<tr style="height:11.4pt;">
  <td nowrap valign=bottom width=50% style="height:11.4pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:11.4pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:11.4pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:11.4pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:11.4pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:11.4pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=50% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total comprehensive
  income</font></b></p>
  </td>
 <td valign=bottom width=5% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=50% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Profit for
  the year</font></p>
  </td>
 <td valign=bottom width=5% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6.5</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6.5</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td valign=bottom width=50% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other
  comprehensive income</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.6</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.6</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td valign=bottom width=50% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total
  comprehensive income</font></b></p>
  </td>
 <td valign=bottom width=5% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7.1</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7.1</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=50% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=5% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=50% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Transactions
  with the owners of the parent</font></b></p>
  </td>
 <td valign=bottom width=5% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=50% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Contributions
  and distributions</font></b></p>
  </td>
 <td valign=bottom width=5% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td valign=bottom width=50% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Dividend
  on ordinary share capital</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">21.2</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(42.2)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(42.2)</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=50% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total
  contributions and distributions</font></b></p>
  </td>
 <td nowrap valign=bottom width=5% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(42.2)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(42.2)</font></p>
  </td>
 </tr>
<tr style="height:13.95pt;">
  <td nowrap valign=bottom width=50% style="border:none;border-bottom:solid #FFC000 1.0pt;height:13.95pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Balance at
  June 30, 2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=5% style="border:none;border-bottom:solid #FFC000 1.0pt;height:13.95pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #FFC000 1.0pt;height:13.95pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4,177.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #FFC000 1.0pt;height:13.95pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #FFC000 1.0pt;height:13.95pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2,910.4)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.95pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,267.3</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=50% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=50% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td valign=bottom width=50% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total
  comprehensive income</font></b></p>
  </td>
 <td valign=bottom width=5% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=50% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Profit for
  the year</font></p>
  </td>
 <td valign=bottom width=5% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">78.5</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">78.5</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td valign=bottom width=50% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other comprehensive
  income</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(5.9)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(5.9)</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td valign=bottom width=50% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total
  comprehensive income</font></b></p>
  </td>
 <td valign=bottom width=5% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">72.6</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">72.6</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=50% style="border:none;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=5% style="border:none;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=50% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Transactions
  with the owners of the parent</font></b></p>
  </td>
 <td valign=bottom width=5% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=50% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Contributions
  and distributions</font></b></p>
  </td>
 <td valign=bottom width=5% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:.35in;">
  <td valign=bottom width=50% style="height:.35in;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Equity
  instruments issued as purchase consideration for the acquisition of Far West
  Gold Recoveries (&quot;</font><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">FWGR</font></b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&quot;)&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:.35in;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:.35in;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">895.7</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:.35in;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">453.6</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:.35in;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:.35in;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,349.3</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=50% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Expenses
  incurred on issue of ordinary shares</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.3)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.3)</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td valign=bottom width=50% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Treasury
  shares acquired through subsidiary</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">21.1</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.3)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.3)</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=50% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total
  contributions and distributions</font></b></p>
  </td>
 <td nowrap valign=bottom width=5% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">895.1</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">453.6</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,348.7</font></p>
  </td>
 </tr>
<tr style="height:13.8pt;">
  <td nowrap valign=bottom width=50% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Balance at
  June 30, 2019</font></b></p>
  </td>
 <td nowrap valign=bottom width=5% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #FFC000 1.0pt;height:13.8pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5,072.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #FFC000 1.0pt;height:13.8pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">453.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #FFC000 1.0pt;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2,837.8)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,688.6</font></b></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=50% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=50% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=50% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total
  comprehensive income</font></b></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=50% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Profit for
  the year</font></p>
  </td>
 <td valign=bottom width=5% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">635.0</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">635.0</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td valign=bottom width=50% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other
  comprehensive income</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">190.6</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">190.6</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=50% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total
  comprehensive income</font></b></p>
  </td>
 <td nowrap valign=bottom width=5% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">825.6</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">825.6</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=50% style="border:none;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=5% style="border:none;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=50% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Transactions
  with the owners of the parent</font></b></p>
  </td>
 <td valign=bottom width=5% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=50% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Contributions
  and distributions</font></b></p>
  </td>
 <td valign=bottom width=5% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=50% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Issue of
  ordinary shares</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">21.1</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,085.6</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,085.6</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=50% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Expenses
  incurred on issue of ordinary shares</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.5)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.5)</font></p>
  </td>
 </tr>
<tr style="height:.35in;">
  <td valign=bottom width=50% style="height:.35in;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Reallocation
  of the equity instruments on exercise of the Sibanye-Stillwater option</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:.35in;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:.35in;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:.35in;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(453.6)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:.35in;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">453.6</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:.35in;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td valign=bottom width=50% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Dividend
  on ordinary share capital</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">21.2</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(565.1)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(565.1)</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td valign=bottom width=50% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Equity-settled
  share-based payment</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">19.2</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6.0</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6.0</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=50% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total
  contributions and distributions</font></b></p>
  </td>
 <td nowrap valign=bottom width=5% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,085.1</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(453.6)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(105.5)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">526.0</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=50% style="border:none;border-bottom:solid #F9B200 1.0pt;height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Balance at
  June 30, 2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=5% style="border:none;border-bottom:solid #F9B200 1.0pt;height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">21.1</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-bottom:solid #F9B200 1.0pt;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6,157.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;border-bottom:solid #F9B200 1.0pt;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;border-bottom:solid #F9B200 1.0pt;height:15.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2,117.7)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;border-bottom:solid #F9B200 1.0pt;height:15.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4,040.2</font></b></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=50% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=50% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td colspan=6 nowrap valign=top width=100% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The
  accompanying notes are an integral part of these consolidated financial
  statements.</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=50% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>











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 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=55% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif style="display:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td nowrap valign=bottom width=55% style="border-bottom:solid #F9B200 1.0pt;border-left:solid #F9B200 1.0pt;border-right:none;border-top:none;height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:.2in;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2018</font></b></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=55% style="border:none;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=55% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=55% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">CASH FLOWS
  FROM OPERATING ACTIVITIES</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=55% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash
  generated from operations</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">14</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,309.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">282.0</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">222.9</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=55% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Finance
  income received</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">63.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">16.8</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">21.9</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=55% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Dividends
  received</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4.3</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=55% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Finance
  expenses paid</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(8.7)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(9.3)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(3.5)</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=55% style="border:none;border-bottom:solid black 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Income tax
  paid</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(240.1)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1.2)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(7.5)</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=55% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Net cash inflow
  from operating activities</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-bottom:solid #F9B200 1.0pt;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,128.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">288.3</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">233.8</font></p>
  </td>
 </tr>
<tr style="height:13.8pt;">
  <td nowrap valign=bottom width=55% style="border:none;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.8pt;">
  <td nowrap valign=bottom width=55% style="height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=55% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">CASH FLOWS
  FROM INVESTING ACTIVITIES</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=55% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Acquisition
  of property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(181.1)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(347.4)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(125.9)</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=55% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Environmental
  rehabilitation payments to reduce decommissioning liabilities</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">11</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(22.1)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(16.6)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(21.5)</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=55% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Proceeds
  on disposal of property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.2</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.8</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7.0</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=55% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Funds
  received from environmental obligation funds</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">12</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">55.2</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=55% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Net cash
  outflow from investing activities</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(202.5)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(303.0)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(140.4)</font></p>
  </td>
 </tr>
<tr style="height:13.8pt;">
  <td nowrap valign=bottom width=55% style="border:none;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.8pt;">
  <td nowrap valign=bottom width=55% style="height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=55% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">CASH FLOWS
  FROM FINANCING ACTIVITIES</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=55% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Proceeds
  from the issue of ordinary shares</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">21.1</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,085.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=55% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Share
  issue expenses</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.5)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.3)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=55% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Acquisition
  of treasury shares</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">21.1</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.3)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=55% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Dividends
  paid on ordinary shares</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(564.5)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(42.2)</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=55% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Borrowings
  raised</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">192.0</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=55% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Borrowings
  paid</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(192.0)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=55% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Initial
  fees incurred on borrowings</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(3.6)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=55% style="border:none;border-bottom:solid black 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Repayment
  of lease liabilities (2019: repayment of finance lease obligations)</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10.2</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(11.4)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(3.7)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.8)</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=55% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Net cash inflow/(outflow)
  from financing activities</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-bottom:solid #F9B200 1.0pt;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">509.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(7.9)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(45.0)</font></p>
  </td>
 </tr>
<tr style="height:13.8pt;">
  <td nowrap valign=bottom width=55% style="border:none;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.8pt;">
  <td nowrap valign=bottom width=55% style="height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=55% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">NET
  INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,435.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(22.6)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">48.4</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=55% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash and
  cash equivalents at the beginning of the year</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">279.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">302.1</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">253.7</font></p>
  </td>
 </tr>
<tr style="height:13.8pt;">
  <td nowrap valign=bottom width=55% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">CASH AND
  CASH EQUIVALENTS AT THE END OF THE YEAR</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">13</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.8pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,715.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border-bottom:solid #FFC000 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.8pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">279.5</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border-bottom:solid #FFC000 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.8pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">302.1</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=55% style="border:none;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=55% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td colspan=3 nowrap valign=top width=74% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The
  accompanying notes are an integral part of these consolidated financial
  statements.</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>










<p align=left style="border:none;margin:0in;text-align:left;"><a name="XBRL_TS_05ec3a53aab44855acade2d55"></a><a name="XBRL_TS_6d3bf3f3830e4970a1fd63cf1"></a></p>
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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_90"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">1&#160;&#160;&#160;&#160;&#160;&#160;&#160; ABOUT THESE CONSOLIDATED FINANCIAL STATEMENTS</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="XBRL_TS_05ec3a53aab44855acade2d55_bclEnd"></a><a name="XBRL_TS_6d3bf3f3830e4970a1fd63cf1_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><a name="XBRL_TS_7002d7d261d246b7a1c2d0a05"></a><a name="XBRL_TS_9da9ef931e604d7e8f03b6d84"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Reporting
entity</font></b></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The DRDGOLD Group is primarily involved in the retreatment of
surface gold. The consolidated financial statements comprise DRDGOLD Limited (the
&#8220;</font><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Company</font></b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;) and its subsidiaries who are all wholly owned subsidiaries
and solely operate in South Africa (collectively the &#8220;</font><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Group</font></b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221; and
individually &#8220;</font><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Group Companies</font></b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;). The Company is domiciled in South
Africa with a registration number of 1895/000926/06. The registered address of
the Company is Constantia Office Park, Cnr 14th Avenue and Hendrik Potgieter
Road, Cycad House, Building 17, Ground Floor, Weltevreden Park, 1709.</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The DRDGOLD Group is <a name="XBRL_CS_a05a2aadd9dd4fa2897e7d0b3"></a><a name="XBRL_CS_91bf7066c6a54ff8a2a87e8ac"></a>50.1<a name="XBRL_CS_91bf7066c6a54ff8a2a87e8ac_bclEnd"></a><a name="XBRL_CS_a05a2aadd9dd4fa2897e7d0b3_bclEnd"></a>% held by Sibanye Gold
Limited, which in turn is a wholly owned subsidiary of </font></font><a name="XBRL_CS_0523460df4ed438d955cb9a32"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Sibanye Stillwater
Limited</font></font><a name="XBRL_CS_0523460df4ed438d955cb9a32_bclEnd"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">
&nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(&#8220;</font><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Sibanye-Stillwater</font></b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;).&nbsp;</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><a name="XBRL_TS_6b9afc78912840fdb9d7e37db"></a><a name="XBRL_TS_9da9ef931e604d7e8f03b6d84_bclEnd"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Basis
of accounting</font></b></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRS) and its
interpretations adopted by the International Accounting Standards Board (IASB).
The consolidated financial statements were approved by the board for issuance
on October 29, 2020.</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><a name="XBRL_TS_0b633d202700410696ae2b253"></a><a name="XBRL_TS_6b9afc78912840fdb9d7e37db_bclEnd"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Functional
and presentation currency</font></b></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The functional and presentation currency of DRDGOLD
and its subsidiaries is South African rand. The amounts in these consolidated
financial statements are rounded to the nearest million unless stated
otherwise. Significant exchange rates applied during the year are set out in
the table below:</font></font><a name="XBRL_TS_0b633d202700410696ae2b253_bclEnd"></a><a name="XBRL_TS_7002d7d261d246b7a1c2d0a05_bclEnd"></a></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:10.9pt;">
  <td nowrap valign=bottom width=5% style="height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=56% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=56% style="background:#DADADA;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">South
  African rand / US dollar</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DADADA;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DADADA;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DADADA;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2018</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=56% style="background:#DADADA;border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Spot rate
  at year end</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DADADA;border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">17.32</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DADADA;border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">14.07</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DADADA;border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">13.72</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=56% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Average
  rate for the financial year</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">15.66</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">14.18</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">12.85</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=56% style="background:#DADADA;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DADADA;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DADADA;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DADADA;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p style="background:#D9D9D9;border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><a name="XBRL_TS_410279295f2f44a4a9c72c179"></a><a name="XBRL_TS_9a7e11ea41284a46bb19b1196"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Basis
of measurement</font></b></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The consolidated financial statements are prepared on the
historical cost basis, unless otherwise stated.</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><a name="XBRL_TS_ed6a7d2b39c3443a8593f0aad"></a><a name="XBRL_TS_9a7e11ea41284a46bb19b1196_bclEnd"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Basis
of consolidation</font></b></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Subsidiaries</font></i></b></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Subsidiaries are entities controlled by the Group. The Group
controls an entity when it is exposed to, or has rights to, variable returns
from its involvement with the entity and has the ability to affect those
returns through its power over the entity. The financial statements of
subsidiaries are included in the consolidated financial statements from the
date that control commences until the date that control ceases.</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Transactions eliminated on
consolidation</font></i></b></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-bottom:12.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Intra-group balances, transactions and any unrealised gains and
losses or income and expenses arising from intra-group transactions, are
eliminated in preparing the consolidated financial statements.</font></font><a name="XBRL_TS_410279295f2f44a4a9c72c179_bclEnd"></a><a name="XBRL_TS_ed6a7d2b39c3443a8593f0aad_bclEnd"></a></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName1></a><a name=BookmarkName2></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">2&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">USE OF ACCOUNTING ASSUMPTIONS,
ESTIMATES AND JUDGEMENTS</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName1_bclEnd"></a><a name="BookmarkName2_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><a name="XBRL_TS_e1abf45457a1450fa82c4a422"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The preparation
of the consolidated financial statements requires management to make accounting
assumptions, estimates and judgements that affect the application of the
Group's accounting policies and reported amounts of assets and liabilities,
income and expenses.</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Accounting assumptions, estimates and judgements are reviewed on
an ongoing basis. Revisions to reported amounts are recognised in the period in
which the revision is made and in any future periods affected. Actual results
may differ from these estimates.</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Information about assumptions and estimates in
applying accounting policies that have the most significant effect on the
amounts recognised in the consolidated financial statements are included in the
notes:</font></font></p>

<p align=left style="background:#D9D9D9;border:none;margin:0in;margin-left:28.35pt;text-align:left;text-indent:7.1pt;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NOTE 9&#160;&#160;&#160; &#160;&#160;&#160;&#160;PROPERTY, PLANT AND EQUIPMENT</font></font></p>

<p align=left style="background:#D9D9D9;border:none;margin:0in;margin-left:28.35pt;text-align:left;text-indent:7.1pt;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NOTE 11&#160;&#160; &#160;&#160;&#160;PROVISION FOR ENVIRONMENTAL REHABILITATION</font></font></p>

<p align=left style="background:#D9D9D9;border:none;margin:0in;margin-left:28.35pt;text-align:left;text-indent:7.1pt;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NOTE 18&#160;&#160; &#160;&#160;&#160;INCOME TAX</font></font></p>

<p align=left style="background:#D9D9D9;border:none;margin:0in;margin-left:28.35pt;text-align:left;text-indent:7.1pt;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NOTE 24&#160;&#160; &#160;&#160;&#160;PAYMENTS MADE UNDER PROTEST</font></font></p>

<p align=left style="background:#D9D9D9;border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:left;text-indent:7.1pt;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NOTE
25&#160;&#160; &#160;&#160;&#160;OTHER INVESTMENTS</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Information about significant judgements in applying
accounting policies that have the most significant effect on the amounts
recognised in the consolidated financial statements are included in the notes:</font></font></p>

<p align=left style="background:#D9D9D9;border:none;margin:0in;margin-left:28.35pt;text-align:left;text-indent:7.1pt;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NOTE 24&#160;&#160; &#160;&#160;&#160;PAYMENTS MADE UNDER PROTEST</font></font></p>

<p align=left style="background:#D9D9D9;border:none;margin:0in;margin-left:28.35pt;text-align:left;text-indent:7.1pt;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NOTE 26&#160;&#160; &#160;&#160;&#160;CONTINGENCIES</font></font><a name="XBRL_TS_e1abf45457a1450fa82c4a422_bclEnd"></a></p>



<font face=Arial,sans-serif style="border:none;">
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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

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<p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">3&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">NEW STANDARDS, AMENDMENTS TO STANDARDS AND INTERPRETATIONS</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName3_bclEnd"></a><a name="BookmarkName4_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><a name=BookmarkName5></a><a name="XBRL_CS_89e0772dcb6845bb9f669b1c4"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">New
standards, amendments to standards and interpretations effective for the year
ended June 30, 2020</font></b></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">During the financial period, the following new and revised
accounting standards, amendments to standards and new interpretation were
adopted by the Group:</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><a name="XBRL_CS_f7ac9e15995047a496a4afd37"></a><a name="XBRL_CS_a437414ccd7a420cb293baf27"></a><a name="XBRL_CS_89e0772dcb6845bb9f669b1c4_bclEnd"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">IFRS
16 </font></b><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Leases&nbsp;</font></i></b><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;"> (Effective date July 1, 2019)</font></b></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The Group adopted IFRS 16 Leases (&#8220;</font><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">IFRS 16</font></b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;) on July 1,
2019, using the modified retrospective method. </font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The Group elected to measure the right of use asset at an amount
equal to the lease liabilities for leases previously expensed as operating
leases.</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The nature of the leases include property rentals, vehicle rentals,
and equipment hire.</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The equipment hire includes the rental of an electricity generator
which was previously classified as a finance lease under IAS 17 </font><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Leases&nbsp;</font></i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">
(&#8220;</font><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">IAS 17</font></b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;). The carrying amount of the right-of-use asset and the lease
liability at the date of initial application was measured using the carrying
amount of the lease asset and lease liability immediately before under IAS 17.</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The Group applied the following practical expedients:</font></font></p>

<p style="background:#D9D9D9;border:none;margin-bottom:0in;margin-left:36.85pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-8.5pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;
&nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">the Group elected not to separate non-lease components
and account for the lease and non-lease component as a single lease component;</font></font></p>

<p style="background:#D9D9D9;border:none;margin-bottom:0in;margin-left:36.85pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-8.5pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;
&nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">leases for which the underlying asset is of low value;
and</font></font></p>

<p style="background:#D9D9D9;border:none;margin-bottom:6.0pt;margin-left:36.85pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-8.5pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;
&nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">short-term leases defined as less than 12 months.</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The Group applied the following judgements:</font></font></p>

<p style="background:#D9D9D9;border:none;margin-bottom:0in;margin-left:36.85pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-8.5pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;
&nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">assessing whether an arrangement contains a lease;</font></font></p>

<p style="background:#D9D9D9;border:none;margin-bottom:0in;margin-left:36.85pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-8.5pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;
&nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">where the Group has the option to terminate a contract
with no more than an insignificant penalty, the lease is no longer deemed to be
enforceable. However, in making this assessment management will in addition,
take into account the nature of the asset, the alternative procurement of the
asset and the general economics of the contract in assessing its enforceability;</font></font></p>

<p style="background:#D9D9D9;border:none;margin-bottom:0in;margin-left:36.85pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-8.5pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;
&nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">where a lease is on a month to month basis, the lease
term is limited to one month&#8217;s enforceable period, therefore that lease is
excluded from the lease population;</font></font></p>

<p style="background:#D9D9D9;border:none;margin-bottom:0in;margin-left:36.85pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-8.5pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;
&nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">where a contract includes an option to renew,
management will consider whether it is reasonably certain that the option will
be exercised. In making this assessment, the historical renewal behaviour will
be considered, considering the strategic nature of that asset; </font></font></p>

<p style="background:#D9D9D9;border:none;margin-bottom:0in;margin-left:36.85pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-8.5pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;
&nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">the determination of the right of use asset to be
equal to the lease liability, adjusted for prepaid or accrued lease payments
immediately before the date of initial application. This resulted in there
being no impact on retained earnings at adoption date; and</font></font></p>

<p style="background:#D9D9D9;border:none;margin-bottom:6.0pt;margin-left:36.85pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-8.5pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;
&nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">to use the Group&#8217;s incremental borrowing rate in
discounting the future payments. The weighted average discount rate applied was
<a name="XBRL_CS_262755ac471247e48e49242cf"></a>10.31<a name="XBRL_CS_262755ac471247e48e49242cf_bclEnd"></a>% per annum.</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><a name="XBRL_CS_a437414ccd7a420cb293baf27_bclEnd"></a><a name="XBRL_CS_f7ac9e15995047a496a4afd37_bclEnd"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">There
have been no significant changes under IFRS 16 for lessors.</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The impact of the adoption of IFRS 16 on the Group&#8217;s
financial statements is as follows</font></font><a name="BookmarkName5_bclEnd"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">:</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=82% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:solid black 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:solid black 1.0pt;height:12.0pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=82% style="background:#DADADA;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:11.25pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Operating
  lease commitments at June 30, 2019</font></p>
  </td>
 <td valign=bottom width=13% style="background:#DADADA;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:11.25pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">37.6</font></p>
  </td>
 </tr>
<tr style="height:22.5pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=82% style="background:#DADADA;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:22.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Operating
  lease commitments at July 1, 2019 discounted using the weighted average incremental
  borrowing rate at July 1, 2019</font></p>
  </td>
 <td valign=bottom width=13% style="background:#DADADA;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:22.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(6.7)</font></p>
  </td>
 </tr>
<tr style="height:22.5pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid black 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=82% style="background:#DADADA;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:22.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Operating
  lease commitments recognised as lease liabilities on the statement of
  financial position at July 1, 2019 (not previously recognised)</font></p>
  </td>
 <td valign=bottom width=13% style="background:#DADADA;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:22.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">30.9</font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=82% style="background:#DADADA;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:11.25pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Finance
  lease liabilities previously recognised under IAS 17 at June 30, 2019</font></p>
  </td>
 <td valign=bottom width=13% style="background:#DADADA;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:11.25pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">11.0</font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid black 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=82% style="background:#DADADA;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:11.25pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total
  lease liabilities recognised at July 1, 2019</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DADADA;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:11.25pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">41.9</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=82% style="background:#DADADA;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DADADA;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p style="background:#D9D9D9;border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><a name="XBRL_TS_a8896ceb5af24873ac5065860"></a><a name="XBRL_CS_6f37dd93064b434fa2da2f910"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">IFRIC
23 Uncertainty over Income Tax Treatments (Effective date July 1, 2019)</font></b></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.1pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">IFRIC 23 </font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Uncertainty over Income
Tax Treatments (&#8220;</font><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">IFRIC 23</font></b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;) clarifies the accounting for income tax
treatments that have yet to be accepted by tax authorities. Specifically, IFRIC
23 provides clarity on how to incorporate this uncertainty into the measurement
of tax as reported in the financial statements.</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-left:28.1pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">IFRIC 23 does not introduce any new disclosures but
reinforces the need to comply with existing disclosure requirements about:</font></font></p>

<p style="background:#D9D9D9;border:none;margin-bottom:0in;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.05pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;
&nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">judgements made; </font></font></p>

<p style="background:#D9D9D9;border:none;margin-bottom:0in;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.05pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;
&nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">assumptions and other estimates used; and </font></font></p>

<p style="background:#D9D9D9;border:none;margin-bottom:6.0pt;margin-left:28.1pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;
&nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">the potential impact of uncertainties that are not
reflected.</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-left:28.1pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Information about significant judgements, assumptions
and estimates related to uncertainties with regard to the measurement of tax as
reported in the financial statements are included in the following note:</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.1pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NOTE 18&#160;&#160;&#160;&#160;&#160; INCOME TAX</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-left:28.1pt;text-align:justify;"><a name="XBRL_CS_fac8cf15f5a24ccc824f0405c"></a><a name="XBRL_CS_6f37dd93064b434fa2da2f910_bclEnd"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Annual
Improvements to IFRS Standards 2015/2017 Cycle various standards (effective </font></b></font><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">July 1, 2019</font></b></font><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">)</font></b></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.1pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">As part of its process to make non-urgent but necessary amendments
to IFRS, the IASB has issued the Annual Improvements to IFRS Standards
2015&#8211;2017 Cycle. This did not have a material impact on the Group.</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="XBRL_CS_fac8cf15f5a24ccc824f0405c_bclEnd"></a><a name="XBRL_TS_a8896ceb5af24873ac5065860_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><a name="XBRL_TS_49ca28beb32c4225962a1b202"></a></p>
<DIV bclFooter>

 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p style="border:none;margin:0in;text-align:justify;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">3&#160;&#160;&#160;&#160;&#160;&#160;&#160; NEW STANDARDS, AMENDMENTS TO STANDARDS AND
INTERPRETATIONS </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">continued</font></i></font></p>

<p style="border:none;margin:0in;margin-left:14.2pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">New standards, amendments to standards
and interpretations not yet effective</font></b></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">At the date of authorisation of these consolidated financial
statements, the following relevant standards, amendments to standards and
interpretations that may be applicable to the business of the Group were in
issue but not yet effective and may therefore have an impact on future
consolidated financial statements. These new standards, amendments to standards
and interpretations will be adopted at their effective dates.</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Definition of Material (Amendments
to IAS 1 and IAS 8) (Effective July 1, 2020)</font></b></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The amendment clarifies the definition of material to
make it easier to understand and provides guidance on how the definition should
be applied. The changes in the definition now ensures that the definition is
consistent across all IFRS standards and the Conceptual Framework.</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-left:36.85pt;text-align:justify;text-indent:-8.5pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;
&nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">old definition (IAS 1): Omissions or misstatements of
items are material if they could, individually or collectively, influence the
economic decisions that users make on the basis of the financial statements;</font></font></p>

<p style="background:#D9D9D9;border:none;margin-bottom:6.0pt;margin-left:36.85pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-8.5pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp; &nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">new definition</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;"> (IAS 1)</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">: Information is material if omitting, misstating or obscuring it
could reasonably be expected to influence the decisions that the primary users
of general-purpose financial statements make on the basis of those financial
statements, which provide financial information about a specific reporting
entity. </font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The definition of material omissions or misstatements from IAS 8 </font><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Accounting
Policies, Changes in Accounting Estimates</font></i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;"> </font><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">and Errors</font></i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;"> has been
removed. </font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Management has performed a preliminary assessment of the new definition
of materiality and has assessed that it is not expected that significant
changes will result from the adoption of the new definition of materiality.</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amendments to References to
Conceptual Framework in IFRS (Effective July 1, 2020)</font></b></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The IASB decided to revise the Conceptual Framework
because certain important issues were not covered and certain guidance was
unclear or out of date. The revised Conceptual Framework, issued by the IASB in
March 2018, includes:</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-left:36.85pt;text-align:justify;text-indent:-8.5pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;
&nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">new concepts on measurement including factors to be
considered when selecting the measurement basis;</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-left:36.85pt;text-align:justify;text-indent:-8.5pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;
&nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">new concepts on presentation and disclosure, including
when to classify income and expenses in other comprehensive income;</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-left:36.85pt;text-align:justify;text-indent:-8.5pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;
&nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">new guidance on when assets and liabilities are
removed from financial statements;</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-left:36.85pt;text-align:justify;text-indent:-8.5pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;
&nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">updated definitions of an asset and liability;</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-left:36.85pt;text-align:justify;text-indent:-8.5pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;
&nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">updated recognition criteria for including assets and
liabilities in financial statements;</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-left:36.85pt;text-align:justify;text-indent:-8.5pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;
&nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">the revised framework clarified the concepts of
prudence, stewardship, measurement uncertainty and substance over form; and</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-bottom:6.0pt;margin-left:36.85pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-8.5pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp; &nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">the IASB also updated references to the Conceptual Framework in
IFRS by issuing Amendments to References to the Conceptual Framework in IFRS. </font></font></p>

<p style="background:#D9D9D9;border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Management has performed a preliminary assessment of the amendments
to the References to the Conceptual Framework and has assessed that it is not
expected that significant changes will result from the new references to the
Conceptual Framework.</font></font><a name="XBRL_TS_49ca28beb32c4225962a1b202_bclEnd"></a></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName6></a><a name=BookmarkName7></a></p>
<DIV bclFooter>

 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_93"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>

 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">4&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">REVENUE</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName6_bclEnd"></a><a name="BookmarkName7_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:0pt;width:100%;">
 <tr style="height:32.95pt;">
  <td nowrap valign=top width=6% style="height:32.95pt;padding:0in 0in 0in 0in;">
  <p align=left style="border:none;margin:0in;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:32.95pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><a name="XBRL_TS_ab9cfaa6957e4dc2936cd9028"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING POLICIES</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Revenue comprises the sale of gold bullion and silver bullion
  (produced as a by-product).</font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><a name="XBRL_TS_ab9cfaa6957e4dc2936cd9028_bclEnd"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Revenue is measured based on the consideration specified in a contract
  with the customer, which is </font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">based on the London
  Bullion Market fixing price on the date when it transfers control over the
  goods to the customer. </font></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The Group recognises revenue at a point in time when Rand Refinery,
  acting as an agent for the sale of all gold produced by the Group, delivers
  the Gold to the buyer and the sales price is fixed, as evidenced by the
  certificate of sale. It is at this point that the revenue can be measured
  reliably and the recovery of the consideration is probable. Rand Refinery is
  contractually obliged to make payment to the Group within two business days
  after the sale of the gold and silver </font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">and therefore no significant financing component exists.</font></font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=top width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:13.8pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=56% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2018</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=56% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=56% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gold
  revenue</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4,179.3</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,758.8</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,486.4</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=56% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Silver
  revenue</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.3</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4.0</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=56% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total
  revenue</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4,185.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,762.1</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,490.4</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=56% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:left;"><a name="XBRL_TS_5260d2913b9e4a6d8a644b726"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">A
disaggregation of revenue by operating segment is presented in note 23
OPERATING SEGMENTS.</font></font><a name="XBRL_TS_5260d2913b9e4a6d8a644b726_bclEnd"></a></p>

<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:left;"><a name="XBRL_TS_1cae40e7ab954c16bdb8222d3"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">MARKET
RISK</font></b></font></p>

<p style="border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><i><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Commodity
price sensitivity</font></i></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The Group's
profitability and the cash flows are significantly affected by changes in the
market price of gold and silver which are sold in US Dollars. The Group did not
enter into forward sales of gold production, derivatives or other hedging
arrangements to establish a commodity price in advance for the sale of future
gold production during the year.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">A change of 20%
in the average US Dollar gold price received during the financial year would
have increased/(decreased) equity and profit/(loss) by the amounts shown below.
This analysis assumes that all other variables remain constant and specifically
excludes the impact on income tax</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">.</font></font><a name="XBRL_TS_1cae40e7ab954c16bdb8222d3_bclEnd"></a></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=56% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2018</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=56% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=56% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">20%
  increase in the US Dollar gold price</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">837.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">552.4</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">498.1</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=56% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">20%
  decrease in the US Dollar gold price</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(837.0)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(552.4)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(498.1)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=56% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><a name="XBRL_TS_8eb7777ec1094e1b8101291d6"></a><font color=black face=Arial,sans-serif style="border:none;"><b><i><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Exchange rate
sensitivity</font></i></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The Group's
profitability and the cash flows are significantly affected by changes in the Rand
to the US Dollar exchange rate. The Group did not enter into forward sales of US
Dollars, derivatives or other hedging arrangements to establish an exchange
rate in advance for the sale of US Dollars to be received in the future.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">A change of 10%
in the average Rand to US Dollar exchange rate received during the financial
year would have increased/(decreased) equity and profit/(loss) by the amounts
shown below. This analysis assumes that all other variables remain constant and
specifically excludes the impact on income tax</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">.</font></font><a name="XBRL_TS_8eb7777ec1094e1b8101291d6_bclEnd"></a></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=56% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2018</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=56% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=56% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10%
  increase in the Rand to US Dollar exchange rate</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">418.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">276.2</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">249.0</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=56% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10%
  decrease in the Rand to US Dollar exchange rate</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(418.5)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(276.2)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(249.0)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=56% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName8></a><a name=BookmarkName9></a></p>
<DIV bclFooter>

 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_94"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>

 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">5&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">RESULTS FROM OPERATING ACTIVITIES</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">5.1&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">COST OF SALES</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName8_bclEnd"></a><a name="BookmarkName9_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.75pt;">
  <td nowrap valign=top width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2018</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cost of
  sales</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2,937.9)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2,553.9)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2,347.7)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Operating
  costs (a)</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2,692.1)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2,471.1)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2,207.1)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Movement
  in gold in process and finished inventories - Gold Bullion</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">32.6</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">24.5</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Depreciation
  </font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">9</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(270.8)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(169.1)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(168.0)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Change in
  estimate of environmental rehabilitation</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">11</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">21.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">60.0</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.9</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Retrenchment
  costs (b)</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(6.3)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:3.0pt;">
  <td nowrap valign=bottom width=5% style="height:3.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid #F9B200 1.0pt;height:3.0pt;padding:0in 0in 0in 9.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid #F9B200 1.0pt;height:3.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:3.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:3.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:3.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;height:10.5pt;padding:0in 0in 0in 9.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(a)
  Operating costs</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The most
  significant components of operating costs include:</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Consumable
  stores</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(801.0)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(866.5)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(784.6)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Labour
  including short term incentives</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(573.0)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(476.7)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(417.4)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Electricity</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(420.9)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(399.4)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(369.0)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Specialist
  service providers</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(447.5)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(437.1)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(326.9)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Water</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(47.0)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(44.1)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(49.9)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Pre-production
  costs capitalised</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">93.7</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;height:10.5pt;padding:0in 0in 0in 9.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(b)
  Retrenchment costs</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=bottom width=62% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Voluntary
  staff retrenchments</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(6.3)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td valign=top width=54% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td valign=top width=8% style="border:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0pt;margin-top:0in;text-align:left;"><a name="XBRL_TS_3efdf1bd8ede4fd0a191730c2"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">RELATED
PARTY TRANSACTIONS</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><a name="XBRL_CS_d39ffbc4fb4a418d8003f33ad"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">FWGR entered into a
smelting agreement with Sibanye-Stillwater on July 31, 2018 to smelt and
recover gold from gold loaded carbon produced at FWGR, and deliver the gold to
Rand Refinery. As consideration for this service, Sibanye-Stillwater receives a
fee based on the smelting costs plus </font></font><a name="XBRL_CS_6baf072292934ac1879dc03f1"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">10</font></font><a name="XBRL_CS_6baf072292934ac1879dc03f1_bclEnd"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">% of the smelting
costs. </font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Rand Refinery
performs the final refinement and marketing of all gold and silver produced by
the Group. As consideration for this service, Rand Refinery receives a variable
refining fee plus fixed marketing and administration fees. </font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><a name="XBRL_CS_5db75f6a00d8427eacb490a31"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">All transactions and
outstanding balances with related parties are to be settled in cash within 30
days of the invoice date. None of the balances are secured. No expense has been
recognised in the current year as a credit loss allowance in respect of amounts
charged to related parties.</font></font><a name="XBRL_CS_d39ffbc4fb4a418d8003f33ad_bclEnd"></a></p>

<p style="border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><a name="XBRL_CS_5db75f6a00d8427eacb490a31_bclEnd"></a><a name="XBRL_TS_3efdf1bd8ede4fd0a191730c2_bclEnd"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:1.0pt;line-height:115%;">&nbsp;</font></b></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Services
  rendered by related parties and included in operating costs:</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Supply of
  water and electricity</font><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> 1</font></sup></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">50.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">16.9</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gold
  smelting and related charges</font><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> 1</font></sup></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">19.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">12.9</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other
  charges</font><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> 1</font></sup></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Charges to
  Sibanye-Stillwater</font><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> 2</font></sup></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.2)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(6.5)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gold
  refining and related charges</font><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> 3</font></sup></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.6</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 9.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">76.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">26.9</font></p>
  </td>
 </tr>
<tr style="height:10.95pt;">
  <td nowrap valign=bottom width=5% style="height:10.95pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=4 valign=top width=95% style="border:none;height:10.95pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1</font></i></sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">
  Paid to Sibanye-Stillwater by FWGR</font></i></p>
  </td>
 </tr>
<tr style="height:10.95pt;">
  <td nowrap valign=bottom width=5% style="height:10.95pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=4 valign=top width=95% style="height:10.95pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2</font></i></sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">
  2019 charges relate to material processed on behalf of Sibanye-Stillwater in
  terms of a toll treatment agreement and recovered the related costs from
  Sibanye-Stillwater. 2020 charges relate to miscellaneous items</font></i></p>
  </td>
 </tr>
<tr style="height:10.95pt;">
  <td nowrap valign=bottom width=5% style="height:10.95pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=4 valign=top width=95% style="height:10.95pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3</font></i></sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">
  Paid to Rand Refinery subsequent to July 31, 2018</font></i></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName10></a><a name=BookmarkName11></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">5.2&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">OTHER INCOME</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName10_bclEnd"></a><a name="BookmarkName11_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:32.95pt;">
  <td nowrap valign=top width=6% style="height:32.95pt;padding:0in 0in 0in 0in;">
  <p align=left style="border:none;margin:0in;margin-bottom:10.0pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:left;text-indent:.75pt;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:32.95pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING POLICIES</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other income is recognised where it is probable that the
  economic benefits associated with a transaction will flow to the Group and it
  can be reliably measured.</font></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other income is generally income earned from transactions outside the
  course of the Group&#8217;s ordinary activities and may include gains on disposal
  of property, plant and equipment and gains on financial instruments at fair
  value through profit or loss.</font></font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;margin-top:6.0pt;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:1.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.75pt;">
  <td nowrap valign=top width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=55% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2018</font></b></p>
  </td>
 </tr>
<tr style="height:10.95pt;">
  <td nowrap valign=top width=5% style="height:10.95pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=55% style="border:none;height:10.95pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:10.95pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:10.95pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.95pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.95pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=5% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=55% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gain on
  disposal of property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.8</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=5% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=55% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gain on
  financial asset at fair value through profit or loss</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.1</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:2.25pt;">
  <td nowrap valign=bottom width=5% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=55% style="border:none;border-bottom:solid black 1.0pt;height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.8pt;">
  <td nowrap valign=top width=5% style="height:13.8pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=55% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7.9</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.2pt;">
  <td nowrap valign=bottom width=5% style="height:10.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=55% style="border:none;height:10.2pt;padding:0in 0in 0in 9.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:10.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName12></a><a name=BookmarkName13></a></p>
<DIV bclFooter>

 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_95"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>

 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">5&#160;&#160;&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">RESULTS FROM OPERATING ACTIVITIES </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">continued</font></i></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">5.3&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">ADMINISTRATION EXPENSES
AND OTHER COSTS</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName12_bclEnd"></a><a name="BookmarkName13_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.75pt;">
  <td nowrap valign=top width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=55% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2018</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=55% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=55% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Included
  in administration expenses and other costs are the following:</font></p>
  </td>
 <td nowrap valign=top width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=11% style="background:#DADADA;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=55% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Share
  based payment expenses</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=11% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(224.1)</font></b></p>
  </td>
 <td nowrap valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(21.4)</font></p>
  </td>
 <td nowrap valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(17.2)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=55% style="height:10.5pt;padding:0in 2.0pt 0in 20.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash
  settled Long-Term Incentive (&quot;</font><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">LTI</font></b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&quot;) scheme</font></p>
  </td>
 <td nowrap valign=top width=7% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">19.1</font></p>
  </td>
 <td nowrap valign=top width=11% style="background:#DADADA;border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(218.1)</font></b></p>
  </td>
 <td nowrap valign=top width=11% style="border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(21.4)</font></p>
  </td>
 <td nowrap valign=top width=11% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(17.2)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=55% style="height:10.5pt;padding:0in 2.0pt 0in 20.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Equity
  settled Long-Term Incentive (&quot;</font><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">LTI</font></b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&quot;) scheme</font></p>
  </td>
 <td nowrap valign=top width=7% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">19.2</font></p>
  </td>
 <td nowrap valign=top width=11% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(6.0)</font></b></p>
  </td>
 <td nowrap valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=top width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td valign=top width=55% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Transactions
  costs</font></p>
  </td>
 <td nowrap valign=top width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=11% style="background:#DADADA;border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1.4)</font></b></p>
  </td>
 <td nowrap valign=top width=11% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=top width=11% style="border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(9.0)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=55% style="border:none;border-bottom:solid #FFC000 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Loss on
  disposal of property, plant and equipment</font></p>
  </td>
 <td nowrap valign=top width=7% style="border:none;border-bottom:solid #FFC000 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=11% style="background:#DADADA;border:none;border-bottom:solid #FFC000 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=top width=11% style="border:none;border-bottom:solid #FFC000 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=top width=11% style="border:none;border-bottom:solid #FFC000 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.6)</font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td nowrap valign=top width=5% style="height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=55% style="border:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName14></a><a name=BookmarkName15></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">6&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">FINANCE INCOME</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName14_bclEnd"></a><a name="BookmarkName15_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:0pt;width:100%;">
 <tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0in 0in 0in 0in;">
  <p align=left style="border:none;margin:0in;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:28.65pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="border:none;margin:0in;text-align:justify;"><a name="XBRL_TS_dd0086fab9a7401cb4a998efa"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING POLICY</font></b></font></p>
  <p style="border:none;margin:0in;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Finance income includes interest received, growth in cash and
  cash equivalents in environmental rehabilitation trust funds, growth in the
  reimbursive right for environmental rehabilitation guarantees, dividends
  received and the unwinding of the Payments made under protest.</font></font><a name="XBRL_TS_dd0086fab9a7401cb4a998efa_bclEnd"></a></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;margin-top:6.0pt;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:1.0pt;line-height:115%;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.5pt;">
  <td nowrap valign=top width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2018</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Interest
  on financial assets measured at amortised cost</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">13</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">63.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">17.0</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">21.8</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Growth in
  cash and cash equivalents in environmental rehabilitation trust funds</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">12</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">33.3</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">30.5</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7.5</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Growth in reimbursive
  right for environmental rehabilitation guarantees</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">12</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7.8</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">8.8</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Dividends
  received</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">25</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4.3</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td valign=top width=54% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Unwinding
  of Payments made under protest</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">24</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.0</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.7</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">109.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">58.3</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">38.8</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName16></a><a name=BookmarkName17></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">7&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">FINANCE EXPENSE</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName16_bclEnd"></a><a name="BookmarkName17_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:0pt;width:100%;">
 <tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0in 0in 0in 0in;">
  <p align=left style="border:none;margin:0in;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:28.65pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><a name="XBRL_TS_bd945f021c094e0f861f5c339"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING POLICY</font></b></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Finance expenses comprise interest payable on financial instruments
  measured at amortised cost calculated using the effective interest method,
  unwinding of the provision for environmental rehabilitation, interest on lease
  liabilities and the discount recognised on </font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Payments made under protest</font></font><a name="XBRL_TS_bd945f021c094e0f861f5c339_bclEnd"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">.</font></font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;margin-top:6.0pt;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:1.0pt;line-height:115%;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.5pt;">
  <td nowrap valign=top width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2018</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Interest
  on financial liabilities measured at amortised cost</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.0)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(10.2)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Interest
  on financial liabilities measured at amortised cost capitalised</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">9</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">9.4</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Unwinding
  of provision for environmental rehabilitation</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">11</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(52.0)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(66.3)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(45.6)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Discount
  recognised on Payments made under protest</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">24</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(7.1)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(6.5)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(8.8)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Interest
  on lease liabilities</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10.2</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(5.1)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.0)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.5)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other
  finance expenses</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.6)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.8)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1.5)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(68.8)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(78.4)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(58.4)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName18></a><a name=BookmarkName19></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">8&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">EARNINGS PER SHARE</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName18_bclEnd"></a><a name="BookmarkName19_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.5pt;">
  <td nowrap valign=top width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2018</font></b></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The
  calculations of basic and diluted earnings per ordinary share are </font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">based on
  the following:</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid #FFC000 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Profit for
  the year</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid #FFC000 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid #FFC000 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">635.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #FFC000 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">78.5</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #FFC000 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6.5</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:24.75pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid #F9B200 1.0pt;height:24.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Reconciliation
  of weighted average number of ordinary shares to diluted weighted average
  number of ordinary shares</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid #F9B200 1.0pt;height:24.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:24.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:24.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:24.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2018</font></b></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Weighted
  average number of ordinary shares in issue</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">769,941,874</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">664,553,283</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">422,068,696</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Effect of
  Sibanye-Stillwater Option</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">21.1</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">9,464,684</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">15,387,695</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Effect of
  equity-settled share-based payment expense</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">19.2</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4,283,001</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Diluted
  weighted average number of ordinary shares</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">783,689,559</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">679,940,978</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">422,068,696</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">SA cents
  per share</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2018</font></b></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Basic
  earnings per share</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">82.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">11.8</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.5</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid #FFC000 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Diluted
  earnings per share</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid #FFC000 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid #FFC000 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">81.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #FFC000 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">11.5</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #FFC000 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.5</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



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</DIV>
<p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">9&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">PROPERTY, PLANT AND EQUIPMENT</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName20_bclEnd"></a><a name="BookmarkName21_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:0pt;width:100%;">
 <tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0in 0in 0in 0in;">
  <p align=left style="border:none;margin:0in;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:28.65pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">SIGNIFICANT ACCOUNTING ASSUMPTIONS AND ESTIMATES</font></b></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><a name="XBRL_TS_54df81949fca4edd9d8f53b7f"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Mineral reserves and resources estimates</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The Group is required to determine and report mineral reserves
  and resources in accordance with the South African Code for the Reporting of
  Exploration Results, Mineral Resources and Mineral Reserves (SAMREC Code). In
  order to calculate mineral reserves and resources, estimates and assumptions
  are required about a range of geological, technical and economic factors,
  including but not limited to quantities, grades, production techniques,
  recovery rates, production costs, transport costs, commodity demand,
  commodity prices and exchange rates. Estimating the quantity and/or grade of
  mineral reserves and resources requires the size, shape and depth of
  reclamation sites to be determined by analysing geological data such as the
  logging and assaying of drill samples. This process may require complex and
  difficult geological judgements and calculations to interpret the data. Because
  the assumptions used to estimate mineral reserves and resources change from
  period to period and because additional geological data is generated during
  the course of operations, estimates of mineral reserves and resources may
  change from period to period. Mineral reserves and resource estimates
  prepared by management are reviewed by an independent mineral resources expert.</font></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Changes in reported mineral reserves and resources may affect the
  Group&#8217;s life-of-mine plan, financial results and financial position in a
  number of ways including the following:</font></font></p>
  <p align=left style="border:none;margin:0in;margin-left:5.65pt;text-align:left;text-indent:-5.65pt;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; asset carrying values may be affected due to changes in estimated
  future cash flows;</font></font></p>
  <p align=left style="border:none;margin:0in;margin-left:5.65pt;text-align:left;text-indent:-5.65pt;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; depreciation charged to profit or loss may change where such charges
  are determined by the units-of-production method, or where the useful lives
  of assets change;</font></font></p>
  <p align=left style="border:none;margin:0in;margin-left:5.65pt;text-align:left;text-indent:-5.65pt;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; decommissioning, site restoration and environmental provisions may
  change where changes in estimated mineral reserves and resources affect
  expectations about the timing or cost of these activities; and</font></font></p>
  <p align=left style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:5.65pt;margin-right:0in;margin-top:0in;text-align:left;text-indent:-5.65pt;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; the carrying value
  of deferred tax assets and liabilities may change due to changes in estimates
  of the likely recovery of the tax benefits and charges.</font></font></p>
  <p style="border:none;margin:0in;margin-top:6.0pt;text-align:justify;"><a name="XBRL_TS_046c65908e94453683e40b759"></a><a name="XBRL_TS_54df81949fca4edd9d8f53b7f_bclEnd"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Depreciation</font></b></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The calculation of the units-of-production rate of depreciation could
  be affected if actual production in the future varies significantly from
  current forecast production. This would generally arise when there are
  significant changes in any of the factors or assumptions used in estimating
  mineral reserves and resources. These factors could include: </font></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; changes in mineral reserves and resources;</font></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; the grade of mineral reserves and resources may vary from time to
  time;</font></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; differences between actual commodity prices and commodity price
  assumptions;</font></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; unforeseen operational issues at mine sites including planned
  extraction efficiencies; and</font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; changes in capital, operating, mining processing and
  reclamation costs, discount rates and foreign exchange rates.</font></font><a name="XBRL_TS_046c65908e94453683e40b759_bclEnd"></a></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:1.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="XBRL_TS_ea6df09c6b52403d8e8f43d12"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:1.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:28.65pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING POLICIES</font></b></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><a name="XBRL_TS_6b51f399c0a14575b36123ed7"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Recognition and measurement</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Property, plant and equipment comprise mine plant facilities and
  equipment, mine property and development (including mineral rights) and
  exploration assets. These assets (excluding exploration assets) are initially
  measured at cost, whereafter they are measured at cost less accumulated
  depreciation and accumulated impairment losses. Exploration assets are
  initially measured at cost, whereafter they are measured at cost less accumulated
  impairment losses.</font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cost includes expenditure that is directly attributable to the
  acquisition or construction of the asset, borrowing costs capitalised, as
  well as the costs of dismantling and removing an asset and restoring the site
  on which it is located. Subsequent costs are included in the asset&#8217;s carrying
  amount or recognised as a separate asset, as appropriate, only when it is
  probable that future economic benefits associated with the item will flow to
  the Group and the cost of the item can be measured reliably. Exploration and
  evaluation costs are capitalised as exploration assets on a
  project-by-project basis, pending determination of the technical feasibility
  and commercial viability of the project.</font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Exploration assets consists of costs of acquiring rights,
  activities associated with converting a mineral resource to a mineral reserve
  - the process thereof includes drilling, sampling and other processes
  necessary to evaluate the technical feasibility and commercial viability of a
  mineral resource to prove whether a mineral reserve exists. Exploration
  assets also include geological, geochemical and geophysical studies associated
  with prospective projects and tangible assets which comprise of property,
  plant and equipment used for exploratory activities. Costs are capitalised to
  the extent that they are a directly attributable exploration expenditure and
  classified as a separate class of assets on a project by project basis. Once
  a mineral reserve is determined or the project ready for development, the
  asset attributable to the mineral reserve or project is tested for impairment
  and then reclassified to the appropriate class of assets. Depreciation
  commences when the assets are available for use</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">.</font></font><a name="XBRL_TS_6b51f399c0a14575b36123ed7_bclEnd"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;"> &nbsp;</font></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Depreciation</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><a name="XBRL_TS_7651c610577749f48fb4b4025"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Depreciation of
  mine plant facilities and equipment, as well as mining property and
  development (including mineral rights) are calculated using the units of
  production method which is based on the life-of-mine of each site. The
  life-of-mine is primarily based on proved and probable mineral reserves. It
  reflects the estimated quantities of economically recoverable gold that can
  be recovered from reclamation sites based on the estimated gold price.
  Changes in the life-of-mine will impact depreciation on a prospective basis.
  The life-of-mine is prepared using a methodology that takes account of
  current information to assess the economically recoverable gold from specific
  reclamation sites and includes the consideration of historical experience.</font></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The depreciation method, estimated useful lives and residual values are
  reassessed annually and adjusted if appropriate. Any changes to useful lives
  may affect prospective depreciation rates and asset carrying values. The
  current estimated useful lives are based on the life-of-mine of each site,
  currently between four (2019: three; 2018: four) and 13 (2019: 11; 2018: 12)
  years for Ergo mining assets and between four (2019: five) and 20 (2019: 15)
  years for FWGR mining assets.</font></font><a name="XBRL_TS_7651c610577749f48fb4b4025_bclEnd"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;"> &nbsp;</font></font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;text-align:left;"><a name="XBRL_TS_ea6df09c6b52403d8e8f43d12_bclEnd"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:1.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

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 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">9&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">PROPERTY, PLANT AND EQUIPMENT </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">continued</font></i></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName22_bclEnd"></a><a name="BookmarkName23_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:8.1pt;">
  <td nowrap valign=top width=6% style="height:8.1pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:8.1pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING POLICIES</font></b></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;"> &nbsp;</font></font></p>
  </td>
 </tr>
</table></div>



<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0in 0in 0in 0in;">
  <p align=left style="border:none;margin:0in;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:28.65pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Impairment</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The carrying amounts of property, plant and equipment are
  reviewed at each reporting date to determine whether there is any indication
  of impairment, or whenever events or changes in circumstances indicate that
  the carrying amount may not be recoverable. If any such indication exists,
  the asset&#8217;s recoverable amount is estimated. For the purposes of assessing
  impairment, assets are grouped at the lowest levels for which there are
  separately identifiable cash flows (CGUs). The key assets of a surface
  retreatment operation which constitutes a CGU are a reclamation site, a
  metallurgical plant and a tailings storage facility. These key assets operate
  interdependently to produce gold. The Ergo and FWGR operations each have
  separately managed and monitored reclamation sites, metallurgical plants and
  tailings storage facilities and are therefore separate CGUs.</font></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The recoverable amount of an asset or CGU is the greater of its value
  in use and its fair value less costs to sell. The recoverable amount was
  determined by estimating the value in use. The estimated future cash flows
  are discounted to their present value using a pre-tax discount rate that
  reflects current market assessments of the time value of money and the risks
  specific to the asset. An impairment loss is recognised in profit or loss if
  the carrying amount of an asset or CGU exceeds its recoverable amount. </font></font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:1.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:34.5pt;">
  <td valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:34.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=44% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:34.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td valign=bottom width=6% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:34.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Note</font></b></p>
  </td>
 <td valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:34.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Mine plant
  facilities and equipment</font></b></p>
  </td>
 <td valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:34.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Mine
  property and development</font></b></p>
  </td>
 <td valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:34.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Exploration
  assets</font></b></p>
  </td>
 <td valign=bottom width=10% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:34.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DBDBDB;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">June 30,
  2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DBDBDB;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cost</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,203.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,147.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">266.3</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4,616.8</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Balance at
  the beginning of the year</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,156.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,106.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">256.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DBDBDB;border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4,519.7</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Impact of
  adopting IFRS 16 on July 1, 2019</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10.1</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">23.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DBDBDB;border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">30.9</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Additions
  - property, plant and equipment owned</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">121.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">46.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">15.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DBDBDB;border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">182.7</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Additions
  - right-of-use assets</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10.1</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">14.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DBDBDB;border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">18.0</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Lease
  modifications</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10.1</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DBDBDB;border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7.5</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Lease
  derecognitions</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10.1</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(26.7)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.1)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DBDBDB;border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(26.8)</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Disposals</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1.6)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DBDBDB;border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1.6)</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Change in
  estimate of decommissioning asset</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">11</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(56.7)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(51.5)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(5.4)</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DBDBDB;border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(113.6)</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Transfers
  between classes of property, plant and </font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DBDBDB;border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 20.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">equipment</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.2)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DBDBDB;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Accumulated
  depreciation and impairment</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1,017.5)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(968.5)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(9.7)</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1,995.7)</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Balance at
  the beginning of the year</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(909.9)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(824.8)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(9.7)</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DBDBDB;border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1,744.4)</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Depreciation</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.1</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(127.1)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(143.7)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DBDBDB;border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(270.8)</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Lease
  derecognitions</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">17.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DBDBDB;border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">17.9</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Disposals</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DBDBDB;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.6</font></b></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Carrying
  value at end of the year</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,186.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,178.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">256.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DBDBDB;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,621.1</font></b></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DBDBDB;border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Comprising:</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DBDBDB;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Property,
  plant and equipment owned</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,177.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,141.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">256.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,576.2</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Right-of-use
  assets</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10.1</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">8.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">36.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">44.9</font></b></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Carrying
  value at end of the year</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,186.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,178.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">256.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DBDBDB;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,621.1</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">June 30,
  2019</font></b></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cost</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,156.2</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,106.8</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">256.7</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4,519.7</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Balance at
  the beginning of the year</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,689.5</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,264.5</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">77.3</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3,031.3</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Acquisition
  of FWGR</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">198.4</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">849.9</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">177.3</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,225.6</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Additions
  - property, plant and equipment owned</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">284.5</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">66.7</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.5</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">353.7</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Borrowing
  costs capitalised</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">9.4</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">9.4</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Disposals</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1.6)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1.7)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(3.3)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Change in
  estimate of decommissioning asset</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">11</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(24.0)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(75.3)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.3</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(97.0)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Transfers
  between classes of property, plant and </font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 20.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">equipment</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.7</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.7)</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Accumulated
  depreciation and impairment</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(909.9)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(824.8)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(9.7)</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1,744.4)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Balance at
  the beginning of the year</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(815.4)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(753.5)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(9.7)</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1,578.6)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Depreciation</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.1</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(96.1)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(73.0)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(169.1)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Disposals</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.6</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.7</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.3</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Carrying
  value at end of the year</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,246.3</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,282.0</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">247.0</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,775.3</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:left;"><a name="XBRL_TS_2b1a5e1b51fc41dd96c55d963"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">CONTRACTUAL
COMMITMENTS</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contractual
commitments not provided for in the consolidated financial statements at June
30, 2020 amounted to R<a name="XBRL_CS_f6a3d715e7414a55b1bbb2fd5"></a>130.6 <a name="XBRL_CS_f6a3d715e7414a55b1bbb2fd5_bclEnd"></a>million (2019: R<a name="XBRL_CS_75f308eb8bc941ada5959b932"></a>18.6<a name="XBRL_CS_75f308eb8bc941ada5959b932_bclEnd"></a> million)</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Capital
expenditure related to specific growth projects are financed on a
project-by-project basis. </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other capital expenditure is
financed from existing cash resources and cash generated from operations.</font></font><a name="XBRL_TS_2b1a5e1b51fc41dd96c55d963_bclEnd"></a></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName24></a><a name=BookmarkName25></a></p>
<DIV bclFooter>

 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_98"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">10&#160;&#160;&#160;&#160;&#160; RIGHT
OF USE ASSETS AND </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">LEASES</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName24_bclEnd"></a><a name="BookmarkName25_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:0pt;width:100%;">
 <tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=top width=93% style="background:#D9D9D9;height:28.65pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><a name="XBRL_TS_0d1260fc1fc0480487f4aa291"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING JUDGEMENTS</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">At inception of a contract, the Group assesses whether a
  contract is, or contains, a lease. A contract is, or contains a lease if the
  contract conveys the right to control the use of an identified asset for a
  period of time in exchange for consideration. The contract must also be
  enforceable. To assess whether a contract conveys the right to control the
  use of an identified asset, requires judgement particularly on contracts with
  service contractors, which may contain embedded leases.</font></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The Group assesses whether:</font></font></p>
  <p style="background:#D9D9D9;border:none;margin-bottom:0in;margin-left:8.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-8.5pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp; &nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">the contract involves the use of an identified asset;</font></font></p>
  <p style="background:#D9D9D9;border:none;margin-bottom:0in;margin-left:8.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-8.5pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp; &nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">the Group has the right to obtain substantially all the economic
  benefits from use of the asset throughout the period of use; and</font></font></p>
  <p style="background:#D9D9D9;border:none;margin-bottom:6.0pt;margin-left:8.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-8.5pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;
  &nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">the Group has the right to direct the use of the
  asset.</font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">At inception or on reassessment of a contract that contains a lease
  component, the Group allocates the consideration in the contract to each
  lease component on the basis of their relevant stand-alone prices. However,
  for the lease of land and buildings in which it is a lessee, the Group has
  elected not to separate non-lease components and account for the lease and
  non-lease component as a single lease component.</font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Some property leases contain options to renew under the
  contract. Judgement is applied in whether the renewable option periods must
  be included in the lease term i.e. it is reasonably certain that the options
  to renew will be exercised. In applying judgement, the Group also considers
  whether the lease term is commensurate with estimated future mine plans
  requirements and environmental rehabilitation obligations associated with the
  property post reclamation</font></font><a name="XBRL_TS_0d1260fc1fc0480487f4aa291_bclEnd"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">.</font></font></p>
  </td>
 <td width=1% style="border:none;padding:0in 0in 0in 0in;"><p style="margin:0in;text-align:justify;"><font face="Times Roman,serif" style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></p></td>
 </tr>
<tr style="height:28.65pt;">
  <td colspan=2 valign=top width=7% style="height:28.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=93% style="background:#D9D9D9;height:28.65pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a name="XBRL_TS_7b55e4b03de74e08822f22245"></a><a name="XBRL_TS_a3b508add15f44f58c4472fa5"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING POLICIES</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The Group has applied IFRS 16 using the modified retrospective approach
  and therefore the comparative information has not been restated and continues
  to be reported under IAS 17 and IFRIC 4. The impact of the adoption of the
  standard is disclosed in Note 3</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">.</font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Accounting policy before July 1, 2019</font></i></b></font></p>
  <p style="border:none;margin:0in;margin-left:0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Leased assets </font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Upon initial recognition, the leased asset is measured at an amount
  equal to the lower of the fair value of the leased asset and the present
  value of the minimum lease payments. Subsequent to initial recognition, the
  asset is accounted for in the same manner as owned property, plant and
  equipment. </font></font></p>
  <p style="border:none;margin:0in;margin-left:0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Finance lease payments </font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Minimum lease payments are apportioned between the finance charge and
  the reduction of the outstanding liability. The finance charge is allocated
  to each period during the lease term so as to produce a constant periodic
  rate of interest on the remaining balance of the liability.</font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Accounting policy after July 1, 2019</font></i></b></font></p>
  <p style="border:none;margin:0in;margin-left:0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Right of use asset</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The right of use asset is initially measured at cost, which comprises
  the initial amount of the lease liability and is adjusted by any lease
  payments made at or before the commencement date, plus any initial direct
  costs incurred and an estimate of costs to dismantle and remove the
  underlying asset or to restore the underlying asset or the site on which it is
  located, less any lease incentives received. The Group recognises a right of
  use asset and lease liability at the lease commencement date. </font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The right of use asset is subsequently depreciated using the
  straightline method from the commencement date to the earlier of the end of
  the useful life of the right of use asset or the end of the lease term. The
  estimated useful lives of the right of use assets are determined on the same
  basis as those of property, plant and equipment. In addition, the right of
  use asset carrying value is allocated to the CGU it belongs to and the CGU is
  reviewed at each reporting date to determine whether there is any indication
  of impairment. The carrying value is reduced by impairment losses, if any,
  and adjusted for certain remeasurements of the lease liability. </font></font></p>
  <p style="border:none;margin:0in;margin-left:0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Lease liability</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The lease liability is initially measured at the present value of the
  outstanding lease payments at commencement date over the lease term,
  discounted using the interest rate implicit in the lease or if that rate is
  undeterminable, the Group&#8217;s incremental borrowing rate. The lease term
  includes the non-cancellable period for which the lessee has the right to use
  an underlying asset including optional periods when the Group is reasonably
  certain to exercise an option to extend a lease. </font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Lease payments comprise fixed payments, variable lease payments that
  depend on an index or rate, initially measured using the index or rate as at
  the commencement date, and the exercise price under a purchase option that
  the Group is reasonably certain to exercise.</font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The lease liability is measured using the effective interest rate
  method and is remeasured when there is a change in future lease payments.
  Upon remeasurement, a corresponding adjustment is made to the carrying amount
  of the right of use asset or is recorded in profit or loss if the carrying
  amount of the right of use asset has been reduced to zero. </font></font></p>
  <p style="border:none;margin:0in;margin-left:0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Right of use assets are presented in &#8220;property, plant and
  equipment&#8221; and lease liabilities are separately disclosed in the statement of
  financial position. </font></font><a name="XBRL_TS_7b55e4b03de74e08822f22245_bclEnd"></a><a name="XBRL_TS_a3b508add15f44f58c4472fa5_bclEnd"></a></p>
  </td>
 </tr>
<tr height=0>
  <td width=6% style="border:none;">&nbsp;</td>
 <td width=1% style="border:none;">&nbsp;</td>
 <td width=92% style="border:none;">&nbsp;</td>
 <td width=1% style="border:none;">&nbsp;</td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName26></a><a name=BookmarkName27></a></p>
<DIV bclFooter>

 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_99"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>

 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">10&#160;&#160;&#160;&#160;&#160; RIGHT
OF USE ASSETS AND </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">LEASES </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">continued</font></i></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName26_bclEnd"></a><a name="BookmarkName27_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:0pt;width:100%;">
 <tr style="height:28.65pt;">
  <td valign=top width=9% style="height:28.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=91% style="background:#D9D9D9;height:28.65pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="border:none;margin:0in;margin-left:0pt;text-align:justify;"><a name="XBRL_TS_64409559968b458885c549a7d"></a><a name="XBRL_TS_99b1ef460e474dfd9ca436c2a"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING POLICIES </font></b></font><font color=black face=Arial,sans-serif style="border:none;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">continued</font></i></font></p>
  <p style="margin:0in;margin-left:0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>
  <p style="border:none;margin:0in;margin-left:0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Accounting policy after July 1, 2019 </font></i></b></font><font color=black face=Arial,sans-serif style="border:none;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">continued</font></i></font></p>
  <p style="margin:0in;margin-left:0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>
  <p style="border:none;margin:0in;margin-left:0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Short term leases and leases of low value assets</font></b></font></p>
  <p style="border:none;margin:0in;margin-left:0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The Group has elected not to recognise right of use assets and
  lease liabilities for short-term leases of machinery and equipment that have
  a lease term of 12 months or less and leases of low value assets which
  include IT equipment, security equipment and administration equipment. </font></font><a name="XBRL_TS_64409559968b458885c549a7d_bclEnd"></a><a name="XBRL_TS_99b1ef460e474dfd9ca436c2a_bclEnd"></a></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;text-align:left;"><a name="XBRL_TS_136eec5e3745420ab7a3da9f6"></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">10.1&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">RIGHT OF USE ASSETS</font></b></font></p>

<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;text-align:left;text-indent:28.1pt;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Included in
property, plant and equipment are the following leased assets:</font></font><a name="XBRL_TS_136eec5e3745420ab7a3da9f6_bclEnd"></a></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:.5in;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:.5in;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=53% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:.5in;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=5% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:.5in;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:.5in;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Mine plant
  facilities and equipment</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:.5in;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Mine
  property and development</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:.5in;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=53% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=53% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">June 30,
  2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=53% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cost</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">11.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">45.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">56.1</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=53% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Impact of
  adopting IFRS 16 on July 1, 2019</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-left:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=53% style="height:10.5pt;padding:0in 2.0pt 0in 20.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Right-of-use
  assets recognised on July 1, 2019</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-left:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">23.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">30.9</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=53% style="height:10.5pt;padding:0in 2.0pt 0in 20.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Transfers
  and other movements</font><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> 1</font></sup></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></sup></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-left:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">26.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">26.5</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=53% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Additions</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-left:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">14.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">18.0</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=53% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Lease
  modifications</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-left:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7.5</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=53% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Lease
  derecognitions</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-left:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(26.7)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.1)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(26.8)</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=53% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Accumulated
  depreciation</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.9)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(8.3)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(11.2)</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=53% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Impact of
  adopting IFRS 16 on July 1, 2019</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=53% style="height:10.5pt;padding:0in 2.0pt 0in 20.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Transfers
  and other movements</font><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> 1</font></sup></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></sup></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(15.9)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(15.9)</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=53% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Depreciation</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(4.9)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(8.3)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(13.2)</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=53% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Lease
  derecognitions</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-left:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">17.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">17.9</font></b></p>
  </td>
 </tr>
<tr style="height:2.25pt;">
  <td nowrap valign=bottom width=5% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=53% style="border:none;border-bottom:solid black 1.0pt;height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="border:none;border-bottom:solid black 1.0pt;height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=53% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Carrying
  value</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">8.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">36.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DBDBDB;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">44.9</font></b></p>
  </td>
 </tr>
<tr style="height:21.0pt;">
  <td nowrap valign=bottom width=5% style="height:21.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td colspan=5 nowrap valign=top width=95% style="border:none;height:21.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1</font></i></sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">
  Relates to contracts previously classified as leases under IAS 17 and
  presented as property, plant and equipment which the Group has reassessed as
  right-of-use assets upon adoption of IFRS 16 as of July 1, 2019</font></i></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></sup></p>
  </td>
 <td colspan=5 nowrap valign=top width=95% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">10.2&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">LEASE LIABILITIES (2019: FINANCE LEASE OBLIGATION)</font></b></font></p>

<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">Included in property, plant and
equipment are the following leased assets:</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.5pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=6% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Reconciliation
  of the lease liabilities balance:</font></b></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Balance at
  the beginning of the year</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">11.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">14.7</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Impact of
  adopting IFRS 16 on July 1, 2019</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">9</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">30.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">New leases</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">9</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">18.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Lease
  modifications</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Leases
  derecognised</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(8.9)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Interest
  charge on lease liabilities</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.0</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Repayment
  of lease liabilities (2019: repayment of finance lease obligations)</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(11.4)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(3.7)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Interest
  repaid</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(5.1)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.0)</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Balance at
  the end of the year</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">47.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">11.0</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Current
  portion of lease liabilities</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(10.1)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(11.0)</font></p>
  </td>
 </tr>
<tr style="height:2.25pt;">
  <td nowrap valign=bottom width=5% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;border-bottom:solid black 1.0pt;height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid black 1.0pt;height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Non-current
  lease liabilities</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">37.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Maturity
  analysis of undiscounted contractual cash flows:</font></b></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Less than
  a year</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">13.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">One to
  five years</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">37.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">More than
  5 years</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">9.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total
  undiscounted lease liabilities at June 30, 2020</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">59.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Lease
  payments not recognised as a liability but expensed during the year:</font></b></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Short-term
  leases</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Leases of
  low value assets </font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash flows
  included in cash generated from operating activities</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName28></a><a name=BookmarkName29></a></p>
<DIV bclFooter>

 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_100"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>

 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">11&#160;&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">PROVISION FOR ENVIRONMENTAL REHABILITATION</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName28_bclEnd"></a><a name="BookmarkName29_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0in 0in 0in 0in;">
  <p align=left style="border:none;margin:0in;margin-bottom:10.0pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:28.65pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">SIGNIFICANT ACCOUNTING ASSUMPTIONS AND ESTIMATES</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Estimates of future environmental rehabilitation costs are
  determined with the assistance of an independent expert and are based on the
  Group&#8217;s environmental management plans which are developed in accordance with
  regulatory requirements, the life-of-mine plan and the planned method of
  rehabilitation which is influenced by developments in trends and technology.</font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">An average discount rate ranging between <a name="XBRL_CS_493d5eb49b88454aba9ba1fca"></a>8.1<a name="XBRL_CS_493d5eb49b88454aba9ba1fca_bclEnd"></a>% and <a name="XBRL_CS_0d719681eed64734b8b7582c5"></a>9.5<a name="XBRL_CS_0d719681eed64734b8b7582c5_bclEnd"></a>% (2019: between <a name="XBRL_CS_0ba6ae68882049e0bbc986ffd"></a>7.6<a name="XBRL_CS_0ba6ae68882049e0bbc986ffd_bclEnd"></a>% and <a name="XBRL_CS_258be446318d43f7b68904f04"></a>8.0<a name="XBRL_CS_258be446318d43f7b68904f04_bclEnd"></a>%), average inflation
  rate of <a name="XBRL_CS_24ddfc4e518f484180e5d3b77"></a>5.1<a name="XBRL_CS_24ddfc4e518f484180e5d3b77_bclEnd"></a>% (2019: <a name="XBRL_CS_1fd76e59ce634973b45c25095"></a>5.5<a name="XBRL_CS_1fd76e59ce634973b45c25095_bclEnd"></a>%) and the discount
  periods as per the expected life-of-mine were used in the calculation of the
  estimated net present value of the rehabilitation liability.</font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING POLICIES</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The net present value of the estimated rehabilitation cost as at
  reporting date is provided for in full. These estimates are reviewed annually
  and are discounted using a pre-tax risk-free rate that is adjusted to reflect
  the current market assessments of the time value of money and the risks
  specific to the obligation.</font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Annual changes in the provision consist of financing expenses
  relating to the change in the present value of the provision and inflationary
  increases in the provision, as well as changes in estimates.</font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The present value of dismantling and removing the asset created
  (decommissioning liabilities) are capitalised to property, plant and
  equipment against an increase in the rehabilitation provision. If a decrease
  in the liability exceeds the carrying amount of the asset, the excess is
  recognised in profit or loss. If the asset value is increased and there is an
  indication that the revised carrying value is not recoverable, an impairment
  test is performed in accordance with the accounting policy dealing with
  impairments of property, plant and equipment. Over time, the liability is
  increased to reflect an interest element, and the capitalised cost is
  depreciated over the life of the related asset. Cash costs incurred to
  rehabilitate these disturbances are charged to the provision and are
  presented as investing activities in the statement of cash flows.</font></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The present value of environmental rehabilitation costs relating to the
  production of inventories and sites without related assets (restoration
  liabilities) as well as changes therein are expensed as incurred and
  presented as operating costs. Cash costs incurred to rehabilitate these
  disturbances are presented as operating activities in the statement of cash
  flows. The cost of ongoing rehabilitation is recognised in profit or loss as
  incurred.</font></font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;margin-top:6.0pt;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:1.0pt;line-height:115%;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.75pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=67% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=6% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=67% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=67% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Opening
  balance </font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">682.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">553.4</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=67% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Acquisition
  of FWGR</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">247.4</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=67% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Unwinding
  of provision</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">52.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">66.3</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=67% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Change in
  estimate of environmental rehabilitation recognised in profit or loss (a)</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.1</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(21.9)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(60.0)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=67% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Change in
  estimate of environmental rehabilitation recognised to decommissioning asset
  (b)</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">9</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(113.6)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(97.0)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=67% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Environmental
  rehabilitation payments (c)</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(30.2)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(27.5)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=67% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">To reduce
  decommissioning liabilities</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(22.1)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(16.6)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=67% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">To reduce
  restoration liabilities</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">14</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(8.1)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(10.9)</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=67% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=67% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Closing
  balance</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">568.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">682.6</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=67% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=67% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Environmental
  rehabilitation payments to reduce the liability</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(30.2)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(27.5)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=67% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ongoing
  rehabilitation expenditure</font><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> 1</font></sup></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">23</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(24.3)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(18.3)</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=67% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=67% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total cash
  spent on environmental rehabilitation</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(54.5)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(45.8)</font></p>
  </td>
 </tr>
<tr style="height:24.0pt;">
  <td nowrap valign=bottom width=5% style="height:24.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=4 valign=top width=95% style="border:none;height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1</font></i></sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">
  The Group also performs ongoing environmental rehabilitation arising from its
  current activities concurrently with production. These costs do not represent
  a reduction of the above liability and are expensed as operating costs</font></i></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td colspan=4 valign=top width=95% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin-bottom:0in;margin-left:42.5pt;margin-right:0in;margin-top:0in;text-align:left;text-indent:-.2in;"><a name="XBRL_TS_5346a6f46bd144418ba9d364a"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">(a)</font></b><b><font color=black face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:normal;">&nbsp; &nbsp;</font></b></font><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Change
in estimate of environmental rehabilitation recognised in profit or loss</font></b></font></p>

<p style="border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The
change in estimate of environmental rehabilitation recognised in profit or loss
is mainly as a result of updated vegetation and machine hire rates to recent service
level agreements and actual rates incurred and the discount rate (real rate) which
was higher as a result of higher long-term SA government bond rates and lower
inflation rates than in the prior year.</font></font></p>

<p align=left style="border:none;margin-bottom:.0001pt;margin-left:42.55pt;margin-right:0in;margin-top:6.0pt;text-align:left;text-indent:-14.2pt;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">(b)</font></b><b><font color=black face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:normal;">&nbsp; &nbsp;</font></b></font><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Change
in estimate of environmental rehabilitation recognised to property, plant and
equipment</font></b></font></p>

<p style="border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The
change in estimate of environmental rehabilitation recognised to property, plant
and equipment is mainly as a result of a change in the current life of mine plan
which influenced the method of rehabilitation. The decrease is also as a result
of an increase in the discount rate (real rate) which was higher as a result of
higher long-term SA government bond rates and lower inflation rates than in the
prior year.</font></font></p>

<p align=left style="border:none;margin-bottom:.0001pt;margin-left:42.55pt;margin-right:0in;margin-top:6.0pt;text-align:left;text-indent:-14.2pt;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">(c)</font></b><b><font color=black face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:normal;">&nbsp; &nbsp;</font></b></font><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Environmental
rehabilitation payments</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:12.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The payments made
against the provision for environmental rehabilitation consist mainly of
rehabilitation work performed on the Brakpan/Withok Tailings Storage Facility
and on the Crown Complex.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><a name="_Hlk53669817"></a><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">GROSS COST
TO REHABILITATE</font></b></font></p>

<p style="border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The
Group estimates that, based on current environmental and regulatory
requirements, the total undiscounted rehabilitation cost is approximately R<a name="XBRL_CS_aa5b442321ef48d8a36e12f08"></a>752.5<a name="XBRL_CS_aa5b442321ef48d8a36e12f08_bclEnd"></a> million (2019: R<a name="XBRL_CS_6be746f687614e46be45bf938"></a>824.3<a name="XBRL_CS_6be746f687614e46be45bf938_bclEnd"></a> million).</font></font><a name="XBRL_TS_5346a6f46bd144418ba9d364a_bclEnd"></a></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName30></a><a name=BookmarkName31></a></p>
<DIV bclFooter>

 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_101"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>

 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">12&#160;&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">INVESTMENTS IN REHABILITATION OBLIGATION FUNDS</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName30_bclEnd"></a><a name="BookmarkName31_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0in 0in 0in 0in;">
  <p align=left style="border:none;margin:0in;margin-bottom:10.0pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:28.65pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING POLICIES</font></b></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash and cash equivalents in environmental rehabilitation trust
  funds</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash and cash equivalents included in environmental
  rehabilitation trust funds comprise low-risk, interest-bearing cash and cash
  equivalents and are non-derivative financial assets categorised as financial
  assets measured at amortised cost.</font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash and cash equivalents are initially measured at fair value.
  Subsequent to initial recognition, cash and cash equivalents are measured at
  amortised cost, which is equivalent to their fair value.</font></font></p>
  <p style="border:none;margin:0in;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Reimbursive right for environmental rehabilitation guarantees</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Funds held in the cell captive that secure the environmental
  rehabilitation guarantees issued are recognised as a right to receive a
  reimbursement and are measured at the lower of the amount of the consolidated
  environmental rehabilitation liability recognised and the consolidated fair
  value of the fund assets.</font></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Changes in the carrying value of the fund assets, other than those
  resulting from contributions and payments, are recognised in finance income.</font></font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Funding of environmental rehabilitation activities </font></b></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">(refer
note 11)</font></font></p>

<p style="border:none;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Ongoing
rehabilitation expenditure and environmental rehabilitation payments to reduce
the environmental rehabilitation obligations are mostly funded by cash
generated from operations. In addition, contributions have been made to an
environmental rehabilitation trust and a cell captive for the sole use of
future environmental rehabilitation payments.</font></font></p>

<p style="border:none;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Guardrisk
Insurance Company Limited (&quot;</font></font><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Guardrisk</font></b></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&quot;)
has guarantees in issue amounting to R<a name="XBRL_CS_ba9566e7b1a6465283e453cdb"></a>427.3<a name="XBRL_CS_ba9566e7b1a6465283e453cdb_bclEnd"></a> million (2019: R<a name="XBRL_CS_802dc106c1f04fb691c0863f9"></a>427.3<a name="XBRL_CS_802dc106c1f04fb691c0863f9_bclEnd"></a> million) to the Department
of Mineral Resources (&quot;</font></font><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">DMR</font></b></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&quot;)
on behalf of DRDGOLD related to the environmental obligations. The funds in the
cell captive serve as collateral for these guarantees.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:1.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=top width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td nowrap valign=top width=5% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:11.4pt;">
  <td nowrap valign=top width=5% style="height:11.4pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:11.4pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash and cash
  equivalents in environmental rehabilitation trust funds</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:11.4pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:11.4pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">542.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:11.4pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">508.9</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=top width=5% style="height:12.6pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:12.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160; Opening
  balance</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-right:solid black 1.0pt;height:12.6pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;height:12.6pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">508.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid black 1.0pt;height:12.6pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">118.0</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=top width=5% style="height:12.6pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:12.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;Acquisition
  of FWGR</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-right:solid black 1.0pt;height:12.6pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;height:12.6pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid black 1.0pt;height:12.6pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">360.4</font></p>
  </td>
 </tr>
<tr style="height:11.4pt;">
  <td nowrap valign=top width=5% style="height:11.4pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:11.4pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160; Growth</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-right:solid black 1.0pt;height:11.4pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:11.4pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">33.3</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:11.4pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">30.5</font></p>
  </td>
 </tr>
<tr style="height:5.4pt;">
  <td nowrap valign=top width=5% style="height:5.4pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:5.4pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:5.4pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;height:5.4pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:5.4pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=top width=5% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Reimbursive
  right for environmental rehabilitation guarantees</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">83.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">78.6</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=top width=5% style="height:12.6pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:12.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160; Opening
  balance</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-right:solid black 1.0pt;height:12.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;height:12.6pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">78.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid black 1.0pt;height:12.6pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">126.0</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=top width=5% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160; Funds
  received</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-right:solid black 1.0pt;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;height:13.2pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid black 1.0pt;height:13.2pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(55.2)</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=top width=5% style="height:12.6pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:12.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160; Growth</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-right:solid black 1.0pt;height:12.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:12.6pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:12.6pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7.8</font></p>
  </td>
 </tr>
<tr style="height:5.25pt;">
  <td nowrap valign=top width=5% style="height:5.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;border-bottom:solid black 1.0pt;height:5.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid black 1.0pt;height:5.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:5.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:5.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.8pt;">
  <td nowrap valign=top width=5% style="height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">626.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">587.5</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=top width=5% style="height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:13.2pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;margin-left:28.35pt;text-align:left;"><a name="XBRL_TS_62b018c10f18482084227cfcc"></a><a name="XBRL_TS_9f2e15855e5847e2b6bbae545"></a><a name="XBRL_TS_b02fd305bdd44f92923b6fdfa"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">CREDIT RISK</font></b></font></p>

<p style="border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The
Group is exposed to credit risk on the total carrying value of the investments
held in the environmental rehabilitation trust funds.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The
Group manages its exposure to credit risk by diversifying these investments
across a number of major financial institutions, as well as investing funds in
low-risk, interest-bearing cash and cash equivalents.</font></font><a name="XBRL_TS_62b018c10f18482084227cfcc_bclEnd"></a><a name="XBRL_TS_9f2e15855e5847e2b6bbae545_bclEnd"></a><a name="XBRL_TS_b02fd305bdd44f92923b6fdfa_bclEnd"></a></p>

<p align=left style="border:none;margin:0in;margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:8.0pt;text-align:left;"><a name="XBRL_TS_6e4d6daa10c04b48a74ad6673"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">MARKET
RISK</font></b></font></p>

<p align=left style="border:none;margin:0in;margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:8.0pt;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><b><i><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Interest rate risk</font></i></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><a name="XBRL_CS_4b32fad1855046208314ee507"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">A change of </font></font><a name="XBRL_CS_22270fbd6cd742b5a2cf392cc"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">100</font></font><a name="XBRL_CS_22270fbd6cd742b5a2cf392cc_bclEnd"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;"> basis points
(bp) in interest rates at the reporting date would have increased/(decreased)
equity and profit/(loss) by the amounts shown below. This analysis assumes that
all other variables, in particular the balance of the funds, remain constant.
The analysis excludes income tax</font></font><a name="XBRL_TS_6e4d6daa10c04b48a74ad6673_bclEnd"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">.</font></font><a name="XBRL_CS_4b32fad1855046208314ee507_bclEnd"></a></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.5pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">100bp
  increase</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.1</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">100bp
  (decrease)</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(5.4)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(5.1)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;margin-left:28.35pt;text-align:left;"><a name="XBRL_TS_09d18f220fdb4f2f9884eabb3"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">FAIR
VALUE OF FINANCIAL INSTRUMENTS</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The fair value of
the cash and cash equivalents in the environmental rehabilitation trust funds approximate
their carrying value due to their short-term maturities.</font></font><a name="XBRL_TS_09d18f220fdb4f2f9884eabb3_bclEnd"></a></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName32></a><a name=BookmarkName33></a></p>
<DIV bclFooter>

 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_102"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>

 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">13&#160;&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">CASH AND CASH EQUIVALENTS</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName32_bclEnd"></a><a name="BookmarkName33_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:0pt;width:100%;">
 <tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0in 0in 0in 0in;">
  <p align=left style="border:none;margin:0in;margin-bottom:10.0pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:28.65pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING POLICIES</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash and cash equivalents are short-term, highly liquid
  investments that are readily convertible to cash without significant risk of
  changes in value and comprise cash on hand, demand deposits, and highly
  liquid investments which are readily convertible to known amounts of cash.</font></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash and cash equivalents are non-derivative financial assets
  categorised as financial assets measured at amortised cost. Cash and cash
  equivalents are initially measured at fair value. Subsequent to initial
  recognition, cash and cash equivalents are measured at amortised cost, which
  is equivalent to their fair value.</font></font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;margin-top:6.0pt;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:1.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash on
  hand</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">63.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">125.2</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Access
  deposits and income funds</font><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> 1</font></sup></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,632.3</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">136.0</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Restricted
  cash </font><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;2&nbsp;</font></sup></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">19.3</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">18.3</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,715.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">279.5</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=64% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Interest
  earned on cash and cash equivalents</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">63.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">17.0</font></p>
  </td>
 </tr>
<tr style="height:21.0pt;">
  <td nowrap valign=bottom width=5% style="height:21.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td colspan=4 valign=top width=95% style="border:none;height:21.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1</font></i></sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">
  These consist of access deposit notes and conservatively managed income funds
  that are diversified across the major financial institutions in South Africa.
  At reporting date all of these instruments had same day or next day liquidity
  and effective annual yields of between 5.5% and 7%</font></i></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td colspan=4 valign=top width=95% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2</font></i></sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">
  These consist of cash held on call to fund environmental and other guarantees
  issued by the Standard Bank of South Africa Limited.</font></i></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;margin-left:28.35pt;text-align:left;"><a name="XBRL_TS_b18f3d20f79f4e958587e4df6"></a><a name="XBRL_TS_7bcade3e5475463591bad433d"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">CREDIT RISK</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The Group is exposed
to credit risk on the total carrying value of its cash and cash equivalents. The
Group manages its exposure to credit risk by investing cash and cash
equivalents across several major financial institutions, considering the credit
ratings of the respective financial institutions, funds and underlying
instruments.</font></font><a name="XBRL_TS_7bcade3e5475463591bad433d_bclEnd"></a><a name="XBRL_TS_b18f3d20f79f4e958587e4df6_bclEnd"></a></p>

<p style="border:none;margin:0in;margin-bottom:12.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Impairment on
cash and cash equivalents, if any, are measured on a 12-month expected loss
basis and reflects the short maturities of the exposures. The Group considers
that its cash and cash equivalents have low credit risk based on the external
credit ratings of the counterparties.</font></font></p>

<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:left;"><a name="XBRL_TS_7a35d77068df43c382db433ab"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">MARKET
RISK</font></b></font></p>

<p align=left style="border:none;margin:0in;margin-left:28.35pt;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><b><i><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Interest rate risk</font></i></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">A change of <a name="XBRL_CS_32336bd307c245e9b4aba4017"></a>100<a name="XBRL_CS_32336bd307c245e9b4aba4017_bclEnd"></a> basis points (bp) in the interest
rates would have increased/(decreased) equity and profit/(loss) by the amounts
shown below. This analysis is performed on the average balance of cash and cash
equivalents for the year and assumes that all other variables remain constant.
The analysis excludes income tax</font></font><a name="XBRL_TS_7a35d77068df43c382db433ab_bclEnd"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:1.0pt;line-height:115%;">&nbsp;</font></b></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td nowrap valign=bottom width=4% style="border:none;border-right:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=5% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=5% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#D9D9D9;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">100bp
  increase</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#D9D9D9;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.8</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">100bp
  (decrease)</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(10.0)</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.8)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><a name="XBRL_TS_f8a3796f56704873a5583ba9a"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Foreign denominated
cash is held in a foreign currency bank account accruing negligible interest
and is usually converted to South African Rand on the day of receipt. Foreign
cash is therefore not exposed to significant interest rate risk.</font></font></p>

<p align=left style="border:none;margin:0in;margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:6.0pt;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Foreign currency risk</font></i></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">US
Dollars received on settlement of the trade receivables are exposed to
fluctuations in the US Dollar/South African Rand exchange rate until it is converted
to South African Rands. </font></font></p>

<p style="border:none;margin:0in;margin-bottom:12.0pt;margin-left:28.1pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
Group was not exposed to any fluctuations in the US Dollar/South African Rand
exchange rate on any US Dollars at the current or previous reporting date as
all the US Dollars held were converted to South African Rands.</font></font><a name="XBRL_TS_f8a3796f56704873a5583ba9a_bclEnd"></a></p>

<p align=left style="border:none;margin:0in;margin-left:28.1pt;text-align:left;"><a name="XBRL_TS_0103df8f01d04389a2a7d5de1"></a><a name="XBRL_TS_2bcc1bc1b72d4b9ea9289de54"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">FAIR VALUE OF FINANCIAL
INSTRUMENTS</font></b></font></p>

<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The fair value of cash and cash equivalents
approximates their carrying value due to their short-term maturities.</font></font><a name="XBRL_TS_0103df8f01d04389a2a7d5de1_bclEnd"></a><a name="XBRL_TS_2bcc1bc1b72d4b9ea9289de54_bclEnd"></a></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName34></a><a name=BookmarkName35></a></p>
<DIV bclFooter>

 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_103"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>

 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">14&#160;&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">CASH GENERATED FROM OPERATIONS</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName34_bclEnd"></a><a name="BookmarkName35_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2018</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Profit for
  the year</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">635.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">78.5</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6.5</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Adjusted
  for</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Income tax</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">18</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">343.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">26.6</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">25.9</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Depreciation
  </font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">9</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">270.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">169.1</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">168.0</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Movement
  in gold in process and finished inventories - Gold Bullion</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.1</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(3.1)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(32.6)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(24.5)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Change in estimate
  of environmental rehabilitation</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">11</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(21.9)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(60.0)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.9)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Environmental
  rehabilitation payments</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">11</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(8.1)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(10.9)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(3.4)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Share-based
  payment expense</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.3</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">224.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">21.4</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">17.2</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(Gain)/loss
  on disposal of property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.2</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.7)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(5.8)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.6</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Finance
  income</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(109.8)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(58.3)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(38.8)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Finance
  expense</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">68.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">78.4</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">58.4</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other
  non-cash items</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.8</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.3</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Operating
  cash flows before other changes</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,401.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">208.2</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">208.3</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Changes in</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(92.0)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">73.8</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">14.6</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Trade and
  other receivables</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(79.0)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">22.5</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">22.2</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Consumable
  stores and stockpiles</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(26.4)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(24.8)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(28.2)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Payments
  made under protest</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">24</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(10.6)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(11.7)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(27.4)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Trade and
  other payables and employee benefits</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">24.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">87.8</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">48.0</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash
  generated from operations</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,309.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">282.0</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">222.9</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName36></a><a name=BookmarkName37></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">15&#160;&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">TRADE AND OTHER RECEIVABLES</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName36_bclEnd"></a><a name="BookmarkName37_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0in 0in 0in 0in;">
  <p align=left style="border:none;margin:0in;margin-bottom:10.0pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:28.65pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><a name="XBRL_TS_d219b06c52ed4602a431a179d"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING POLICIES</font></b></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Recognition and measurement</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Trade and other receivables, excluding Value Added Tax and
  prepayments, are non-derivative financial assets categorised as financial
  assets at amortised cost.</font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">These assets are initially measured at fair value plus directly
  attributable transaction costs. Subsequent to initial recognition, they are
  measured at amortised cost using the effective interest method less any
  expected credit losses using the Group&#8217;s business model for managing its
  financial assets. </font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The Group derecognises a financial asset when the contractual
  rights to the cash flows from the asset expire, or it transfers the rights to
  receive the contractual cash flows in a transaction in which substantially
  all of the risks and rewards of ownership of the financial asset are
  transferred, or it neither transfers nor retains substantially all of the
  risks and rewards of ownership and does not retain control over the
  transferred asset. Any interest in such derecognised financial assets that is
  created or retained by the Group is recognised as a separate asset or
  liability.</font></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Impairment</font></i></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The Group recognises loss allowances for trade and other
  receivables at an amount equal to expected credit losses (&#8220;ECLs&#8221;). The Group
  uses the simplified ECL approach. When determining whether the credit risk of
  a financial asset has increased since initial recognition and when estimating
  ECLs, the Group considers reasonable and supportable information that is
  relevant and available without undue cost or effort. This includes both
  quantitative and qualitative information and analysis, based on informed credit
  assessments and including forward-looking information. The maximum period
  considered when estimating ECLs is the maximum contractual period over which
  the Group is exposed to credit risk. </font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ECLs are a probability weighted estimate of credit losses.
  Credit losses are measured as the present value of all cash shortfalls (i.e.
  the difference between the cash flows due to the entity in accordance with
  the contract and the cash flows that the Group expects to receive). The Group
  assesses whether the financial asset is credit impaired at each reporting
  date. A financial asset is credit impaired when one or more events that have
  a detrimental impact on the estimated future cash flows of the financial
  asset have occurred, including but not limited to financial difficulty or
  default of payment. The Group will write off a financial asset when there is
  no reasonable expectation of recovering it after considering whether all
  means to recovery the asset have been exhausted, or the counterparty has been
  liquidated and the Group has assessed that no recovery is possible.</font></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Any impairment losses are recognised in the statement of profit or loss</font></font><a name="XBRL_TS_d219b06c52ed4602a431a179d_bclEnd"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">.</font></font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0pt;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Trade
receivables relate to gold sold on the bullion market by Rand Refinery in its
capacity as an agent. Settlement is </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">usually received two working
days from gold sold date.</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName38></a><a name=BookmarkName39></a></p>
<DIV bclFooter>

 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_104"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>

 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">15&#160;&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">TRADE AND OTHER RECEIVABLES</font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;"> continued</font></i></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName38_bclEnd"></a><a name="BookmarkName39_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Trade
  receivables</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">23.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Value
  Added Tax</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">83.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">42.0</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other
  receivables</font><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> 1</font></sup></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">17.3</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">25.3</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Prepayments</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">25.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.5</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Allowance
  for impairment</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.6)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(4.9)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">146.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">67.9</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td colspan=4 nowrap valign=top width=95% style="border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1</font></i></sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">
  Other receivables consist of a number of individually insignificant amounts
  receivable</font></i></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:left;"><a name="XBRL_TS_67fecb5cf353487ca21e85fe1"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">CREDIT
RISK</font></b></font></p>

<p style="border:none;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The
Group is exposed to credit risk on the total carrying value of its trade receivables
and other receivables </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">excluding Value Added Tax and
prepayments</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The
Group manages its exposure to credit risk on trade receivables by maintaining a
short term cycle to settlement of <a name="XBRL_CS_d51de902b18a4ca999fb14aac"></a>2<a name="XBRL_CS_d51de902b18a4ca999fb14aac_bclEnd"></a> working days. The Group
manages its exposure to credit risk on other receivables by establishing a maximum
payment period of <a name="XBRL_CS_e61b876725374fbfb3c6e1189"></a>30<a name="XBRL_CS_e61b876725374fbfb3c6e1189_bclEnd"></a> days, and ensuring that
counterparties are of good credit standing and transacting on a secured or cash
basis where considered necessary. </font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The majority of
other receivables comprises of balances with counterparties who have been
transacting with the Group for over 5 years and in some of these cases, the
counterparties are also suppliers of the Group. </font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Receivables are
regularly monitored and assessed for recoverability.</font></font></p>

<p style="border:none;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
balances of counterparties who have been assessed as being credit impaired at
reporting date are as follows:</font></font><a name="XBRL_TS_67fecb5cf353487ca21e85fe1_bclEnd"></a></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border-bottom:none;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=22% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=22% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 </tr>
<tr style="height:25.5pt;">
  <td valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:25.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=51% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:25.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:25.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Non-credit
  impaired</font></b></p>
  </td>
 <td valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:25.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Credit
  impaired</font></b></p>
  </td>
 <td valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:25.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Non-credit
  impaired</font></b></p>
  </td>
 <td valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:25.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Credit
  impaired</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Trade
  receivables</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">23.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other
  receivables</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">14.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">23.2</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.1</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">37.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">23.2</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.1</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Loss
  allowance</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.6)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.8)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.1)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><a name="XBRL_TS_0e998336b73a49acaa9321170"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Movement
in the allowance for impairment in respect of trade and other receivables
during the year was as follows:</font></font><a name="XBRL_TS_0e998336b73a49acaa9321170_bclEnd"></a></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.5pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=72% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=top width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=72% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=72% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Balance at
  the beginning of the year</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(4.9)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(9.2)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=72% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Impact of
  adopting IFRS 9 on July 1, 2018</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=72% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Impairment
  recognised on other receivables included in operating costs</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(3.2)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=72% style="border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Balance at
  the beginning of the year after adoption of IFRS 9 </font><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Financial Instruments</font></i></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(4.9)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(12.4)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=72% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Credit
  loss allowance/impairments recognised included in operating costs</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.2)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(3.1)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=72% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Credit
  loss allowance/impairments reversed included in operating costs</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.3</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=72% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Credit
  loss allowance written off against related receivable</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.3</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=72% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Balance at
  the end of the year</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.6)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(4.9)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=72% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:left;"><a name="XBRL_TS_4dc318b1e7634d3ca89d5fb18"></a><a name="XBRL_TS_4c18318e267c4deba3deb6c38"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">MARKET RISK</font></b></font></p>

<p align=left style="border:none;margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:6.0pt;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><b><i><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Interest rate risk</font></i></b></font></p>

<p style="border:none;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Trade
and other receivables do not earn interest and are therefore not subject to
interest rate risk.</font></font></p>

<p align=left style="border:none;margin-bottom:0in;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><b><i><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Foreign currency risk</font></i></b></font></p>

<p style="border:none;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Gold
is sold at spot rates and is denominated in US Dollars. Gold sales and thus
trade receivables, are therefore exposed to fluctuations in the US Dollar/South
African Rand exchange rate. All foreign currency transactions are entered into during
the year ended June 30, 2020 were at spot rates and no hedges are entered into.</font></font><a name="XBRL_TS_4c18318e267c4deba3deb6c38_bclEnd"></a><a name="XBRL_TS_4dc318b1e7634d3ca89d5fb18_bclEnd"></a></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.5pt;">
  <td nowrap valign=bottom width=4% style="border:none;border-right:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Figures in
  USD million</font></b></p>
  </td>
 <td nowrap valign=bottom width=5% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=top width=4% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=5% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#DADADA;border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Foreign
  denomination of trade receivables at June 30</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.3</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:21.0pt;">
  <td nowrap valign=bottom width=4% style="height:21.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td colspan=4 nowrap valign=top width=96% style="height:21.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">A 10%
  strengthening of the Rand against the US Dollar at 30 June would have
  increased/(decreased) equity and profit/(loss) by the amounts shown below.
  This analysis assumes that all other variables remain constant. </font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=4% style="border:none;border-right:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=5% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=top width=4% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=5% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#DADADA;border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Strengthening
  of the Rand against the US Dollar</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.3)</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Weakening
  of the Rand against the US Dollar</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.3</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin-bottom:0in;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:left;"><a name="XBRL_TS_030fac4e0f864cbd95e604f49"></a><a name="XBRL_TS_d4f7817678a34e24a0d727b5a"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">FAIR VALUE OF FINANCIAL
INSTRUMENTS</font></b></font></p>

<p align=left style="border:none;margin-bottom:0in;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:18.0pt;">The fair value of trade and other receivables
approximate their carrying value due to their short-term maturities.</font></font><a name="XBRL_TS_030fac4e0f864cbd95e604f49_bclEnd"></a><a name="XBRL_TS_d4f7817678a34e24a0d727b5a_bclEnd"></a></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName40></a><a name=BookmarkName41></a></p>
<DIV bclFooter>

 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_105"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>

 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">16&#160;&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">TRADE AND OTHER PAYABLES</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName40_bclEnd"></a><a name="BookmarkName41_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0in 0in 0in 0in;">
  <p align=left style="border:none;margin:0in;margin-bottom:10.0pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:28.65pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><a name="XBRL_TS_f0f809a452e3427db238bab21"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING POLICIES</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Trade and other payables, excluding payroll accruals, accrued
  leave pay and provision for performance based incentives, are non-derivative
  financial liabilities categorised as financial liabilities measured at
  amortised cost.</font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">These liabilities are initially measured at fair value plus
  directly attributable transaction costs. Subsequent to initial recognition,
  they are measured at amortised cost using the effective interest method. The
  Group derecognises a financial liability when its contractual rights are
  discharged, or cancelled or expire.</font></font><a name="XBRL_TS_f0f809a452e3427db238bab21_bclEnd"></a></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Short-term employee benefits are expensed as the related service is
  provided. A liability is recognised for the amount expected to be paid if the
  Group has a present legal or constructive obligation to pay this amount as a
  result of past service provided by the employee and the obligation can be
  estimated reliably.</font></font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Trade payables
  and accruals</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">348.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">324.4</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Accrued
  leave pay</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">46.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">39.0</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Provision
  for short term performance based incentives</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">50.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">32.5</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Payroll
  accruals</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">33.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">23.3</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">478.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">419.2</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=64% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Interest
  relating to trade payables and accruals included in profit or loss</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1.9)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.0)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">RELATED
  PARTY BALANCES</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=64% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Trade
  payables and accruals include the following amounts payable to related
  parties:</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=64% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Sibanye-Stillwater</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">14.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4.1</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=64% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Rand
  Refinery</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.2</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;margin-left:28.35pt;text-align:left;"><a name="XBRL_TS_969c05ead44849f78acd863ee"></a><a name="XBRL_TS_21b59ce5e6324992ac763730b"></a><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">LIQUIDITY
RISK</font></b></font></p>

<p align=left style="border:none;margin:0in;margin-bottom:12.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Trade payables and accruals are all expected to be settled within
12 months from reporting date.</font></font></p>

<p align=left style="border:none;margin:0in;margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:6.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">FAIR VALUE OF FINANCIAL INSTRUMENTS</font></b></font></p>

<p align=left style="border:none;margin:0in;margin-bottom:12.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The fair value of trade payables and accruals approximate their
carrying value due to their short-term maturities.</font></font><a name="XBRL_TS_21b59ce5e6324992ac763730b_bclEnd"></a><a name="XBRL_TS_969c05ead44849f78acd863ee_bclEnd"></a></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName42></a><a name=BookmarkName43></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">17&#160;&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">INVENTORIES</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName42_bclEnd"></a><a name="BookmarkName43_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0in 0in 0in 0in;">
  <p align=left style="border:none;margin:0in;margin-bottom:10.0pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:28.65pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING POLICIES</font></b></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Gold in process is stated at the lower of cost and net realisable
  value. Costs are assigned to gold in process on a weighted average cost
  basis. Costs comprise all costs incurred to the stage immediately prior to
  smelting, including costs of extraction and processing as they are reliably
  measurable at that point. Gold bullion is stated at the lower of cost and net
  realisable value. Selling and general administration costs are excluded from
  inventory valuation.</font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Consumable stores are stated at cost less allowances for obsolescence.
  Cost of consumables and stockpile material is based on the weighted average
  cost principle and includes expenditure incurred in acquiring inventories and
  bringing them to their existing location and condition.</font></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net realisable value is the estimated selling price in the ordinary
  course of business, less the estimated cost of completion and selling
  expenses.</font></font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td nowrap valign=top width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Consumable
  stores</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">165.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">145.2</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gold in
  process (a)</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">95.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">99.6</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Finished
  inventories - Gold Bullion</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">62.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">59.8</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total
  inventories</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">323.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">304.6</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=64% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin-bottom:0in;margin-left:42.55pt;margin-right:0in;margin-top:0in;text-align:left;text-indent:-14.2pt;"><a name="XBRL_TS_88307fd16fe8421b95050df96"></a><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">(a)</font></b><b><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:normal;">&nbsp;
&nbsp;</font></b></font><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Gold in process</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Gold in process at June 30,
2020 includes stockpiles of sand material trucked to the City Plant amounting
to R<a name="XBRL_CS_d7bff1cc080e41b98fdd826ce"></a>13.7<a name="XBRL_CS_d7bff1cc080e41b98fdd826ce_bclEnd"></a> million (June 30, 2019: R<a name="XBRL_CS_3733f26be2004195887e52eac"></a>20.3<a name="XBRL_CS_3733f26be2004195887e52eac_bclEnd"></a> million).</font></font><a name="XBRL_TS_88307fd16fe8421b95050df96_bclEnd"></a></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName44></a><a name=BookmarkName45></a></p>
<DIV bclFooter>

 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_106"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>

 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">18&#160;&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">INCOME TAX</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName44_bclEnd"></a><a name="BookmarkName45_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:0pt;width:100%;">
 <tr style="height:28.65pt;">
  <td nowrap valign=top width=7% style="height:28.65pt;padding:0in 0in 0in 0in;"><a name="XBRL_TS_f92c92134b97427db2d889ff0"></a>
  <p align=left style="border:none;margin:0in;margin-bottom:10.0pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td valign=top width=93% style="background:#D9D9D9;height:28.65pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">SIGNIFICANT ACCOUNTING ASSUMPTIONS AND ESTIMATES</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Management periodically evaluates positions taken where tax
  regulations are subject to interpretation. This includes the treatment of both
  Ergo and FWGR as single mining operations respectively, pursuant to the
  relevant ring-fencing legislation.</font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The deferred tax liability is calculated by applying a forecast
  weighted average tax rate that is based on a prescribed formula. The
  calculation of the forecast weighted average tax rate requires the use of
  assumptions and estimates and are inherently uncertain and could change
  materially over time. These assumptions and estimates include expected future
  profitability and timing of the reversal of the temporary differences. Due to
  the forecast weighted average tax rate being based on a prescribed formula
  that increases the effective tax rate with an increase in forecast future
  profitability, and </font><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">vice versa</font></i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">, the tax rate can vary significantly
  year on year and can move contrary to current period financial performance.</font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">A <a name="XBRL_CS_7ef9f583fbb64a24bd95f1041"></a>100<a name="XBRL_CS_7ef9f583fbb64a24bd95f1041_bclEnd"></a> basis points increase in
  the effective tax rate will result in an increase in the net deferred tax
  liability at June 30, 2020 of approximately R<a name="XBRL_CS_995f0140598c415ca313f56b7"></a>10.3<a name="XBRL_CS_995f0140598c415ca313f56b7_bclEnd"></a> million (2019: R<a name="XBRL_CS_0d83eac1d3d54631b32fd8879"></a>8.6<a name="XBRL_CS_0d83eac1d3d54631b32fd8879_bclEnd"></a> million; 2018: R<a name="XBRL_CS_bb38283be652483dadb8ef675"></a>8.0<a name="XBRL_CS_bb38283be652483dadb8ef675_bclEnd"></a> million).</font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The assessment of the probability that future taxable profits
  will be available against which the tax losses and unredeemed capital
  expenditure can be utilised requires the use of assumptions and estimates and
  are inherently uncertain and could change materially over time.</font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Capital expenditure is assessed by the South African Revenue Service
  (&#8220;</font><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">SARS</font></b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;) when it is redeemed against taxable mining income rather than
  when it is incurred. A different interpretation by SARS regarding the deductibility
  of these capital allowances may therefore become evident subsequent to the
  year of assessment when the capital expenditure is incurred.</font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING POLICIES</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Income tax expense comprises current and deferred tax. Each
  company is taxed as a separate entity and tax is not set-off between the
  companies.</font></font></p>
  <p style="border:none;margin:0in;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Current tax</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Current tax comprises the expected tax payable or receivable on
  the taxable income or loss for the year and any adjustment on tax payable or
  receivable in respect of the previous year. Amounts are recognised in profit
  or loss except to the extent that it relates to items recognised directly in
  equity or OCI. The current tax charge is calculated on the basis of the tax
  laws enacted or substantively enacted at the reporting date. </font></font></p>
  <p style="border:none;margin:0in;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Deferred tax</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Deferred tax is recognised in respect of temporary differences
  between the carrying amounts and the tax bases of assets and liabilities.
  Deferred tax is not recognised on the initial recognition of assets or
  liabilities in a transaction that is not a business combination and that
  affects neither accounting nor taxable profit.</font></font></p>
  </td>
 </tr>
<tr style="height:28.65pt;">
  <td nowrap valign=top width=7% style="height:28.65pt;padding:0in 0in 0in 0in;"><a name="XBRL_TS_594d15e1c51845dfaf4a38c86"></a>
  <p align=left style="border:none;margin:0in;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=93% style="background:#D9D9D9;height:28.65pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Deferred tax assets relating to unutilised tax losses and
  unutilised capital allowances are recognised to the extent that it is
  probable that future taxable profits will be available against which the
  unutilised tax losses and unutilised capital allowances can be utilised. The
  recoverability of these assets is reviewed at each reporting date and
  adjusted if recovery is no longer probable.</font></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Deferred tax related to gold mining income is measured at a forecast
  weighted average tax rate that is expected to be applied to temporary
  differences when they reverse, using tax rates enacted or substantially
  enacted at the reporting date.</font></font></p>
  </td>
 </tr>
<tr style="height:13.8pt;">
  <td nowrap valign=bottom width=7% style="height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="border:none;margin:0in;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=93% style="height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><a name="XBRL_CS_ab5ec4de16ed44e58497e193b"></a><a name="XBRL_TS_ca402bc96b4d4dea8cbcf9695"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Tax on gold mining
income is determined based on a formula: Y = 34 - 170/X where Y is the
percentage rate of tax payable and X is the ratio of taxable income, net of any
qualifying capital expenditure that bears to gold mining income derived,
expressed as </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">a percentage. Non-mining income, which consists primarily of
interest accrued, is taxed at a standard rate of <a name="XBRL_CS_2c8795edf34541498e3492739"></a>28<a name="XBRL_CS_2c8795edf34541498e3492739_bclEnd"></a>% for all periods presented.</font></font></p>

<p style="border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">All mining
capital expenditure is deducted in the year it is incurred to the extent that
it does not result in an assessed loss. Capital expenditure not deducted from
mining income is carried forward as unutilised capital allowances to be
deducted from future mining income</font></font><a name="XBRL_TS_ca402bc96b4d4dea8cbcf9695_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">.</font></font><a name="XBRL_CS_ab5ec4de16ed44e58497e193b_bclEnd"></a></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:0pt;width:100%;">
 <tr style="height:7.3pt;">
  <td nowrap valign=top width=100% style="height:7.3pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:1.0pt;line-height:115%;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName46></a><a name=BookmarkName47></a></p>
<DIV bclFooter>

 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_107"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>

 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">18&#160;&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">INCOME TAX </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">continued</font></i></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">18.1&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">INCOME TAX EXPENSE</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName46_bclEnd"></a><a name="BookmarkName47_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td nowrap valign=top width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=62% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2018</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=62% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=62% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Current
  tax</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(263.2)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.6</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(6.4)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=62% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Mining tax</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(263.2)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=62% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Non-Mining,
  company and capital gains tax</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.6</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(6.4)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=62% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Deferred
  tax</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(80.7)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(28.2)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(19.5)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=62% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Deferred
  tax charge - Mining tax</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(59.1)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(14.8)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(10.4)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=62% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Deferred
  tax charge - Non-mining, company and capital gains tax</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.1)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.6</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.7</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=62% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Deferred
  tax rate adjustment</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(20.7)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(15.0)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(12.8)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=62% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Recognition
  of previously unrecognised tax losses of a capital nature</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:.05in;">
  <td nowrap valign=top width=5% style="height:.05in;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=62% style="border:none;border-bottom:solid black 1.0pt;height:.05in;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:.05in;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:.05in;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:.05in;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=62% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(343.9)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(26.6)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(25.9)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=62% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=62% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Tax
  reconciliation</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:21.0pt;">
  <td nowrap valign=top width=5% style="height:21.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=62% style="height:21.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Major
  items causing the Group's income tax expense to differ from the statutory
  rate were:</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:21.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:21.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:21.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=62% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Tax on net
  profit before tax at the South African corporate tax rate of 28%</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(274.1)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(30.2)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(9.0)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=62% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Rate
  adjustment to reflect the actual realised company tax rates applying the</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=62% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">gold
  mining formula</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.9)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7.4</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.5</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=62% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Deferred
  tax rate adjustment (a)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(20.7)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(15.0)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(12.8)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=62% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Non-deductible
  expenditure (b)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(29.3)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(11.9)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(9.8)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=62% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Utilisation
  of tax losses for which deferred tax assets were previously unrecognised</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.6</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=62% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Current
  year tax losses for which no deferred tax was recognised (c)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(23.5)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.7)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.8)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=62% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Exempt income
  and other non-taxable income</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4.4</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=62% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other
  items</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">16.8</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=62% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Tax
  incentives</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.7</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.4</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=62% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Recognition
  of previously unrecognised tax losses of a capital nature</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=62% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Over
  provided in prior periods</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.9</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=top width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=62% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=62% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Income tax</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(343.9)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(26.6)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(25.9)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=62% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;margin-left:28.35pt;text-align:left;"><a name="XBRL_TS_32af534b41fc4e3b90eff8ced"></a><a name="XBRL_TS_c84dfa6197924edfa8924ee7b"></a><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">(a) Deferred tax rate adjustment </font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.1pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The forecast weighted average
deferred tax rate increased from <a name="XBRL_CS_fef0b2216831485aa3b56d807"></a>22.0<a name="XBRL_CS_fef0b2216831485aa3b56d807_bclEnd"></a>% to <a name="XBRL_CS_bcb3439898874ec6ab0b27826"></a>25.0<a name="XBRL_CS_bcb3439898874ec6ab0b27826_bclEnd"></a>% as a result of an increase
in forecast taxable income of Ergo </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">(2019: </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">increased</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;"> from </font></font><a name="XBRL_CS_d96da8b24e5d45fab345ece72"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">20.3</font></font><a name="XBRL_CS_d96da8b24e5d45fab345ece72_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">% to </font></font><a name="XBRL_CS_493c76e0ff52478c88d2d85cb"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">22.0</font></font><a name="XBRL_CS_493c76e0ff52478c88d2d85cb_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">% due to the increase in forecast
</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">taxable
income</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;"> of Ergo; 2018: increased from <a name="XBRL_CS_a64f58fcc30748e38fb96a810"></a>18.6<a name="XBRL_CS_a64f58fcc30748e38fb96a810_bclEnd"></a>% to </font></font><a name="XBRL_CS_ec00aedd8ff248bcacec71438"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">20.3</font></font><a name="XBRL_CS_ec00aedd8ff248bcacec71438_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">% due to an increase in
forecast </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">taxable income</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;"> of Ergo).</font></font></p>

<p align=left style="border:none;margin:0in;margin-left:28.35pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">(b) </font></b></font><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Non-deductible expenditure</font></b></font></p>

<p style="border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The most
significant non-deductible expenditure incurred by the Group during the year
includes: </font></font></p>

<p style="border:none;margin:0in;margin-left:36.85pt;text-align:justify;text-indent:-8.5pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp; &nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">R<a name="XBRL_CS_d3101f298c584b8484dbb43a8"></a>73.2<a name="XBRL_CS_d3101f298c584b8484dbb43a8_bclEnd"></a> million depreciation on
fair value of property, plant and equipment of FWGR to which the </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">initial
recognition exemption applies in terms of IAS 12 </font><i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Income Taxes </font></i></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">(2019: R<a name="XBRL_CS_6114becf80e24828b8a5b205e"></a>16.6 <a name="XBRL_CS_6114becf80e24828b8a5b205e_bclEnd"></a>million)</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">;</font></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;margin-left:36.85pt;margin-right:0pt;margin-top:0in;text-align:justify;text-indent:-8.5pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp; &nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">R</font></font><a name="XBRL_CS_37c813f3b2e342ecabd4ec87a"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">7.1</font></font><a name="XBRL_CS_37c813f3b2e342ecabd4ec87a_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;"> million discount recognised
on Payments made under protest </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">(2019: R<a name="XBRL_CS_5427fbac278348ddac0376ac8"></a>6.5<a name="XBRL_CS_5427fbac278348ddac0376ac8_bclEnd"></a> million; 2018: R<a name="XBRL_CS_1d63f6b0ae5047ac90da13cde"></a>8.8<a name="XBRL_CS_1d63f6b0ae5047ac90da13cde_bclEnd"></a> million)</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">;</font></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;margin-left:36.85pt;margin-right:0pt;margin-top:0in;text-align:justify;text-indent:-8.5pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp; &nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">R<a name="XBRL_CS_40c10b12bf314dca83d05cbf4"></a>14.6<a name="XBRL_CS_40c10b12bf314dca83d05cbf4_bclEnd"></a> million net operating cost
related to Ergo Business Development Academy Not for Profit Company that is not
deductible as it is exempt from income tax </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">(2019: R<a name="XBRL_CS_63b2ccfb39234505b8da06964"></a>11.3<a name="XBRL_CS_63b2ccfb39234505b8da06964_bclEnd"></a> million; 2018: R<a name="XBRL_CS_06eacbfa80f4462d874fc7082"></a>7.5<a name="XBRL_CS_06eacbfa80f4462d874fc7082_bclEnd"></a> million)</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">; and</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.1pt;margin-right:0pt;margin-top:0in;text-align:justify;text-indent:0in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;
&nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">R<a name="XBRL_CS_8f406ed176774415b9f150b2b"></a>2.7<a name="XBRL_CS_8f406ed176774415b9f150b2b_bclEnd"></a> million expenditure not
incurred in generation of taxable income </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">(2019: R<a name="XBRL_CS_4fbd226ebba04938b7e9ba3fd"></a>6.0<a name="XBRL_CS_4fbd226ebba04938b7e9ba3fd_bclEnd"></a> million; 2018: R<a name="XBRL_CS_d3e4a327b18c42ce9270e8154"></a>15.0<a name="XBRL_CS_d3e4a327b18c42ce9270e8154_bclEnd"></a> million).</font></font><a name="XBRL_TS_32af534b41fc4e3b90eff8ced_bclEnd"></a><a name="XBRL_TS_c84dfa6197924edfa8924ee7b_bclEnd"></a></p>

<p align=left style="border:none;margin:0in;margin-left:28.35pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">(c) Current year tax losses for which no
deferred tax was recognised</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.1pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">DRDGOLD
is not expected to generate adequate future taxable profits against which all
of its anticipated future expenses can be deducted</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">.</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName48></a><a name=BookmarkName49></a></p>
<DIV bclFooter>

 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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<DIV bclHeader>

 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">18&#160;&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">INCOME TAX </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">continued</font></i></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">18.2&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">DEFERRED TAX</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName48_bclEnd"></a><a name="BookmarkName49_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.4pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.4pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=71% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.4pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.4pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.4pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=71% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=71% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Included
  in the statement of financial position as follows:</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=71% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Deferred
  tax assets</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">8.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10.0</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=71% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Deferred
  tax liabilities</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(273.1)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(193.2)</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=71% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=71% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Net
  deferred tax liabilities</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(265.1)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(183.2)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=71% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=71% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Reconciliation
  of the deferred tax balance:</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=71% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Balance at
  the beginning of the year</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(183.2)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(155.0)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=71% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Recognised
  in profit or loss</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(80.7)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(28.2)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=71% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Recognised
  in other comprehensive income</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1.2)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=71% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=71% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Balance at
  the end of the year</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(265.1)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(183.2)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=71% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:21.0pt;">
  <td nowrap valign=bottom width=5% style="height:21.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td colspan=3 nowrap valign=top width=95% style="height:21.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The
  detailed components of the net deferred tax liabilities which result from the
  differences between the amounts of assets and liabilities recognised for
  financial reporting and tax purposes are:</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=71% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=71% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=71% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=71% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Deferred
  tax liabilities</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=71% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Property,
  plant and equipment (excluding unredeemed capital allowances)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(422.4)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(380.2)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=71% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Environmental
  rehabilitation obligation funds</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(51.4)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(32.0)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=71% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other
  temporary differences</font><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> 1</font></sup></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.6)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=71% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Investments</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1.2)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=71% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=71% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gross
  deferred tax liabilities</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(475.0)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(412.8)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=71% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=71% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Deferred
  tax assets</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=71% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Environmental
  rehabilitation obligation</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">126.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">112.6</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=71% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other
  provisions</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">72.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">33.8</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=71% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other
  temporary differences</font><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> 1</font></sup></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">8.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=71% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Estimated
  capital losses</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=71% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Estimated
  unredeemed capital allowances</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">83.2</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=71% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gross
  deferred tax assets</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">209.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">229.6</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=71% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=71% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Net
  deferred tax liabilities</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(265.1)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(183.2)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td valign=top width=71% style="border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1</font></i></sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">
  Includes the temporary differences on the lease liability</font></i></p>
  </td>
 <td width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td valign=top width=71% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 </tr>
</table></div>



<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=95% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Deferred
  tax assets have not been recognised in respect of the following:</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=71% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:15.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=71% style="border:none;border-bottom:solid #F9B200 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:15.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=71% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=71% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Provisions</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">20.3</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=71% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Estimated
  tax losses</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">22.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">19.4</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=71% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Estimated
  tax losses - Capital nature</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">324.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">329.9</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=71% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Unredeemed
  capital expenditure</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">254.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">254.8</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=71% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:21.0pt;">
  <td nowrap valign=bottom width=5% style="height:21.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td colspan=3 nowrap valign=top width=95% style="height:21.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Deferred
  tax assets have not been recognised for Group entities that are not expected
  to generate future taxable profits against which the tax losses, unredeemed
  capital expenditure and capital losses can be utilised.</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td nowrap valign=bottom width=5% style="height:10.15pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=71% style="height:10.15pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=12% style="height:10.15pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=12% style="height:10.15pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



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 <tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0in 0in 0in 0in;">
  <p align=left style="border:none;margin:0in;margin-bottom:10.0pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:28.65pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">ACCOUNTING POLICIES</font></b></font></p>
  <p style="border:none;margin:0in;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">Cash settled share-based payments (&#8220;outgoing long-term
  incentive)</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash settled share-based payments are measured at fair value and
  remeasured at each reporting date to reflect the potential outflow of cash
  resources to settle the liability, with a corresponding adjustment in profit
  or loss. Vesting assumptions for non-market conditions are reviewed at each
  reporting date to ensure they reflect current expectations.</font></font></p>
  <p style="border:none;margin:0in;margin-top:6.0pt;text-align:justify;"><a name="XBRL_TS_10b2e38012604d83b3d108e90"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">Equity settled share-based payments (&#8220;new long-term incentive)</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The grant date fair value of equity settled share-based payment
  arrangements is recognised as an expense, with a corresponding increase in
  equity, over the vesting period of the awards. The expense is adjusted to reflect
  the number of awards for which the related service and non-market performance
  conditions are expected to be met, such that the amount ultimately recognised
  is based on the number of awards that meet the related service and non-market
  performance conditions at vesting date.</font></font></p>
  <p style="border:none;margin:0in;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">Post-retirement medical benefit</font></b></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The Group's net obligation in respect of long-term employee benefits is
  the amount of future benefit that employees have earned in return for their
  service in the current and prior periods. That benefit is discounted to
  determine the present value. Remeasurements are recognised in profit or loss
  in the period in which they arise.</font></font><a name="XBRL_TS_10b2e38012604d83b3d108e90_bclEnd"></a></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.5pt;">
  <td nowrap valign=bottom width=7% style="border:none;border-right:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 9.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td nowrap valign=bottom width=7% style="height:9.75pt;padding:0in 0in 0in 9.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td nowrap valign=bottom width=7% style="height:9.75pt;padding:0in 0in 0in 9.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Non-current
  employee benefits</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:9.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:9.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">37.4</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td nowrap valign=bottom width=7% style="height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:9.75pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Liability
  for long-term incentive scheme</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">19.1</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:9.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid black 1.0pt;height:9.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">28.4</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td nowrap valign=bottom width=7% style="height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:9.75pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Liability
  for post-retirement medical benefits<sup>1</sup></font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:9.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:9.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">9.0</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=7% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td nowrap valign=bottom width=7% style="height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></sup></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Current
  employee benefits</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:9.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">227.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:9.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">22.6</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td nowrap valign=bottom width=7% style="height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:9.75pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Liability
  for long-term incentive scheme</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">19.1</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:9.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">227.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:9.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">22.6</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=7% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td nowrap valign=bottom width=7% style="height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;border-bottom:solid #F9B200 1.0pt;height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total
  employee benefits</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:9.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">237.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:9.75pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">60.0</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td nowrap valign=bottom width=7% style="height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;height:9.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1</font></i></sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">
  Unfunded medical aid benefit plan</font></i></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td nowrap valign=bottom width=7% style="height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;text-align:left;"><a name="XBRL_TS_c1f1a82c97a84d5a8c4106895"></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">19.1&#160;&#160; CASH SETTLED LONG-TERM INCENTIVE SCHEME (&#8220;outgoing LTI
scheme&#8221;)</font></b></font></p>

<p style="border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><a name="XBRL_CS_b75b4bd8e02b4f68856ceb56f"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Terms of the November 2015 grant
made under the DRDGOLD Group's outgoing LTI scheme are:</font></font></p>

<p style="border:none;margin:0in;margin-left:36.85pt;text-align:justify;text-indent:-8.5pt;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#8226; &#160;The scheme has a finite term of <a name="XBRL_CS_e38dcedd89374445807be15bb"></a>5 years <a name="XBRL_CS_e38dcedd89374445807be15bb_bclEnd"></a>and thus no top-up awards
are made when the shares vest;</font></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;margin-left:36.85pt;margin-right:0pt;margin-top:0in;text-align:justify;text-indent:-8.5pt;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#8226; &#160;</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The phantom shares are issued at an exercise price of nil and will
vest in 3 tranches: <a name="XBRL_CS_b64b786e18f444b1a27f620c4"></a><a name="XBRL_CS_2dc36e1213134a83a12f40156"></a>20<a name="XBRL_CS_2dc36e1213134a83a12f40156_bclEnd"></a><a name="XBRL_CS_b64b786e18f444b1a27f620c4_bclEnd"></a>%, <a name="XBRL_CS_da1c22feb15e47969b378a52b"></a><a name="XBRL_CS_b97e0bf15e2844d59ee275067"></a>30<a name="XBRL_CS_b97e0bf15e2844d59ee275067_bclEnd"></a><a name="XBRL_CS_da1c22feb15e47969b378a52b_bclEnd"></a>% and <a name="XBRL_CS_5a6531c0ef834f28981fd9f26"></a><a name="XBRL_CS_84521bb217684de39b5499984"></a>50<a name="XBRL_CS_5a6531c0ef834f28981fd9f26_bclEnd"></a><a name="XBRL_CS_84521bb217684de39b5499984_bclEnd"></a>% on the 3<sup>rd,</sup> 4<sup>th</sup>
and 5<sup>th</sup> anniversaries respectively, subject to individual service
and performance conditions being met; and</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:36.85pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-8.5pt;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#8226; &#160;The
phantom shares will be settled at the 7 day volume weighted average price
(&quot;VWAP&quot;) of the DRDGOLD share.</font></font><a name="XBRL_TS_c1f1a82c97a84d5a8c4106895_bclEnd"></a></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The last tranche of the
November 2015 grant will vest during November 2020. The outgoing LTI scheme is
replaced by a new equity settled long-term incentive scheme (refer note 19.2).</font></font><a name="XBRL_CS_b75b4bd8e02b4f68856ceb56f_bclEnd"></a></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.75pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=40% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=40% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=62% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Movements
  in the total liability for long-term incentive scheme is as follows:</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Opening
  balance</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 9.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">51.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">45.1</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Increase
  in long-term incentive liability</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.3</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">218.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">21.4</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Vested and
  paid</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 9.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(41.5)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(15.5)</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=62% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total
  liability for long-term incentive scheme</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">227.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">51.0</font></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td nowrap valign=bottom width=5% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="border:none;height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-top:solid #F9B200 1.0pt;height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-top:solid #F9B200 1.0pt;height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td colspan=4 nowrap valign=bottom width=73% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The total
  liability for long-term incentive scheme is expected to be settled as
  follows:</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">227.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">51.0</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=4 nowrap valign=bottom width=73% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Within 12
  months after reporting date</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">227.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">22.6</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=4 nowrap valign=bottom width=73% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">After 12
  months after reporting date</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">28.4</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap rowspan=5 valign=top width=51% style="border-bottom:solid #F9B200 1.0pt;border-left:solid #F9B200 1.0pt;border-right:none;border-top:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Reconciliation
  of outstanding phantom shares</font></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=22% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=22% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:none;border-left:solid #F9B200 1.0pt;border-right:solid #F9B200 1.0pt;border-top:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:none;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Weighted</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Weighted</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:none;border-left:solid #F9B200 1.0pt;border-right:solid #F9B200 1.0pt;border-top:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">average</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">average</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:none;border-left:solid #F9B200 1.0pt;border-right:solid #F9B200 1.0pt;border-top:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Shares</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">price</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Shares</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">price</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:solid #F9B200 1.0pt;border-right:solid #F9B200 1.0pt;border-top:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Number</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R per
  share</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Number</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R per
  share</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=40% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-top:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Opening
  balance</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">16,157,058</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">20,189,467</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Granted</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">388,547</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.37</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Vested and
  paid</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(5,674,252)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7.31</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(4,037,883)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.82</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Forfeited</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(637,168)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7.08</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(383,073)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4.37</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Closing
  balance</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DBDBDB;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">9,845,638</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">16,157,058</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=40% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-top:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-top:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;text-align:left;"><a name="XBRL_TS_df0883dd6d664f6da4d48dc88"></a><a name="XBRL_TS_74ee235e6dfd4f22806270a52"></a></p>
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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_110"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>

 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">19&#160;&#160;&#160;&#160;&#160; EMPLOYEE BENEFITS </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">continued</font></i></font></p>

<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">19.1&#160;&#160; CASH
SETTLED LONG-TERM INCENTIVE SCHEME (&#8220;outgoing LTI scheme&#8221;) </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">continued</font></i></font></p>

<p align=left style="border:none;margin:0in;margin-left:28.35pt;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Fair value</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:6.5pt;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The fair value of
the liability for the long-term incentive scheme is mostly influenced by the
DRDGOLD Limited share price. Other inputs influencing the fair value are the
forward dividend yield and estimates of staff retention and performance
conditions. The inputs most significantly influencing the measurement of the
fair values are as follows</font><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">:&nbsp;</font></b></font><a name="XBRL_TS_74ee235e6dfd4f22806270a52_bclEnd"></a><a name="XBRL_TS_df0883dd6d664f6da4d48dc88_bclEnd"></a></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.5pt;">
  <td nowrap valign=bottom width=5% style="height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=31% style="height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-right:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Grant date
  </font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=31% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=52% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7-day VWAP
  of the DRDGOLD Limited share</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">25.14</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4.37</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.26</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=52% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Annualised
  forward dividend yield</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.0%</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4.3%</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4.3%</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=31% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;text-align:left;"><a name="XBRL_TS_461c8efca0f74549a5eaa0895"></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">19.2&#160;&#160; EQUITY SETTLED LONG-TERM INCENTIVE SCHEME
(&#8220;new LTI scheme&#8221;)</font></b></font><a name="XBRL_TS_461c8efca0f74549a5eaa0895_bclEnd"></a></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.75pt;">
  <td nowrap valign=top width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2018</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=54% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Equity
  settled Long-Term Incentive (&quot;LTI&quot;) scheme</font></p>
  </td>
 <td nowrap valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=12% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6.0</font></b></p>
  </td>
 <td nowrap valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=top width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td nowrap valign=top width=5% style="height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><a name=BookmarkName52></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">On December
2, 2019, the shareholders approved a new equity settled long-term incentive
scheme to replace the cash settled long-term incentive scheme established in
November 2015. Under the new LTI scheme, qualifying employees are awarded
conditional shares on an annual basis, comprising performance shares (<a name="XBRL_CS_7898f2662ac545a89b768648d"></a>80<a name="XBRL_CS_7898f2662ac545a89b768648d_bclEnd"></a>% of the total conditional
shares awarded) and retention shares (<a name="XBRL_CS_43e54b1903fa4ec8852d27b8e"></a>20<a name="XBRL_CS_43e54b1903fa4ec8852d27b8e_bclEnd"></a>% of the total conditional
shares awarded). Conditional shares will vest 3 years after grant date and will
be settled in the form of DRDGOLD shares at a zero-exercise price.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The first grant was made on December
2, 2019 and will vest in two tranches, <a name="XBRL_CS_a88977faf5864b3880ea4ad8e"></a>50<a name="XBRL_CS_a88977faf5864b3880ea4ad8e_bclEnd"></a>% on the 2<sup>nd</sup>
anniversary and the remaining <a name="XBRL_CS_d717c24278e141f3b4278972e"></a>50<a name="XBRL_CS_d717c24278e141f3b4278972e_bclEnd"></a>% on the 3<sup>rd</sup>
anniversary of the grant date respectively, provided the employee is still
within the employment of the Group until the respective vesting dates. </font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The key conditions of the
December 2019 grant made under the long-term incentive scheme are:</font></font></p>

<p style="border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Retention
shares: </font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><a name="XBRL_CS_f9de6338400d4801870076d2b"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">100</font></font><a name="XBRL_CS_f9de6338400d4801870076d2b_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">% of the retention shares
will vest if the employee remains in the employ of the Company at vesting date
and individual performance criteria are met.</font></font></p>

<p style="border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Performance
shares:</font></b></font></p>

<p style="border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Total
shareholder&#8217;s return (TSR) measured against a hurdle rate of <a name="XBRL_CS_c36398800bee49728a8051d72"></a>15<a name="XBRL_CS_c36398800bee49728a8051d72_bclEnd"></a>% referencing DRDGOLD&#8217;s
Weighted Average Cost of Capital &#8220;WACC&#8221;: </font></font></p>

<p style="border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#8226; &#160;<a name="XBRL_CS_28267708ddfe490ea5646217e"></a>50<a name="XBRL_CS_28267708ddfe490ea5646217e_bclEnd"></a>% of the performance shares
are linked to this condition; and</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#8226; &#160;all of these performance
shares will vest if DRDGOLD&#8217;s TSR exceeds the hurdle rate over the vesting
period </font></font></p>

<p style="border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">TSR measured
against a peer group of 3 peers (Sibanye-Stillwater, Harmony Limited and
Pan-African Resources Limited): </font></font></p>

<p style="border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#8226; &#160;<a name="XBRL_CS_8093ead2f5b74b4eb80369360"></a>50<a name="XBRL_CS_8093ead2f5b74b4eb80369360_bclEnd"></a>% of the performance shares
are linked to this condition; and</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:36.85pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-8.5pt;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#8226; &#160;The
number of performance shares which vest is based on DRDGOLD&#8217;s actual TSR
performance in relation to percentiles of peer group&#8217;s performance as follows:</font></font><a name="BookmarkName52_bclEnd"></a></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.5pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=67% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Percentile
  of peers</font></b></p>
  </td>
 <td nowrap valign=bottom width=28% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">% of
  performance shares vesting</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=67% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=28% style="background:#D9D9D9;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=67% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&lt; 25th
  percentile</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="background:#D9D9D9;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0%</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=67% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">25th to
  &lt; 50th percentile</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="background:#D9D9D9;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">25%</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=67% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">50th to
  &lt; 75th percentile</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="background:#D9D9D9;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">75%</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=67% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#8805;
  75th percentile</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="background:#D9D9D9;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">100%</font></b></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=67% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=67% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=4 nowrap valign=bottom width=96% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Movement
  in the number of conditional shares for the reporting period are as follows:</font></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td nowrap valign=bottom width=4% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=4% style="border:none;border-right:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=4 nowrap valign=bottom width=96% style="border:none;border-right:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Conditional
  shares</font></b></p>
  </td>
 </tr>
<tr style="height:13.8pt;">
  <td nowrap valign=bottom width=4% style="border:none;border-right:solid #F9B200 1.0pt;height:13.8pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Grant date</font></b></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=42% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">December
  2, 2019</font></b></p>
  </td>
 </tr>
<tr style="height:22.5pt;">
  <td nowrap valign=bottom width=4% style="border:none;border-right:solid #F9B200 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=54% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:22.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Vesting
  date</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:22.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:22.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">December
  2, 2021</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:22.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">December
  2, 2022</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Opening
  balance</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Granted</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5,860,760</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,930,380</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,930,380</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=4% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Closing
  balance</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5,860,760</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,930,380</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,930,380</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=54% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;text-align:left;"><a name=BookmarkName53></a><a name=BookmarkName54></a><a name="XBRL_TS_cc3fe1ac740141aebfa748e79"></a></p>
<DIV bclFooter>

 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_111"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>

 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">19&#160;&#160;&#160;&#160;&#160; EMPLOYEE
BENEFITS </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">continued</font></i></font></p>

<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">19.2&#160;&#160;
EQUITY-SETTLED LONG-TERM INCENTIVE SCHEME </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">continued</font></i></font></p>

<p align=left style="border:none;margin:0in;margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:3.0pt;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Fair value</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:6.5pt;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The weighted
average fair value of the performance and retention shares at grant date were
determined using the Monte Carlo simulation pricing model applying the
following key inputs:</font></font><a name="BookmarkName53_bclEnd"></a><a name="BookmarkName54_bclEnd"></a><a name="XBRL_TS_cc3fe1ac740141aebfa748e79_bclEnd"></a></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.5pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=95% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Conditional
  shares</font></b></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=67% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Grant date</font></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=28% style="background:#F9B200;border:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">December
  2, 2019</font></b></p>
  </td>
 </tr>
<tr style="height:22.5pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:22.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=67% style="border:none;border-bottom:solid #F9B200 1.0pt;height:22.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Vesting
  date</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;border-left:solid #F9B200 1.0pt;border-right:solid #F9B200 1.0pt;border-top:none;height:22.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">December
  2, 2021</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:22.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">December
  2, 2022</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=67% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=67% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Weighted
  average fair value of 80% performance shares <sup>&#160;1&nbsp;</sup></font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4.26</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4.12</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=67% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Weighted
  average fair value of 20% retention shares</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.69</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.49</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=67% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Expected
  term (years)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=67% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Grant date
  share price of a DRDGOLD share</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6.15</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6.15</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=67% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Expected
  dividend yield</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.86%</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.81%</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=67% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Expected
  volatility<sup> 2</sup></font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">53.80%</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">53.80%</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=67% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Expected
  risk free rate</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6.68%</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6.80%</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=3 nowrap valign=top width=95% style="border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1</font></i></sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">
  The performance conditions are included in the measurement of the grant date
  fair value as they are classified as market-based performance conditions</font></i></p>
  </td>
 </tr>
<tr style="height:21.0pt;">
  <td nowrap valign=bottom width=5% style="height:21.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td colspan=3 nowrap valign=top width=95% style="height:21.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2</font></i></sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">
  Expected volatility has been based on an evaluation of the historical
  volatility of DRDGOLD&#8217;s share price, commensurate with the expected term of
  the options</font></i></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td colspan=3 nowrap valign=top width=95% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;text-align:left;"><a name="XBRL_TS_0860a7a9eaa84834b5e1f3a60"></a><a name="XBRL_TS_1d86ea3e70de409486dba65e0"></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">19.3&#160;&#160; TRANSACTIONS
WITH KEY MANAGEMENT PERSONNEL</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Interests in
contracts</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">None of the directors,
officers or major shareholders of DRDGOLD or, to the knowledge of DRDGOLD&#8217;s
management, their families, had any interest, direct or indirect, in any
transaction entered into during the year ended June 30, 2020 or the preceding
financial years, or in any proposed transaction which has affected or will
materially affect DRDGOLD or its subsidiaries other than disclosed in these
financial statements. None of the directors or officers of DRDGOLD or any
associate of such director or officer is currently or has been at any time
during the past financial year materially indebted to DRDGOLD.</font></font><a name="XBRL_TS_0860a7a9eaa84834b5e1f3a60_bclEnd"></a><a name="XBRL_TS_1d86ea3e70de409486dba65e0_bclEnd"></a></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:10.5pt;">
  <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 9.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=53% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Key
  management personnel remuneration</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 9.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=53% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=7% style="border:none;border-right:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=53% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2018</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=53% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=53% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">- Board
  fees paid</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.8</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.6</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=53% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">- Salaries
  paid</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">67.3</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">61.7</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">53.6</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=53% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">- Short
  term incentives relating to this cycle</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">63.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">31.5</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">22.5</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=53% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">- Long
  term incentives paid during the cycle</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">19.1</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">41.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">15.5</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.8</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=53% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">- Retrenchments</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.6</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=53% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#DADADA;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">178.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">116.1</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">84.5</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=53% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;text-align:left;"><a name="XBRL_TS_fdb2633d8fb24ad28a86ce032"></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">20&#160;&#160;&#160;&#160;&#160; CAPITAL MANAGEMENT</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The primary
objective of the Group's capital management policy is to ensure that adequate
capital is available to meet the requirements of the Group from time to time,
including capital expenditure. The Group considers the appropriate capital
management strategy for specific growth projects as and when required. Lease
liabilities are not considered to be debt</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">.</font></font></p>

<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">Liquidity management</font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;"> &nbsp;</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:7.1pt;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">At
June 30, 2020 and June 30, 2019 the Group&#8217;s facilities included an undrawn R<a name="XBRL_CS_c88f96558c114f20ae86663e6"></a><a name="XBRL_CS_8cefaeadedda40c3bb22bc3bc"></a>300<a name="XBRL_CS_8cefaeadedda40c3bb22bc3bc_bclEnd"></a><a name="XBRL_CS_c88f96558c114f20ae86663e6_bclEnd"></a> million Revolving Credit
Facility (&#8220;</font></font><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">RCF</font></b></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#8221;) which was initially secured to
finance the development of Phase 1 of FWGR as well as the general working
capital requirements of the Group. In December 2018, R<a name="XBRL_CS_da136dc9e8f347d5bb0f2871a"></a>125<a name="XBRL_CS_da136dc9e8f347d5bb0f2871a_bclEnd"></a> million of the RCF was
committed to issue a guarantee to Ekurhuleni Local Municipality (refer note
24). </font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:7.1pt;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">In
September 2020, the RCF was amended to a R<a name="XBRL_CS_e43922e4ce2e44f4a2d03c5db"></a>200<a name="XBRL_CS_e43922e4ce2e44f4a2d03c5db_bclEnd"></a> million uncommitted
facility and extended for an additional term of 2 years with a final repayment
date of September 14, 2022. </font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:7.1pt;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The
initial and amended RCF permits a consolidated debt ratio (net debt to adjusted
EBITDA) of at most 2:1 and a consolidated interest coverage ratio (net interest
to adjusted EBITDA) of at least 4:1 calculated on a twelve-month rolling basis
respectively. Management monitors the covenant ratio levels to ensure
compliance with the covenants, as well as maintain sufficient uncommitted
facilities to ensure satisfactory liquidity for the Group. The covenant ratios
were not breached during the year ended June 30, 2020.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:7.1pt;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The
amendment included the reduction of the initial interest rate margin of <a name="XBRL_CS_a18052d92e5446b1a25963c1e"></a>3.25<a name="XBRL_CS_a18052d92e5446b1a25963c1e_bclEnd"></a>% to <a name="XBRL_CS_c91fc6f6a7de4bf9a6665d4e6"></a>2.75<a name="XBRL_CS_c91fc6f6a7de4bf9a6665d4e6_bclEnd"></a>%. A pledge and cession of
DRDGOLD&#8217;s shares in and shareholder claims against Ergo Mining Proprietary
Limited and Far West Gold Recoveries Proprietary limited remains in place as
security for the RCF.</font></font><a name="XBRL_TS_fdb2633d8fb24ad28a86ce032_bclEnd"></a></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName55></a><a name=BookmarkName56></a></p>
<DIV bclFooter>

 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_112"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>

 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">21&#160;&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">EQUITY</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName55_bclEnd"></a><a name="BookmarkName56_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0in 0in 0in 0in;">
  <p align=left style="border:none;margin:0in;margin-bottom:10.0pt;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:28.65pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING POLICIES</font></b></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><a name="XBRL_TS_3f43ffd6fd2d4f5b9fbd89143"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Stated share capital</font></b></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Ordinary shares and the cumulative preference shares are classified as
  equity. Incremental costs directly attributable to the issue of ordinary
  shares are recognised as a deduction from equity, net of any tax effect.</font></font></p>
  <p style="border:none;margin:0in;margin-top:6.0pt;text-align:justify;"><a name="XBRL_TS_bdbd4dd592544bcf9975745d4"></a><a name="XBRL_TS_3f43ffd6fd2d4f5b9fbd89143_bclEnd"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Repurchase and reissue of share capital (treasury shares)</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">When shares recognised as equity are repurchased, the amount of
  the consideration paid, which includes directly attributable costs is
  recognised as a deduction from equity. Repurchased shares are classified as
  treasury shares and are presented as a deduction from stated share capital.</font></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><a name="XBRL_TS_c1fa5e2527cc4aafabb0f396b"></a><a name="XBRL_TS_bdbd4dd592544bcf9975745d4_bclEnd"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Dividends</font></b></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">Dividends are
  recognised as a liability on the date on which they are declared which is the
  date when the shareholders&#8217; right to the dividends vests.</font></font><a name="XBRL_TS_c1fa5e2527cc4aafabb0f396b_bclEnd"></a></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName57></a><a name=BookmarkName58></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">21.1&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">STATED SHARE CAPITAL</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName57_bclEnd"></a><a name="BookmarkName58_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:6.0pt;margin-left:28.1pt;margin-right:0in;margin-top:0in;text-align:justify;"><a name="XBRL_TS_b7ad6d0a906748dab45f8e027"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">All ordinary shares
rank equally regarding the Company&#8217;s residual assets. Holders of ordinary
shares are entitled to dividends as declared from time to time and are entitled
to one vote per share at general meetings of the Company. All rights attached
to the Company&#8217;s shares held by the Group are suspended until those shares are
reissued.</font></font></p>

<p style="border:none;margin-bottom:6.0pt;margin-left:28.1pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">In
terms of an ordinary resolution passed at the previous annual general meeting,
the remaining unissued ordinary shares in the company are under the control of
the directors until the next general meeting.</font></font><a name="XBRL_TS_b7ad6d0a906748dab45f8e027_bclEnd"></a></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:11.45pt;">
  <td nowrap valign=top width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:11.45pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:11.45pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=2% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:11.45pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:11.45pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:11.45pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:11.45pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2018</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=2% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=63% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Authorised
  share capital</font></b></p>
  </td>
 <td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="background:#DADADA;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=63% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,500,000,000
  (2019 and 2018: 1,500,000,000) ordinary shares of no par value</font></p>
  </td>
 <td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="background:#DADADA;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=63% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5,000,000
  (2019 and 2018: 5,000,000) cumulative preference shares of 10 cents each</font></p>
  </td>
 <td nowrap valign=top width=2% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.5</font></b></p>
  </td>
 <td nowrap valign=top width=10% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.5</font></p>
  </td>
 <td nowrap valign=top width=10% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.5</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=63% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=2% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=63% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Issued
  share capital</font></b></p>
  </td>
 <td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="background:#DADADA;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=63% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">864,588,711
  (2019: 696,429,767, 2018: 431,429,767) ordinary shares of no par value (a)</font></p>
  </td>
 <td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6,208.4</font></b></p>
  </td>
 <td nowrap valign=top width=10% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5,123.3</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4,227.9</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=63% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">9,474,920
  (2019: 9,474,920, 2018: 9,361,071) treasury shares held within the Group (b)</font></p>
  </td>
 <td nowrap valign=top width=2% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(51.0)</font></b></p>
  </td>
 <td nowrap valign=top width=10% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(51.0)</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(50.7)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=63% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5,000,000
  (2019 and 2018: 5,000,000) cumulative preference shares of 10 cents each</font></p>
  </td>
 <td nowrap valign=top width=2% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.5</font></b></p>
  </td>
 <td nowrap valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.5</font></p>
  </td>
 <td nowrap valign=top width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.5</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=63% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=2% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6,157.9</font></b></p>
  </td>
 <td nowrap valign=top width=10% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5,072.8</font></p>
  </td>
 <td nowrap valign=top width=10% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4,177.7</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;margin-left:28.1pt;text-align:justify;"><a name="XBRL_TS_5d4652e050b646ce8c80937a2"></a><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">RELATED PARTY RELATIONSHIPS AND
TRANSACTIONS</font></b></font></p>

<p style="border:none;margin-bottom:0in;margin-left:46.35pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">(a)</font></b><b><font color=black face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;
&nbsp;</font></b></font><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Ordinary shares issued</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Sibanye-Stillwater
and its subsidiaries and associates became related parties to the Group on July
31, 2018 when the acquisition of FWGR became unconditional. DRDGOLD issued <a name="XBRL_CS_020dbba885184f51966850f5c"></a>265<a name="XBRL_CS_020dbba885184f51966850f5c_bclEnd"></a> million new ordinary
shares (<a name="XBRL_CS_70de034b950e4598860beb994"></a>38.05<a name="XBRL_CS_70de034b950e4598860beb994_bclEnd"></a>% of its outstanding
shares) and an option to subscribe for new ordinary shares up to a total of <a name="XBRL_CS_44638dbcaa5c4d2eaffb3a438"></a>50.1<a name="XBRL_CS_44638dbcaa5c4d2eaffb3a438_bclEnd"></a>% of the total issued
ordinary shares of DRDGOLD (&#8220;</font><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Option</font></b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#8221;) as purchase consideration for
these assets</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">On
January 8, 2020 Sibanye-Stillwater exercised the Option and on January 22, 2020
it subscribed for <a name="XBRL_CS_15548fedf1114347ad72841d3"></a>168,158,944<a name="XBRL_CS_15548fedf1114347ad72841d3_bclEnd"></a> Shares (&#8220;</font><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Subscription
Shares</font></b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#8221;) at an aggregate subscription price of R<a name="XBRL_CS_7a9d9df791d242578499d6963"></a>1,085.6<a name="XBRL_CS_7a9d9df791d242578499d6963_bclEnd"></a> million. The Subscription
Shares were allotted and issued at a price of R<a name="XBRL_CS_d4f57daa27ae4f8ebf47a356d"></a>6.46<a name="XBRL_CS_d4f57daa27ae4f8ebf47a356d_bclEnd"></a> per Share, being a <a name="XBRL_CS_b0fad27bd3644cae9f92147a3"></a>10<a name="XBRL_CS_b0fad27bd3644cae9f92147a3_bclEnd"></a>% discount to the 30-day
volume weighted average traded price of a Share on the day immediately prior to
the date of exercise of the Option.</font></font></p>

<p style="border:none;margin-bottom:0in;margin-left:46.35pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">(b)</font></b><b><font color=black face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;
&nbsp;</font></b></font><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Treasury shares</font></b></font></p>

<p style="border:none;margin-bottom:12.0pt;margin-left:28.35pt;margin-right:6.5pt;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Shares
in DRDGOLD Limited are held in treasury by Ergo Mining Operations Proprietary
Limited (&quot;</font></font><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">EMO</font></b></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&quot;). <a name="XBRL_CS_880401b7ea9645328d793d49f"></a>No<a name="XBRL_CS_880401b7ea9645328d793d49f_bclEnd"></a> </font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">shares
were acquired in the market during the year ended June 30, 2020 (June 30, 2019 <a name="XBRL_CS_97666c5f9dd14057b04d3d469"></a>113,849 <a name="XBRL_CS_97666c5f9dd14057b04d3d469_bclEnd"></a>shares were acquired at an
average price of R<a name="XBRL_CS_eef3c0c5772743ac8c1716800"></a>2.68<a name="XBRL_CS_eef3c0c5772743ac8c1716800_bclEnd"></a>; </font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">2018:
<a name="XBRL_CS_e033f8375e9341deb82a402e8"></a>nil<a name="XBRL_CS_e033f8375e9341deb82a402e8_bclEnd"></a> shares acquired). </font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Dividends
amounting to R<a name="XBRL_CS_844bd78537094e2a8eba48044"></a><a name="XBRL_CS_bfe22d937e5b4cf0b7fbff86d"></a><a name="XBRL_CS_327a0f5cb8c94d1b8878ccbfe"></a>6.6<a name="XBRL_CS_327a0f5cb8c94d1b8878ccbfe_bclEnd"></a><a name="XBRL_CS_844bd78537094e2a8eba48044_bclEnd"></a><a name="XBRL_CS_bfe22d937e5b4cf0b7fbff86d_bclEnd"></a> million were received on
these shares</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;"> &nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">during the current year </font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">(2019: <a name="XBRL_CS_f5eaeb782c87420d890d6f0ad"></a><a name="XBRL_CS_357d4d4fc23948ad867336bfb"></a><a name="XBRL_CS_7c64aab691ff49a6ae8966c64"></a>nil<a name="XBRL_CS_357d4d4fc23948ad867336bfb_bclEnd"></a><a name="XBRL_CS_7c64aab691ff49a6ae8966c64_bclEnd"></a><a name="XBRL_CS_f5eaeb782c87420d890d6f0ad_bclEnd"></a>; 2018: R<a name="XBRL_CS_80995dbbf3ef4d2f859e990f5"></a><a name="XBRL_CS_d9bb9d76956c45c4af3414551"></a><a name="XBRL_CS_6673f68fa92d4598825850885"></a>0.9<a name="XBRL_CS_6673f68fa92d4598825850885_bclEnd"></a><a name="XBRL_CS_80995dbbf3ef4d2f859e990f5_bclEnd"></a><a name="XBRL_CS_d9bb9d76956c45c4af3414551_bclEnd"></a> million).</font></font><a name="XBRL_TS_5d4652e050b646ce8c80937a2_bclEnd"></a></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName59></a><a name=BookmarkName60></a></p>
<DIV bclFooter>

 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_113"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>

 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">21&#160;&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">EQUITY </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">continued</font></i></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName59_bclEnd"></a><a name="BookmarkName60_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName61></a><a name=BookmarkName62></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">21.2&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">DIVIDENDS</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName61_bclEnd"></a><a name="BookmarkName62_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:10.9pt;">
  <td nowrap valign=top width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:10.9pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></font></p>
  </td>
 <td nowrap valign=bottom width=65% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:10.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2018</font></b></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td nowrap valign=top width=5% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=65% style="border:none;height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DADADA;border:none;height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=65% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Dividends
  paid during the year net of treasury shares:</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DADADA;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:23.25pt;">
  <td nowrap valign=bottom width=5% style="height:23.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="height:23.25pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Final
  dividend declared relating to prior year: 20 SA cents per share (2019: nil SA
  cents per share; 2018: 5 SA cents per share)</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DADADA;height:23.25pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">137.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:23.25pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:23.25pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">21.1</font></p>
  </td>
 </tr>
<tr style="height:23.25pt;">
  <td nowrap valign=bottom width=5% style="height:23.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="height:23.25pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">First
  interim dividend: 25 SA cents per share (2019: nil SA cents per share; 2018:
  5 SA cents per share)</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DADADA;height:23.25pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">213.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:23.25pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:23.25pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">21.1</font></p>
  </td>
 </tr>
<tr style="height:23.25pt;">
  <td nowrap valign=bottom width=5% style="height:23.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="height:23.25pt;padding:0in 2.0pt 0in 11.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Second
  interim dividend 25 SA cents per share (2019: nil SA cents per share; 2018:
  nil SA cents per share)</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DADADA;height:23.25pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">213.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:23.25pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:23.25pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DADADA;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">565.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">42.2</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=65% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin-bottom:12.0pt;margin-left:28.05pt;margin-right:7.1pt;margin-top:0in;text-align:justify;"><a name="XBRL_TS_f51342abafff430f81edea99f"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">After June 30, 2020, a dividend
of <a name="XBRL_CS_ed4cb06992bc4a63bf20de1e3"></a>35<a name="XBRL_CS_ed4cb06992bc4a63bf20de1e3_bclEnd"></a> cents per qualifying share
amounting to R<a name="XBRL_CS_595c21224f9f4f46b56b1a61f"></a>299.3<a name="XBRL_CS_595c21224f9f4f46b56b1a61f_bclEnd"></a> million was approved by the
directors as a final dividend for the year ended June 30, 2020. The dividend
has not been provided for and does not have any tax impact on the Company.</font></font><a name="XBRL_TS_f51342abafff430f81edea99f_bclEnd"></a></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName63></a><a name=BookmarkName64></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">22&#160;&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">INTEREST IN SUBSIDIARIES</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName63_bclEnd"></a><a name="BookmarkName64_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:0pt;width:100%;">
 <tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0in 0in 0in 0in;">
  <p align=left style="border:none;margin:0in;margin-bottom:10.0pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:28.65pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING POLICIES</font></b></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Significant subsidiaries of the Group are those subsidiaries with the
  most significant contribution to the Group's profit or loss or assets.</font></font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0in;margin-top:4.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:1.0pt;line-height:115%;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-bottom:12.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><a name="XBRL_TS_c58e52af16ae4256a07a5b4fd"></a><a name="XBRL_TS_3af8900767744300932683af6"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo Mining Proprietary
Limited and Far West Gold Recoveries Proprietary Limited are the only
significant subsidiaries of the Group. They are both wholly owned subsidiaries
and are incorporated in South Africa, are primarily involved in the retreatment
of surface gold and all their operations are based in South Africa.</font></font><a name="XBRL_TS_3af8900767744300932683af6_bclEnd"></a><a name="XBRL_TS_c58e52af16ae4256a07a5b4fd_bclEnd"></a></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName65></a><a name=BookmarkName66></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">23&#160;&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">OPERATING SEGMENTS</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName65_bclEnd"></a><a name="BookmarkName66_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:0pt;width:100%;">
 <tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0in 0in 0in 0in;">
  <p align=left style="border:none;margin:0in;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:28.65pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING POLICIES</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating segments are reported in a manner consistent with
  internal reports that the Group&#8217;s chief operating decision maker (CODM)
  reviews regularly in allocating resources and assessing performance of
  operating segments. The CODM has been identified as the Group&#8217;s Executive
  Committee. The Group has one revenue stream, the sale of gold. To identify
  operating segments, management reviewed various factors, including
  operational structure and mining infrastructure. It was determined that an
  operating segment consists of a single or multiple metallurgical plants and
  reclamation sites that, together with its tailings storage facility, is
  capable of operating independently.</font></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">When assessing profitability, the CODM considers</font><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">, inter alia</font></i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">,
  the revenue and production costs of each segment. The net of these amounts is
  the operating profit or loss. Therefore, operating profit has been disclosed
  in the segment report as the primary measure of profit or loss. The CODM also
  considered other costs that, in addition to the operating profit or loss, result
  in the working profit or loss.</font></font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:6.0pt;text-align:justify;"><a name="XBRL_TS_5dee2f9be8904ca596af2873e"></a><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo</font></b></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;"> is
a surface gold retreatment operation which treats old slime dams and sand dumps
to the south of Johannesburg&#8217;s central business district as well as the East
and Central Rand goldfields. The operation comprises three plants. The Ergo and
Knights plants continue to operate as metallurgical plants. The City Deep plant
continues to operate as a pump/milling station feeding the metallurgical plants.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">FWGR</font></b></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">
is a surface gold retreatment operation and treats old slime dams in the West
Rand goldfields. Phase 1, which entails the reconfiguration of the Driefontein
2 plant and relevant infrastructure to process tailings from the Driefontein 5
slimes dam and deposit residues on the Driefontein 4 Tailings Storage Facility,
was commissioned on 1 April 2019.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Corporate
office and other reconciling items</font></b></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;"> (collectively referred to as
</font><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&quot;Other reconciling items&quot;</font></b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">) are taken into consideration in the
strategic decision-making process of the chief operating decision maker and are
therefore included in the disclosure here, even though they do not earn
revenue. This includes taking into consideration the Group&#8217;s adjusted EBITDA
for the purpose of the covenants imposed by the Company&#8217;s borrowings that was initially
entered into to finance the development of Phase 1 of FWGR and working capital
requirements of the Group (refer note 20).</font></font><a name="XBRL_TS_5dee2f9be8904ca596af2873e_bclEnd"></a></p>

<p style="border:none;margin:0in;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:1.0pt;line-height:115%;">&nbsp;</font></font></p>


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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=5% style="height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">23</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=95% style="height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">OPERATING SEGMENTS</font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;"> continued</font></i></font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;margin-top:4.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:1.0pt;line-height:115%;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=51% style="background:#F9B200;border:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#F9B200;border:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#F9B200;border:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#F9B200;border:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#F9B200;border-bottom:none;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=51% style="background:#F9B200;border:none;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#F9B200;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#F9B200;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#F9B200;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">reconciling</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#F9B200;border:none;border-right:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=51% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ergo</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">FWGR</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">items</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160; Total</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=51% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Financial
  performance</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Revenue
  (External)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3,064.3</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,120.7</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4,185.0</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash operating
  costs</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2,274.0)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(352.0)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2,626.0)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Movement
  in gold in process and finished inventories - Gold Bullion</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.8</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.3</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.1</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Operating
  profit</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">792.1</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">770.0</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,562.1</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Administration
  expenses and other costs</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(131.6)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(20.7)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(157.6)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(309.9)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Interest
  income</font><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> 1</font></sup></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">13.9</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.9</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">50.6</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">67.4</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Interest
  expense</font><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> 2</font></sup></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(5.2)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(4.5)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(9.7)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Current
  tax</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(145.8)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(117.4)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(263.2)</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Working
  profit/(loss) before additions to property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">523.4</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">634.8</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(111.5)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,046.7</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Additions
  to property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(114.4)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(68.0)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.3)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(182.7)</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Working
  profit/(loss) after additions to property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">409.0</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">566.8</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(111.8)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">864.0</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=5 nowrap valign=top width=95% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1</font></i></sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">
  Interest income excludes the unwinding of the Payments made under protest</font></i></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td colspan=5 nowrap valign=top width=95% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2</font></i></sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">
  Interest expense excludes the discount recognised on the initial recognition
  of the Payments made under protest</font></i></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td colspan=5 nowrap valign=top width=95% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 </tr>
<tr style="height:24.0pt;">
  <td nowrap valign=bottom width=5% style="height:24.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:24.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Reconciliation
  of profit/(loss) for the year to working profit/(loss) before additions to
  property, plant and equipment</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:24.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:24.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:24.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:24.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Profit/(loss)
  for the year</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">297.1</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">424.9</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(87.0)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">635.0</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">- Deferred
  tax</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(6.6)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">86.5</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.8</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">80.7</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">- Net
  other operating costs/(income)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">51.5</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">14.8</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(24.5)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">41.8</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">- Ongoing
  rehabilitation expenditure</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">22.3</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.0</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">24.3</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">- Discount
  recognised on Payments made under protest including</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">subsequent
  unwinding</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.2</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.2</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-
  Unwinding of provision for environmental rehabilitation</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">36.5</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">14.3</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.2</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">52.0</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">- Growth
  in investment in environmental obligation funds</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(11.2)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(25.2)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.1)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(38.5)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">- Other
  income</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.7)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.7)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">- Change
  in estimate of environmental rehabilitation recognised in</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">profit or
  loss</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(19.1)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.1)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.7)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(21.9)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-
  Depreciation</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">150.4</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">119.6</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.8</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">270.8</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Working
  profit/(loss) before additions to property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">523.4</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">634.8</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(111.5)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,046.7</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Statement
  of cash flows</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash
  inflows from operating activities</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">546.1</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">563.1</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">19.7</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,128.9</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash
  outflows from investing activities</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(135.7)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(60.1)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(6.7)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(202.5)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash
  (outflows)/inflows from financing activities</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(405.5)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(500.8)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,415.5</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">509.2</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Reconciliation
  of adjusted EBITDA</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Profit for
  the year</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">635.0</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Income tax</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">343.9</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Profit
  before tax</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">978.9</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Finance
  expense</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">68.8</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Finance
  income</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(109.8)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Results
  from operating activities</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">937.9</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Depreciation</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">270.8</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Share-based
  payment expense</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">224.1</font></p>
  </td>
 </tr>
<tr style="height:22.5pt;">
  <td nowrap valign=bottom width=5% style="height:22.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:22.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Change in
  estimate of environmental rehabilitation recognised in profit or loss</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:22.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:22.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:22.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:22.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(21.9)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gain on
  disposal of property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.7)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Transaction
  costs</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.4</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Adjusted
  EBITDA</font><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> 1</font></sup></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1,411.6</font></p>
  </td>
 </tr>
<tr style="height:32.25pt;">
  <td nowrap valign=bottom width=5% style="height:32.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=5 nowrap valign=top width=95% style="border:none;height:32.25pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1</font></i></sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">
  Adjusted EBITDA (that was considered from the year ended 30 June 2019
  following the initial RCF agreement) may not be comparable to similarly
  titled measures of other companies. Adjusted EBITDA is not a measure of
  performance under IFRS and should be considered in addition to, and not as a
  substitute for, other measures of financial performance and liquidity.</font></i></p>
  </td>
 </tr>
</table></div>




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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_115"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>

 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=5% style="height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">23</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=95% style="height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">OPERATING SEGMENTS</font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;"> continued</font></i></font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;margin-top:4.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:1.0pt;line-height:115%;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.9pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:13.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-top:solid #F9B200 1.0pt;height:13.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-top:solid #F9B200 1.0pt;height:13.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-top:solid #F9B200 1.0pt;height:13.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-top:solid #F9B200 1.0pt;height:13.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:none;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:13.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:13.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;height:13.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">reconciling</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid #F9B200 1.0pt;height:13.9pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:13.9pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ergo</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">FWGR</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">items</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:13.9pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160; Total</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Financial
  performance</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Revenue
  (External)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,577.5</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">184.6</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,762.1</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash
  operating costs</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2,311.1)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(111.8)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2,422.9)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Movement
  in gold in process and finished inventories - Gold Bullion</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">16.4</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">16.2</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">32.6</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Operating
  profit</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">282.8</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">89.0</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">371.8</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Retrenchment
  costs</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1.6)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(4.7)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(6.3)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Administration
  expenses and other costs </font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(12.0)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.3)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(76.6)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(90.9)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Interest
  income </font><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;1&nbsp;</font></sup></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6.5</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10.4</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">16.9</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Interest
  expense </font><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;2&nbsp;</font></sup></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.4)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(3.2)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(5.6)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Current
  tax</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.6</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.6</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Working profit/(loss)
  before additions to property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">274.9</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">82.0</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(69.4)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">287.5</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Additions
  to property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(22.8)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(330.7)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.2)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(353.7)</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Working
  profit/(loss) after additions to property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">252.1</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(248.7)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(69.6)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(66.2)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=5 nowrap valign=top width=95% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1</font></i></sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">
  Interest income excludes the unwinding of the Payments made under protest</font></i></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td colspan=5 nowrap valign=top width=95% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2</font></i></sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">
  Interest expense excludes the discount recognised on the initial recognition
  of the Payments made under protest</font></i></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 </tr>
<tr style="height:22.5pt;">
  <td nowrap valign=bottom width=5% style="height:22.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:22.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Reconciliation
  of profit/(loss) for the year to working profit/(loss) before additions to
  property, plant and equipment</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:22.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:22.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:22.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:22.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Profit/(loss)
  for the year</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">82.3</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">28.7</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(32.5)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">78.5</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:1.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:1.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:1.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:1.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">- Deferred
  tax</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">16.2</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">13.4</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1.4)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">28.2</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">- Net
  other operating costs/(income)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">40.2</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">15.4</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(25.7)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">29.9</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">- Ongoing
  rehabilitation expenditure</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">16.6</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.7</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">18.3</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">- Discount
  recognised on Payments made under protest including</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">subsequent
  unwinding</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.5</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.5</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-
  Unwinding of provision for environmental rehabilitation</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">45.4</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">19.6</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.3</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">66.3</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">- Growth
  in investment in environmental obligation funds</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(11.3)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(22.5)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(4.6)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(38.4)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">- Other income</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.2)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(5.7)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(7.9)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">- Change
  in estimate of environmental rehabilitation recognised in</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">profit or
  loss</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(58.6)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1.4)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(60.0)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-
  Depreciation</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">142.8</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">25.7</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.6</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">169.1</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Working
  profit/(loss) before additions to property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">274.9</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">82.0</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(69.4)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">287.5</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Statement
  of cash flows</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash
  inflows/(outflows) from operating activities</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">221.7</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">89.3</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(22.7)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">288.3</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash
  (outflows)/inflows from investing activities</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(39.4)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(324.4)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">60.8</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(303.0)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash (outflows)/inflows
  from financing activities</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(291.7)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">236.7</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">47.1</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(7.9)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Reconciliation
  of adjusted EBITDA</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Profit for
  the year</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">78.5</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Income tax</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">26.6</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Profit
  before tax</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">105.1</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Finance
  expense</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">78.4</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Finance
  income</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(58.3)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Results
  from operating activities</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">125.2</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Depreciation</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">169.1</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Share-based
  payment expense</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">21.4</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Change in
  estimate of environmental rehabilitation recognised in</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">profit or
  loss</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(60.0)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gain on
  financial instruments at fair value through profit or loss </font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.1)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gain on
  disposal of property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(5.8)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Retrenchment
  costs</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6.3</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Adjusted
  EBITDA</font><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> 1</font></sup></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">254.1</font></p>
  </td>
 </tr>
<tr style="height:32.25pt;">
  <td nowrap valign=bottom width=5% style="height:32.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=5 nowrap valign=bottom width=95% style="border:none;height:32.25pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1 </font></i></sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Adjusted
  EBITDA (that was considered from the year ended 30 June 2019 following the
  initial RCF agreement) may not be comparable to similarly titled measures of
  other companies. Adjusted EBITDA is not a measure of performance under IFRS
  and should be considered in addition to, and not as a substitute for, other
  measures of financial performance and liquidity.</font></i></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 </tr>
</table></div>




<DIV bclFooter>

 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_116"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>

 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=5% style="height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">23</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=95% style="height:13.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">OPERATING SEGMENTS</font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;"> continued</font></i></font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;margin-top:4.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:1.0pt;line-height:115%;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.6pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=60% style="border:none;border-top:solid #F9B200 1.0pt;height:12.6pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-top:solid #F9B200 1.0pt;height:12.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-top:solid #F9B200 1.0pt;height:12.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Other</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:none;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.6pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=60% style="border:none;height:12.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">reconciling</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid #F9B200 1.0pt;height:12.6pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.6pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ergo</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">items</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:12.6pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160; Total</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=60% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=60% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Financial
  performance</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=60% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Revenue
  (External)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,490.4</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2,490.4</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash
  operating costs</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2,159.7)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2,159.7)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Movement
  in gold in process and finished inventories - Gold Bullion</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">24.5</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">24.5</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Operating
  profit</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">355.2</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">355.2</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Administration expenses
  and other costs</font><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> 1</font></sup></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(11.5)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(78.6)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(90.1)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Interest income</font><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">
  2</font></sup></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">9.5</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">12.3</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">21.8</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Interest
  expense<sup> 3</sup></font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(3.1)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1.0)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(4.1)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Current
  tax</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.9)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(3.5)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(6.4)</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Working
  profit/(loss) before additions to property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">347.2</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(70.8)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">276.4</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Additions
  to property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(125.2)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.9)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(126.1)</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Working
  profit/(loss) after additions to property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">222.0</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(71.7)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">150.3</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=4 nowrap valign=top width=95% style="border:none;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1 </font></i></sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Administration
  expenses and general costs excludes loss on disposal of property, plant and
  equipment</font></i></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td colspan=4 nowrap valign=top width=95% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2 </font></i></sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Interest
  income excludes the unwinding of the Payments made under protest</font></i></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td colspan=4 nowrap valign=top width=95% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3 </font></i></sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Interest
  expense excludes the discount recognised on the initial recognition of the
  Payments made under protest</font></i></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td colspan=4 nowrap valign=bottom width=95% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 </tr>
<tr style="height:22.5pt;">
  <td nowrap valign=bottom width=5% style="height:22.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=60% style="height:22.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Reconciliation
  of profit/(loss) for the year to working profit/(loss) before additions to property,
  plant and equipment</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:22.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:22.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:22.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=60% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Profit/(loss)
  for the year</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">53.3</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(46.8)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6.5</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">- Deferred
  tax</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">23.2</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(3.7)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">19.5</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">- Net
  other operating (costs)/income</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">36.2</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(15.6)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">20.6</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">- Ongoing
  rehabilitation expenditure</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">26.7</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">26.7</font></p>
  </td>
 </tr>
<tr style="height:22.5pt;">
  <td nowrap valign=bottom width=5% style="height:22.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="height:22.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">- Discount
  recognised on Payments made under protest including subsequent unwinding</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:22.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">8.1</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:22.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:22.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">8.1</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-
  Unwinding of provision for environmental rehabilitation</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">44.3</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.3</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">45.6</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">- Loss on
  disposal of property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.6</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.6</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">- Growth
  in environmental rehabilitation obligation funds</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(10.1)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(6.2)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(16.3)</font></p>
  </td>
 </tr>
<tr style="height:22.5pt;">
  <td nowrap valign=bottom width=5% style="height:22.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="height:22.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">- Change
  in estimate of provision for environmental rehabilitation recognised in
  profit or loss</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:22.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.5)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:22.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.4)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:22.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.9)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-
  Depreciation</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">167.4</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.6</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">168.0</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Working profit/(loss)
  before additions to property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">347.2</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(70.8)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">276.4</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Statement
  of cash flows</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash
  inflows/(outflows) from operating activities</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">285.3</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(51.5)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">233.8</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash
  outflows from investing activities</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(140.2)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.2)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(140.4)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash
  outflows from financing activities</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.8)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(42.2)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(45.0)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=60% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName67></a><a name=BookmarkName68></a></p>
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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">24&#160;&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">PAYMENTS MADE UNDER PROTEST</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName67_bclEnd"></a><a name="BookmarkName68_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:18.0pt;">&nbsp;</font></b></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:28.65pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><a name="XBRL_TS_e01c06204c3c4271aab967178"></a><a name="XBRL_TS_e10b5e41472246458b01de3c5"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">SIGNIFICANT ACCOUNTING JUDGEMENTS</font></b></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Payments made under protest</font></i></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The determination of whether the payments made under protest
  give rise to an asset or a contingent asset or neither, required the use of
  significant judgement. The definition of an asset in the conceptual framework
  was applied, with the consideration of the facts and circumstances
  surrounding the payments made under protest. In applying the definition of an
  asset management considered the following: </font></font></p>
  <p style="background:#D9D9D9;border:none;margin-bottom:0in;margin-left:12.55pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-12.55pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">payments were made under protest and without prejudice or admission
  of liability. Such payments were not made as a settlement of debt or
  recognition of expenditure;</font></font></p>
  <p style="background:#D9D9D9;border:none;margin-bottom:0in;margin-left:12.55pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-12.55pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">the Group therefore retains a right to recover the payments from
  the City of Ekurhuleni Metropolitan Municipality (&#8220;</font><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Municipality</font></b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;) if
  the Group is successful in the Main Application;</font></font></p>
  <p style="background:#D9D9D9;border:none;margin-bottom:0in;margin-left:12.55pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-12.55pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">if the Group is not successful in the Main Application, the
  payments will be used to settle the resultant liability to the Municipality;
  and </font></font></p>
  <p style="background:#D9D9D9;border:none;margin-bottom:6.0pt;margin-left:12.55pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-12.55pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  &nbsp;</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">these two possible outcomes (i.e. success in the
  Main Application or not) therefore, will lead to economic benefits to the
  Group.</font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Therefore, the right to recover the payments made under protest
  is not a contingent asset because it meets the definition and recognition
  criteria of an asset. </font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">No specific guidance exists in developing an accounting policy
  for such asset. Therefore management applied judgement in developing an
  accounting policy that would lead to information that is relevant to the
  users of these financial statements and information that can be relied upon.</font></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contingent liabilities</font></i></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The assessment of whether an obligating event results in a
  liability or a contingent liability requires the exercise of significant
  judgement of the outcome of future events that are not wholly within the
  control of the Group.</font></font></p>
  <p style="border:none;margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Litigation and other judicial proceedings inherently
  entail complex legal issues that are subject to uncertainties and
  complexities and are subject to interpretation.</font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">SIGNIFICANT ACCOUNTING ASSUMPTIONS AND ESTIMATES</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The discounted amount of the Payments made under protest is
  determined using assumptions about the future that are inherently uncertain
  and can change materially over time and includes the discount rate and
  discount period. </font></font></p>
  <p style="border:none;margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">These assumptions about the future include
  estimating the timing of concluding on the main application, i.e. the
  discount period, the ultimate settlement terms, the discount rate applied and
  the assessment of recoverability.</font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING POLICIES</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Payments made under protest</font></i></b></font></p>
  <p style="border:none;margin:0in;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Recognition and measurement</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The asset that arises from the Municipality Electricity Tariff
  Dispute and that are payments made under protest is initially measured at a
  discounted amount and any difference between the face value of payments made
  under protest and the discounted amount on initial recognition is recognised
  in profit or loss as a finance expense. Subsequent to initial recognition,
  the Payments made under protest is measured using the effective interest
  method to unwind the discounted amount to the original face value less any
  write downs for recovery. Unwinding of the carrying value and changes in the
  discount period are recognised in profit or loss.</font></font></p>
  <p style="border:none;margin:0in;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Assessment of recoverability</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The discounted amount of the payments under protest is assessed
  at each reporting date to determine whether there is any objective evidence
  that the full amount is no longer expected to be recovered. The Group
  considers the reasonable and supportable information related to the
  creditworthiness of Ekurhuleni Metropolitan Municipality and events
  surrounding the outcome of the Main Application.&#160; Any write down is
  recognised in profit or loss.</font></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contingent liabilities</font></i></b></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">A contingent liability is a possible obligation arising from past
  events and whose existence will be confirmed only by occurrence or
  non-occurrence of one or more uncertain future events not wholly within the
  control of the Group. A contingent liability may also be a present obligation
  arising from past events but is not recognised on the basis that an outflow
  of economic resources to settle the obligation is not viewed as probable, or
  the amount of the obligation cannot be reliably measured. When the Group has
  a present obligation, an outflow of economic resources is assessed as
  probable and the Group can reliably measure the obligation, a provision is
  recognised.</font></font><a name="XBRL_TS_e01c06204c3c4271aab967178_bclEnd"></a><a name="XBRL_TS_e10b5e41472246458b01de3c5_bclEnd"></a></p>
  </td>
 </tr>
</table></div>



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 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

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<p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">24&#160;&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">PAYMENTS MADE UNDER PROTEST </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">continued</font></i></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName69_bclEnd"></a><a name="BookmarkName70_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:6.0pt;text-align:justify;"><a name="XBRL_TS_db618ce299794ee3925acade5"></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Ekurhuleni
Metropolitan Municipality (&quot;Municipality&quot;) Electricity Tariff Dispute</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.1pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">There are
primarily 3 (three) legal proceedings for which relief has been sought in the
appropriate legal fora and all of which fall within the jurisdiction of the
High Court of South Africa, Gauteng Local Division, Johannesburg. These
comprise of an application brought by Ergo and actions brought under two
summonses by the Municipality.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.1pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">In order to
operate the Ergo Plant and conduct its business operations, Ergo requires a
reliable and steady feed of electricity which it draws from the Ergo Central
Substation. </font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.1pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Over the
past several years the Municipality has charged Ergo for such electricity, at
the Megaflex tariff at which ESKOM Holdings SOC Limited (&#8220;</font><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ESKOM</font></b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;) charges
its large power users plus an additional surcharge, as it still does; and Ergo
paid therefor.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.1pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Pursuant to
its own investigations, and after having sought legal advice on the matter, Ergo
determined that only ESKOM may legitimately charge it for the electricity so
drawn and consumed at the Ergo Plant, specifically from the Ergo Central
Substation.&#160; Despite this, ESKOM refused to either accept payment from Ergo in
respect of such electricity consumption or to conclude a consumer agreement
with it.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.1pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">In December
2014, Ergo instituted legal proceedings by way of an application (&#8220;</font><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Main
Application</font></b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;) against the Municipality and ESKOM as well as the National
Energy Regulator of South Africa (&#8220;</font><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NERSA</font></b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;), the Minister of Energy, the
Minister of Co-operative Governance &amp; Traditional Affairs and the South
African Local Government Association, the latter 4 (four) respondents against
whom Ergo does not seek any relief.</font></font></p>

<p style="border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo
seeks the undermentioned relief:</font></font></p>

<p style="border:none;margin-bottom:0in;margin-left:40.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-9.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;
&nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">declaring that the Municipality does not supply electricity to it
at the Ergo Plant;</font></font></p>

<p style="border:none;margin-bottom:0in;margin-left:40.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-9.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;
&nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">declaring that the Municipality is in breach of its temporary
Distribution Licence (issued by NERSA) by purporting to supply electricity to Ergo
at the Ergo Plant;</font></font></p>

<p style="border:none;margin-bottom:0in;margin-left:40.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-9.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;
&nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">declaring that neither the Municipality nor ESKOM may lawfully
insist that only the Municipality may supply electricity to Ergo at the Ergo
Plant;</font></font></p>

<p style="border:none;margin-bottom:0in;margin-left:40.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-9.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;
&nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">declaring that ESKOM presently supplies electricity to Ergo at the
Ergo Plant; and</font></font></p>

<p style="border:none;margin-bottom:6.0pt;margin-left:40.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-9.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp; &nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">directing
ESKOM to conclude a consumer agreement with Ergo for the supply of electricity
at the Ergo Plant at its Megaflex tariff.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.1pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The Municipality
has since issued two summonses (&#8220;</font><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Summonses</font></b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;) for the recovery of arrears
it alleges it is owed amounting to R<a name="XBRL_CS_0a323f219b4e4276b9fe49ecb"></a>74.0<a name="XBRL_CS_0a323f219b4e4276b9fe49ecb_bclEnd"></a> million and R<a name="XBRL_CS_e71b004d807b44a3b1353ac2c"></a>31.6<a name="XBRL_CS_e71b004d807b44a3b1353ac2c_bclEnd"></a> million, respectively.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.1pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">In the
interest of the proper administration of justice, the Main Application was
postponed by agreement between the parties and a case manager was appointed to
determine a collaborative process to facilitate the effective and efficient
court scheduling and coordination of both the Main Application and the
Summonses.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.1pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">In order to
secure uninterrupted supply of electricity, Ergo has made payment and continues
to pay for consumption at the amended and lower &#8220;J-Tariff&#8221;, albeit under protest
and without prejudice and/or admission of liability. Whilst still deemed to be
disproportionate, the J-Tarif is significantly lower than the previously
imposed &#8220;D-Tariff&#8221;. The Group recognised an asset for these payments that are
made &#8220;under protest&#8221;. </font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.1pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo has
also brought an application for the consolidation of both the Main Application
and the actions brought under the Summonses.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.1pt;margin-right:0in;margin-top:0in;text-align:justify;"><a name="_Hlk54770288"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
group supported by the external legal team is confident that there is a high
probability that Ergo will be successful in the Main Application and defending
the Summonses. Therefore, there is no present obligation as a result of a past
event to pay the amounts claimed by the Municipality</font></font><a name="XBRL_TS_db618ce299794ee3925acade5_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">.</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:11.4pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:11.4pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:11.4pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:11.4pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:11.4pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Balance at
  the beginning of the year</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">27.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">19.4</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Payments
  made under protest</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">11.7</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Discount
  on initial payment made under protest</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">7</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(7.1)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(6.5)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Unwinding</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.0</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Balance at
  the end of the year</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">35.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">27.6</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><a name="XBRL_TS_2e7533cf08b94c1f8fa212cea"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The balance at the end of the
year was based on the following assumptions</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">: </font></font></p>

<p style="border:none;margin:0in;margin-left:36.85pt;text-align:justify;text-indent:-8.5pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp; &nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">discount
rate: <a name="XBRL_CS_2d280681b7c249b49bdb8d366"></a>11.68<a name="XBRL_CS_2d280681b7c249b49bdb8d366_bclEnd"></a>% </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2019: <a name="XBRL_CS_471eef36399a4eda86098006d"></a>11.68<a name="XBRL_CS_471eef36399a4eda86098006d_bclEnd"></a>%) </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">representing
the Municipality maximum cost of borrowing on bank loans as disclosed in their June
30, 2019 annual report; and </font></font></p>

<p style="border:none;margin:0in;margin-left:36.85pt;text-align:justify;text-indent:-8.5pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp; &nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">discount
period: <a name="XBRL_CS_3b221a8dfbf74c3cbf72bef4b"></a>June 30, 2022<a name="XBRL_CS_3b221a8dfbf74c3cbf72bef4b_bclEnd"></a> </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2019: <a name="XBRL_CS_018837ae2a424920b94c62dc8"></a>June 30, 2021<a name="XBRL_CS_018837ae2a424920b94c62dc8_bclEnd"></a>)</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">
representing management&#8217;s best estimate of the date of conclusion of the Main
Application.</font></font><a name="XBRL_TS_2e7533cf08b94c1f8fa212cea_bclEnd"></a></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName71></a><a name=BookmarkName72></a></p>
<DIV bclFooter>

 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_119"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>

 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">25&#160;&#160;&#160;&#160;&#160; OTHER
INVESTMENTS</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName71_bclEnd"></a><a name="BookmarkName72_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:28.65pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><a name="XBRL_TS_e0902ca989944fd79f2566bd0"></a><a name="XBRL_TS_10780dc88f5d4c7cac48d2510"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">SIGNIFICANT ACCOUNTING ASSUMPTIONS AND ESTIMATES</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The fair value of the listed equity instrument is determined
  based on quoted prices on an active market. Equity instruments which are not
  listed on an active market are measured using other applicable valuation techniques
  depending on the extent to which the technique maximises the use of relevant
  observable inputs and minimizes the use of unobservable inputs. Where
  discounted cash flows are used, the estimated cash flows are based on
  management&#8217;s best estimate based on readily available information at
  measurement date. The discounted cash flows contain assumptions about the
  future that are inherently uncertain and can change materially over time.</font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING POLICIES</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">On initial recognition of an equity investment that is not held
  for trading, the Group may make an irrevocable election to present subsequent
  changes in the investment&#8217;s fair value in other comprehensive income. This
  election is made on an investment-by-investment basis. </font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">These assets are initially recognised at fair value plus any
  directly attributable transaction costs. Subsequent to initial recognition
  they are measured at fair value and changes therein are recognised in OCI,
  and are never reclassified to profit or loss, with dividends recognised in
  profit or loss unless the dividend clearly represents a recovery of part of
  the cost of the investment.</font></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The Group&#8217;s listed and unlisted investments in equity securities are
  classified as equity instruments at fair value through other comprehensive
  income (OCI).</font></font><a name="XBRL_TS_10780dc88f5d4c7cac48d2510_bclEnd"></a><a name="XBRL_TS_e0902ca989944fd79f2566bd0_bclEnd"></a></p>
  </td>
 </tr>
</table></div>



<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=57% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=57% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Shares
  held</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">% held</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2020</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:13.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2019</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=57% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DADADA;border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=57% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Listed
  investments (Fair value hierarchy Level 1):</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DADADA;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=57% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">West Wits
  Mining Limited (&quot;</font><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">WWM</font></b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&quot;)&nbsp;</font><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> 1</font></sup></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">47,812,500</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.1%</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">12.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.3</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=57% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></sup></p>
  </td>
 <td nowrap valign=bottom width=57% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total
  listed investments</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">12.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.3</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=57% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DADADA;border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=57% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Unlisted
  investments (Fair value hierarchy Level 3):</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DADADA;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=57% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Rand
  Refinery Proprietary Limited (&quot;</font><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Rand Refinery</font></b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&quot;)&nbsp;</font><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">
  2</font></sup></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">44,438</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">11.3%</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">178.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=57% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Rand
  Mutual Assurance Company Limited B Share Business Fund (&quot;</font><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">RMA</font></b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&quot;)&nbsp;</font><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">
  2,3</font></sup></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">12,659</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.3%</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=57% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Guardrisk
  Insurance Company Limited (Cell Captive A170)</font><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> 2,4</font></sup></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">20</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">#</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.1</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=57% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Chamber of
  Mines Building Company Proprietary Limited</font><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> 2</font></sup></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">42,292</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4.5%</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.1</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=57% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=57% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Total
  unlisted investments</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">183.3</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.2</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=57% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=57% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Balance at
  the end of the year </font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">195.3</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.5</font></p>
  </td>
 </tr>
<tr style="height:1.5pt;">
  <td nowrap valign=bottom width=5% style="height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=57% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DADADA;border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:1.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=57% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Dividends
  received on equity instruments at fair value through OCI (RMA)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">6</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DADADA;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(4.3)</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=57% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Fair value
  adjustment on equity instruments at fair value through OCI</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#DADADA;height:10.5pt;padding:0in 5.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">191.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(5.9)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=57% style="border:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1</font></i></sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">
  Listed</font></i></p>
  </td>
 <td nowrap valign=top width=11% style="border:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=7% style="border:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="border:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="border:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=57% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2</font></i></sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">
  Unlisted</font></i></p>
  </td>
 <td nowrap valign=top width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=10% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:21.0pt;">
  <td nowrap valign=bottom width=5% style="height:21.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td colspan=5 nowrap valign=top width=95% style="height:21.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3</font></i></sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">
  The 1 &quot;B Share Business Fund&quot; share relates to all the businesses
  of the RMA Group that do not relate to the Compensation for Occupational
  Injuries and Diseases Act</font></i></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td colspan=5 nowrap valign=top width=95% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4</font></i></sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">
  The shares held entitles the holder to 100% of the residual net equity of
  Cell Captive A 170 after settlement of the reimbursive right</font></i></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=57% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><a name="XBRL_TS_26dc6d2f402a4abe96ae58fe5"></a><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">MARKET RISK</font></b></font></p>

<p style="border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Other market
price risk</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:12.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Equity price risk arises from
changes in quoted market prices of listed investments as well as changes in the
fair value of unlisted investments due to changes in the underlying net asset
values.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">FAIR VALUE OF FINANCIAL
INSTRUMENTS</font></b></font></p>

<p style="border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Listed investments</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The fair values of listed investments
are determined by reference to published price quotations from recognised
securities exchanges and constitute level 1 instruments in the fair value
hierarchy.</font></font></p>

<p style="border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Unlisted investments</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The fair values of unlisted
investments are determined through valuation techniques that include inputs
that are not based on observable market data and constitute level 3 instruments
in the fair value hierarchy.</font></font><a name="XBRL_TS_26dc6d2f402a4abe96ae58fe5_bclEnd"></a></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName73></a><a name=BookmarkName74></a></p>
<DIV bclFooter>

 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_120"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>

 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">25&#160;&#160;&#160;&#160;&#160; OTHER
INVESTMENTS </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">continued</font></i></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName73_bclEnd"></a><a name="BookmarkName74_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><a name="XBRL_TS_ce6790cc2e9e46fa818243ae5"></a><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Investment in Rand Refinery</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">During the current reporting
period, Rand Refinery demonstrated increased stability in its operations,
continued ability to meet budget and made a substantial redemption of
redeemable preference shares to its other shareholders, therefore strengthening
its financial position. DRDGOLD does not hold any redeemable preference shares
in Rand Refinery. Rand Refinery also benefited from significant increases in
Krugerrand sales and the increase in the Rand denominated gold price.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Historically the fair value
of Rand Refinery was estimated to be </font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">de minimus</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">, however because of the
above aforementioned factors, the fair value of Rand Refinery has been
significantly impacted and it is no longer reasonable to estimate fair value as
</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">de minimus</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">.&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The fair value of DRDGOLD&#8217;s <a name="XBRL_CS_a3468abc94cc46698c47fa04a"></a>11.3<a name="XBRL_CS_a3468abc94cc46698c47fa04a_bclEnd"></a>% interest in Rand Refinery
at year end is estimated to be R<a name="XBRL_CS_ec0675fd867e4793a57d8d021"></a><a name="XBRL_CS_aaca3aad0c20419095efa3662"></a>178.4<a name="XBRL_CS_aaca3aad0c20419095efa3662_bclEnd"></a><a name="XBRL_CS_ec0675fd867e4793a57d8d021_bclEnd"></a> million. The investment is
designated as an equity instrument at fair value through other comprehensive
income.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">In accordance with IFRS 13 </font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Fair
Value Measurement</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">, the income approach has been established to be the most
appropriate basis to estimate the fair value in the current year. This method
relies on the future budgeted cash flows as determined by Rand Refinery. </font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Management engaged the use of
an independent external valuation expert to assist with the valuation. The Rand
Refinery operations (excluding Prestige Bullion) were valued using the Free
Cash Flow model, whereby an enterprise value using a Gordon Growth formula for
the terminal value was estimated. The dividends received by Rand Refinery from
joint venture &#8211; Prestige Bullion were valued using a finite life dividend
discount model as Rand Refinery&#8217;s shareholding will be reduced to nil in 2032.
The fair value measurement uses significant unobservable inputs and relates to
a fair value hierarchy level 3 financial instrument. </font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Key observable/unobservable
inputs into the model include:</font></font><a name="XBRL_TS_ce6790cc2e9e46fa818243ae5_bclEnd"></a></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=39% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=28% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Observable/unobservable
  input</font></b></p>
  </td>
 <td nowrap valign=bottom width=28% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=39% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=28% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=28% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:2.25pt;">
  <td nowrap valign=bottom width=5% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Rand
  Refinery operations</font></b></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:2.25pt;">
  <td nowrap valign=bottom width=5% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Average
  gold price </font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Observable
  input</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R852,098/kg</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Average
  silver price </font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Observable
  input</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R9,453/kg</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Average
  South African CPI</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Observable
  input</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4.8%</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Terminal
  growth rate</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Unobservable
  input</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.0%</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Weighted
  average cost of capital</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Unobservable
  input</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">15.1%</font></p>
  </td>
 </tr>
<tr style="height:2.25pt;">
  <td nowrap valign=bottom width=5% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="border:none;height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="border:none;height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="border:none;height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Investment
  in Prestige Bullion</font></b></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:2.25pt;">
  <td nowrap valign=bottom width=5% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Discount
  period</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Unobservable
  input</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">13 years</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cost of
  equity</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Unobservable
  input</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">13.2%</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=28% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0in;margin-bottom:12.0pt;margin-left:28.1pt;margin-right:0in;margin-top:0in;text-align:justify;"><a name="XBRL_TS_5cb22a85e13d4ceeb03db8f7c"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Marketability and
minority discounts (both unobservable inputs) were also applied of <a name="XBRL_CS_6c153c95727c430aa6485c9a8"></a>16.5<a name="XBRL_CS_6c153c95727c430aa6485c9a8_bclEnd"></a>% and <a name="XBRL_CS_e5e65b15162241ee9e2609d83"></a>17.0<a name="XBRL_CS_e5e65b15162241ee9e2609d83_bclEnd"></a>% respectively. The latest
budgeted cash flow forecasts provided by Rand Refinery as at June 30, 2020 was
used, and therefore classified as an unobservable input into the models.</font></font></p>

<p align=left style="border:none;margin:0in;margin-left:28.35pt;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><b><i><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Sensitivity analysis</font></i></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The fair value
measurement is most sensitive to the Rand denominated gold price and volumes.
The higher the gold price and volumes, the higher the fair value of the investment
in Rand Refinery. The below table indicates the extent of sensitivity of the
fair value to the inputs:</font></font><a name="XBRL_TS_5cb22a85e13d4ceeb03db8f7c_bclEnd"></a></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=30% style="border:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=17% style="border:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=24% style="border:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Input</font></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=24% style="border-bottom:none;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">% change
  in OCI, net of tax</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=30% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Amounts in
  R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=17% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Increase</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Decrease</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Increase</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:12.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=center style="margin:0in;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Decrease</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=30% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=17% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:2.25pt;">
  <td nowrap valign=bottom width=5% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=30% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=30% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Rand
  Refinery operations</font></b></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:2.25pt;">
  <td nowrap valign=bottom width=5% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=30% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Rand US
  Dollar exchange rate</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Observable
  inputs</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1%</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1%)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.1%</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.2%)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Commodity
  prices (Gold and silver)</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Observable
  inputs</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1%</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1%)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.7%</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1.8%)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Volumes </font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Unobservable
  inputs</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1%</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1%)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.0%</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2.0%)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Weighted
  average cost of capital</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Unobservable
  inputs</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1%</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1%)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1.7%)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.0%</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Minority
  discount</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Unobservable
  inputs</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1%</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1%)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1.2%)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.2%</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Marketability
  discount</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Unobservable
  inputs</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1%</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1%)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1.2%)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.2%</font></p>
  </td>
 </tr>
<tr style="height:2.25pt;">
  <td nowrap valign=bottom width=5% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Investment
  in Prestige Bullion</font></b></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:2.25pt;">
  <td nowrap valign=bottom width=5% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=30% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:2.25pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">=</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:2.25pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=30% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cost of
  equity</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Unobservable
  inputs</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1%</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1%)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1.3%)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.4%</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Prestige
  Bullion dividend forecast</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Unobservable
  inputs</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1%</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1%)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">0.4%</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p align=right style="margin:0in;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(0.4%)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;margin-left:28.35pt;text-align:left;"><a name="XBRL_TS_3d60adf921534f41b71b11ae7"></a><font color=black face=Arial,sans-serif style="border:none;"><b><i><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Impact
of the COVID 19 pandemic</font></i></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The COVID-19
pandemic had an impact on the gold market and the operations of Rand Refinery
as a result of the South African national lockdown. The first-year budget cash
flows have been adjusted based on relevant information available as at June 30,
2020, regarding the estimated impact going forward and on the assumption that
operations will normalise by November 2020.</font></font><a name="XBRL_TS_3d60adf921534f41b71b11ae7_bclEnd"></a></p>

<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;text-align:left;"><a name="XBRL_TS_856029a398c343f29d604cadd"></a></p>
<DIV bclFooter>

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<DIV bclHeader>

 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">26&#160;&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">CONTINGENCIES</font></b></font><a name="XBRL_TS_856029a398c343f29d604cadd_bclEnd"></a></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:0pt;width:100%;">
 <tr style="height:28.65pt;">
  <td nowrap valign=top width=7% style="height:28.65pt;padding:0in 0in 0in 0in;">
  <p align=left style="border:none;margin:0in;margin-bottom:10.0pt;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=93% style="background:#D9D9D9;height:28.65pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">SIGNIFICANT ACCOUNTING JUDGEMENTS</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The assessment of whether an obligating event results in a
  liability or a contingent liability requires the exercise of significant
  judgement of the outcome of future events that are not wholly within the
  control of the Group. Litigation and other judicial proceedings inherently
  entail complex legal issues that are subject to uncertainties and
  complexities and are subject to interpretation.</font></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING POLICIES</font></b></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contingent liabilities</font></b></font></p>
  <p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">A contingent liability is a possible obligation arising from
  past events and whose existence will be confirmed only by occurrence or
  non-occurrence of one or more uncertain future events not wholly within the
  control of the Group. A contingent liability may also be a present obligation
  arising from past events but is not recognised on the basis that an outflow
  of economic resources to settle the obligation is not viewed as probable, or
  the amount of the obligation cannot be reliably measured. When the Group has
  a present obligation, an outflow of economic resources is assessed as
  probable and the Group can reliably measure the obligation, a provision is recognised.</font></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contingent assets</font></b></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contingent assets are possible assets whose existence will be confirmed
  by the occurrence or non-occurrence of uncertain future events that are not
  wholly within the control of the entity. Contingent assets are not
  recognised, but they are disclosed when it is more likely than not that an
  inflow of benefits will occur. However, when the inflow of benefits is
  virtually certain an asset is recognised in the statement of financial
  position, because that asset is no longer considered to be contingent.</font></font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0in;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;text-align:left;"><a name=BookmarkName75></a><a name=BookmarkName76></a><a name="XBRL_TS_af8f3ce86b2847708b2dbe480"></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">26.1&#160;&#160;&#160;&#160;&#160; CONTINGENT LIABILITY FOR OCCUPATIONAL LUNG DISEASES</font></b></font><a name="BookmarkName75_bclEnd"></a><a name="BookmarkName76_bclEnd"></a><a name="XBRL_TS_af8f3ce86b2847708b2dbe480_bclEnd"></a></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><a name="XBRL_TS_acc7338d565642e7a0d69abce"></a><a name="XBRL_CS_81c79d711d8f4af4bc889f22d"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">On May 3, 2018, former
mineworkers and dependents of deceased mineworkers (&#8220;</font><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Applicants</font></b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;) and
Anglo American South Africa Limited, AngloGold Ashanti Limited, Sibanye Gold
Limited trading as Sibanye-Stillwater, Harmony Gold Mining Company Limited, Gold
Fields Limited, African Rainbow Minerals Limited and certain of their
affiliates (&#8220;</font><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Settling Companies</font></b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;) settled the class certification
application in which the Applicants in each sought to certify class actions
against gold mining houses cited therein on behalf of mineworkers who had
worked for any of the particular respondents and who suffer from any
occupational lung disease, including silicosis or tuberculosis.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The DRDGOLD
Respondents, comprising DRDGOLD Limited and East Rand Proprietary Mines
Limited, are not a party to the settlement between the Applicants and Settling
Companies. The settlement agreement is not binding on the DRDGOLD Respondents.
The dispute, insofar as the class certification application and appeal thereof
is concerned, still stands and has not terminated in light of the settlement
agreement.</font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">DRDGOLD
maintains the view that it is too early to consider settlement of the matter,
mainly for the following reasons: </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#8226; </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">the
Applicants have as yet not issued and served a summons (claim) in the matter; </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#8226; </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">there
is no indication of the number of potential claimants that may join the class
action against the DRDGOLD Respondents;</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#8226; many principles upon which legal
responsibility is founded, are required to be substantially developed by the
trial court (and possibly subsequent courts of appeal) to establish liability
on the bases alleged by the applicants.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">In light of
the above there is inadequate information to determine if a sufficient legal
and factual basis exists to establish liability, and to quantify such potential
liability.</font></font><a name="XBRL_CS_81c79d711d8f4af4bc889f22d_bclEnd"></a><a name="XBRL_TS_acc7338d565642e7a0d69abce_bclEnd"></a></p>

<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;text-align:left;"><a name="XBRL_TS_f7a2a4114277400790bde9968"></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">26.2&#160;&#160;&#160;&#160;&#160; CONTINGENT LIABILITY FOR ENVIRONMENTAL REHABILITATION</font></b></font><a name="XBRL_TS_f7a2a4114277400790bde9968_bclEnd"></a></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><a name="XBRL_TS_334621f5383d4325b465e147a"></a><a name="XBRL_CS_9b71ba64bcd54063a7313895c"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Mine residue deposits may
have a potential pollution impact on ground water through seepage. The Group
has taken certain preventative actions as well as remedial actions in an
attempt to minimise the Group&#8217;s exposure and environmental contamination.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The flooding
of the western and central basins has the potential to cause pollution due to
Acid Mine Drainage (&#8220;</font><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">AMD</font></b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;) contaminating the ground water. The
government has appointed Trans-Caledon Tunnel Authority (&#8220;</font><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">TCTA</font></b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221;) to
construct a partial treatment plant to prevent the ground water being
contaminated. TCTA completed the construction of the neutralisation plant for
the Central Basin and commenced treatment during July 2014. As part of the
heads of agreement signed in December 2012 between EMO, Ergo, ERPM and TCTA,
sludge emanating from this plant since August 2014 has been co-disposed onto
the Brakpan Tailings Storage facility. Partially treated water has been
discharged by TCTA into the Elsburg Spruit.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">This
agreement includes the granting of access to the underground water basin
through one of ERPM&#8217;s shafts and the rental of a site onto which it constructed
its neutralisation plant. In exchange, Ergo and its associate companies
including ERPM have a setoff against any future directives to make any
contribution toward costs or capital of up to R<a name="XBRL_CS_b0c29109b71e477c955ec51fd"></a>250<a name="XBRL_CS_b0c29109b71e477c955ec51fd_bclEnd"></a> million. Through this
agreement, Ergo also secured the right to purchase up to <a name="XBRL_CS_1c52c3ea713940c1977990505"></a>30<a name="XBRL_CS_1c52c3ea713940c1977990505_bclEnd"></a> Ml of partially treated
AMD from TCTA at cost, to reduce Ergo&#8217;s reliance on potable water for mining
and processing purposes.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">While the
heads of agreement should not be seen as an unqualified endorsement of the
state&#8217;s AMD solution, and do not affect our right to either challenge future
directives or to implement our own initiatives should it become necessary, it
is an encouraging development. </font></font></p>

<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">In
view of the limitation of current information for the accurate estimation of a
potential liability, no reliable estimate can be made for the possible
obligation.</font></font><a name="XBRL_CS_9b71ba64bcd54063a7313895c_bclEnd"></a><a name="XBRL_TS_334621f5383d4325b465e147a_bclEnd"></a></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name=BookmarkName77></a><a name=BookmarkName78></a></p>
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 <p align=right style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">84</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Times Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>

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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_122"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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 <p align=left style="border:none;margin:0in;margin-bottom:4.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><i><font style="mso-bidi-font-style:normal;"><font color=#F9B200 face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-bidi-font-weight:bold;mso-fareast-language:EN-ZA;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;line-height:normal;">&nbsp;</font></i></font></font></i><font face=Arial,sans-serif style="mso-ascii-font-family:Times Roman;mso-bidi-font-family:Times New Roman;mso-hansi-font-family:Times Roman;">&nbsp;</font></p>
 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

</DIV>
<p align=left style="border:none;margin:0in;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">26&#160;&#160;&#160;&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">CONTINGENCIES </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">continued</font></i></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName77_bclEnd"></a><a name="BookmarkName78_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;margin-left:27.0pt;text-align:left;text-indent:-27.0pt;"><a name=BookmarkName79></a><a name=BookmarkName80></a><a name="XBRL_TS_1dd775f3e0f5484fad24ece09"></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">26.3&#160;&#160; CONTINGENCIES REGARDING EKURHULENI METROPOLITAN
MUNICIPALITY ELECTRICITY TARIFF DISPUTE</font></b></font></p>

<p align=left style="border:none;margin:0in;text-align:left;"><a name="BookmarkName79_bclEnd"></a><a name="BookmarkName80_bclEnd"></a><a name="XBRL_TS_1dd775f3e0f5484fad24ece09_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:27.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a name="XBRL_TS_0029f54c36264351b255a8695"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Refer note 24 PAYMENTS MADE
UNDER PROTEST for a full description of the matter.</font></font></p>

<p style="border:none;margin:0in;margin-left:27.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contingent
liability</font></i></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:27.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
Municipality has issued two summonses for the recovery of arrears it alleges it
is owed amounting to R<a name="XBRL_CS_8b0447279f024031bbd89ff43"></a>74.0<a name="XBRL_CS_8b0447279f024031bbd89ff43_bclEnd"></a> million and R<a name="XBRL_CS_0e8a2933fe1d4a92afce3bbcf"></a>31.6<a name="XBRL_CS_0e8a2933fe1d4a92afce3bbcf_bclEnd"></a> million, respectively. The
group supported by the external legal team is confident that there is a high
probability that Ergo will be successful in defending the Summonses. Therefore,
there is no present obligation as a result of a past event to pay the amounts
claimed by the Municipality.</font></font></p>

<p style="border:none;margin:0in;margin-left:27.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contingent
asset</font></i></b></font></p>

<p style="border:none;margin:0in;margin-bottom:12.0pt;margin-left:27.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo
instituted a counterclaim against the Municipality for the recovery of the
surcharges which were erroneously paid to the Municipality in the bona fide
belief that they were due and payable prior to the Main Application of
approximately R<a name="XBRL_CS_6187b7a47ab94f5ca3ec77979"></a>43<a name="XBRL_CS_6187b7a47ab94f5ca3ec77979_bclEnd"></a> million (these surcharges
were expensed for accounting purposes).</font></font><a name="XBRL_TS_0029f54c36264351b255a8695_bclEnd"></a></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><a name="XBRL_TS_64efe133b38844489ae3e877a"></a><a name="XBRL_TS_d473338b84c04dff955b78cd9"></a><a name="XBRL_TS_92ebd439925c470fa6efa0448"></a><a name="XBRL_TS_1d08ab1952e94793a9d84dd5a"></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">27&#160;&#160;&#160;&#160;&#160; FINANCIAL
INSTRUMENTS</font></b></font></p>

<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:6.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">CLASSIFICATION AND MEASUREMENT OF FINANCIAL ASSETS</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.1pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Financial assets are not
reclassified subsequent to their initial recognition unless the Group changes
its business model for managing financial assets, in which case all affected
financial assets are reclassified on the first day of the first reporting period
following the change in business model. </font></font></p>

<p style="border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><a name="_Hlk20473181"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">A financial asset shall be measured at amortised cost if both the
following conditions are met:</font></font></p>

<p style="border:none;margin:0in;margin-left:35.45pt;text-align:justify;text-indent:-7.1pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:normal;">&nbsp; &nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">the
financial asset is held within a business model whose objective is to hold
financial assets in order to collect contractual cash flows; and </font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:35.3pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.1in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:normal;">&nbsp;
&nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">the contractual terms of the financial asset give rise on
specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding. </font></font></p>

<p style="border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">An
investment is measured at fair value through other comprehensive income if it
meets both of the following conditions and is not designated as at fair value
through profit or loss:</font></font></p>

<p style="border:none;margin:0in;margin-left:35.45pt;text-align:justify;text-indent:-7.1pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:normal;">&nbsp; &nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">It is held
with a business model whose objective achieved by both collecting contractual
cash flows and selling financial assets; and </font></font></p>

<p style="border:none;margin:0in;margin-bottom:12.0pt;margin-left:35.3pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.1in;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:normal;">&nbsp;
&nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Its contractual terms give rise on specified dates to cash flows
that are solely payments of principal and interest on the principal amount
outstanding.</font></font></p>

<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:6.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">FINANCIAL RISK MANAGEMENT FRAMEWORK</font></b></font></p>

<p align=left style="border:none;margin:0in;margin-left:28.1pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Overview</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.1pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The Group has exposure to credit
risk, liquidity risks, as well as other market risks from its use of financial
instruments. This note presents information about the Group&#8217;s exposure to each
of the above risks, the Group&#8217;s objectives and policies and processes for
measuring and managing risk. The Group&#8217;s management of capital is disclosed in
note 20. This note must be read with the quantitative disclosures included
throughout these consolidated financial statements.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The board of directors (&#8220;</font></font><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Board</font></b></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#8221;) has
overall responsibility for the establishment and oversight of the Group&#8217;s risk
management framework. The Board has established the Audit and Risk Committee </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">(&#8220;</font></font><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">ARC</font></b></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#8221;)</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">, which is
responsible for developing and monitoring the Group&#8217;s risk management policies.
The committee reports regularly to the Board on its activities.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The Group&#8217;s risk management
policies are established to identify and analyse the risks faced by the Group,
to set appropriate risk limits and controls, and to monitor risks and adherence
to limits. Risk management policies and systems are reviewed regularly to
reflect changes to market conditions and the Group&#8217;s activities. The Group,
through its training and management standards and procedures, aims to develop a
disciplined and constructive control environment in which all employees
understand their roles and obligations.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:12.0pt;margin-left:28.1pt;margin-right:0in;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The ARC oversees how management
monitors compliance with the Group&#8217;s risk management policies and procedures,
and reviews the adequacy of the risk management framework in relation to the
risks faced by the Group. The ARC is assisted in its oversight role by the
internal audit function. The internal audit function undertakes both regular
and ad hoc reviews of risk management controls and procedures, the results of
which are reported to the ARC.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">CREDIT RISK</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Credit risk is the risk of
financial loss to the Group if a customer or counterparty to a financial
instrument fails to meet its contractual obligations, and arises principally
from the Group&#8217;s trade and other receivables.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The Group&#8217;s financial
instruments do not represent a concentration of credit risk due to the exposure
to credit risk being managed as disclosed in the following notes:</font></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">NOTE 12&#160;&#160;&#160;&#160;&#160;&#160;&#160; INVESTMENTS
IN REHABILITATION OBLIGATION FUNDS</font></font></p>

<p style="border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">NOTE 13&#160;&#160;&#160;&#160;&#160;&#160;&#160; CASH
AND CASH EQUIVALENTS</font></font></p>

<p style="border:none;margin:0in;margin-bottom:12.0pt;margin-left:28.1pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">NOTE 15&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; TRADE AND OTHER
RECEIVABLES</font></font></p>

<font face=Arial,sans-serif style="border:none;">
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 <p align=left style="border:none;margin:0in;margin-bottom:9.0pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:left;"><font face=Arial,sans-serif style="border:none;mso-ansi-language:EN-ZA;mso-fareast-language:EN-ZA;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

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<p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">27&#160;&#160;&#160;&#160;&#160; FINANCIAL INSTRUMENTS continued&#160;&#160; </font></b></font></p>

<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; FINANCIAL RISK MANAGEMENT
FRAMEWORK </font></b></font><font face=Arial,sans-serif style="border:none;"><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">continued</font></i></font></p>

<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; MARKET RISK</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Market risk is the risk that
changes in market prices, such as commodity prices, foreign exchange rates,
interest rates and equity prices will affect the consolidated profit or loss or
the value of its financial instruments. The objective of market risk management
is to manage and control market risk exposures within acceptable parameters,
while optimising returns.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Commodity
price risk</font></i></b></font></p>

<p style="border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Additional
disclosures are included in the following note:</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">NOTE 4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; REVENUE</font></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Other market
risk</font></i></b></font></p>

<p style="border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Additional
disclosures are included in the following note:</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.1pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">NOTE 25&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; OTHER INVESTMENTS</font></font></p>

<p style="border:none;margin:0in;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Interest
rate risk</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Fluctuations in interest
rates impact on the value of short-term cash investments and financing
activities, giving rise to interest rate risk. In the ordinary course of
business, the Group receives cash from its operations and is obliged to fund
working capital and capital expenditure requirements. This cash is managed to
ensure surplus funds are invested in a manner to achieve maximum returns while
minimising risks. Lower interest rates result in lower returns on investments
and deposits and also may have the effect of making it less expensive to borrow
funds at then current rates. Conversely, higher interest rates result in higher
interest payments on loans and overdrafts.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Additional
disclosures are included in the following notes:</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; NOTE
12&#160;&#160;&#160;&#160;&#160;&#160;&#160; INVESTMENTS IN REHABILITATION OBLIGATION FUNDS</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; NOTE
13&#160;&#160;&#160;&#160;&#160;&#160;&#160; CASH AND CASH EQUIVALENTS</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Foreign
currency risk</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The Group enters into
transactions denominated in foreign currencies, such as gold sales denominated
in US dollar, in the ordinary course of business. This exposes the Group to
fluctuations in foreign currency exchange rates.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Additional
disclosures are included in the following notes:</font></font></p>

<p style="border:none;margin:0in;margin-bottom:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; NOTE
15&#160;&#160;&#160;&#160;&#160;&#160;&#160; TRADE AND OTHER RECEIVABLES</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; LIQUIDITY
RISK</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Liquidity risk is the risk
that the Group will not be able to meet its financial obligations as they fall
due. The Group&#8217;s approach to managing liquidity is to ensure, as far as
possible, that it will always have sufficient liquidity to meet its liabilities
when due, under both normal and stressed conditions, without incurring
unacceptable losses or risking damage to the Group&#8217;s reputation.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The Group ensures that it has
sufficient cash on demand to meet expected operational expenses, including the
servicing of financial obligations; this excludes the potential impact of
extreme circumstances that cannot reasonably be predicted, such as natural
disasters.</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Additional
disclosures are included in the following note:</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; NOTE
10.2&#160;&#160;&#160;&#160; LEASES</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; NOTE
16&#160;&#160;&#160;&#160;&#160;&#160;&#160; TRADE AND OTHER PAYABLES</font></font></p>

<p style="border:none;margin:0in;margin-bottom:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; NOTE
20&#160;&#160;&#160;&#160;&#160;&#160;&#160; CAPITAL MANAGEMENT</font></font><a name="XBRL_TS_1d08ab1952e94793a9d84dd5a_bclEnd"></a><a name="XBRL_TS_64efe133b38844489ae3e877a_bclEnd"></a><a name="XBRL_TS_92ebd439925c470fa6efa0448_bclEnd"></a><a name="XBRL_TS_d473338b84c04dff955b78cd9_bclEnd"></a></p>

<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;text-align:left;"><a name="XBRL_TS_1e8fc5080d704867ae9c1d71e"></a><a name="XBRL_TS_5849b2e264c940b8886de89e3"></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">28&#160;&#160;&#160;&#160;&#160; RELATED
PARTIES</font></b></font></p>

<p align=left style="border:none;margin:0in;margin-left:28.35pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Disclosures are included in the
following notes:</font></font></p>

<p align=left style="border:none;margin:0in;margin-left:28.35pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NOTE 5&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; COST OF SALES</font></font></p>

<p align=left style="border:none;margin:0in;margin-left:28.35pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NOTE 16&#160;&#160;&#160;&#160;&#160;&#160;&#160; TRADE AND OTHER
PAYABLES</font></font></p>

<p align=left style="border:none;margin:0in;margin-left:28.35pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NOTE 19.3&#160;&#160;&#160;&#160; TRANSACTIONS WITH KEY
MANAGEMENT PERSONNEL</font></font></p>

<p style="border:none;margin:0in;margin-left:28.35pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NOTE
21&#160;&#160;&#160;&#160;&#160;&#160;&#160; EQUITY</font></font><font face=Calibri,sans-serif style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:1.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p align=left style="border:none;margin:0in;margin-bottom:12.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NOTE 22&#160;&#160;&#160;&#160;&#160;&#160;&#160; INTEREST IN SUBSIDIARIES</font></font><a name="XBRL_TS_1e8fc5080d704867ae9c1d71e_bclEnd"></a><a name="XBRL_TS_5849b2e264c940b8886de89e3_bclEnd"></a></p>

<p align=left style="border:none;margin:0in;margin-bottom:6.0pt;text-align:left;"><a name="XBRL_TS_d1cbe2bb5d654e53bdb88b542"></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">29&#160;&#160;&#160;&#160;&#160; SUBSEQUENT EVENTS</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">There were
no significant subsequent events between the year-end reporting date of June
30, 2020 and the date of issue of these financial statements other than described
below and included in the preceding notes to the consolidated financial
statements.<a name="_Hlk526229002"></a><a name="_Hlk524240136"></a></font></font></p>

<p align=left style="border:none;margin:0in;margin-left:28.1pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">Declaration of dividend </font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">On September
1, 2020, the Board declared a final dividend for the year ended </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">June
30, 2020</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;"> of </font></font><a name="XBRL_CS_77212ac5a22642719a907cefd"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">35</font></font><a name="XBRL_CS_77212ac5a22642719a907cefd_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">SA cents
per qualifying share</font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;"> amounting to R<a name="XBRL_CS_8babb61628c9426199d8b8e79"></a>299.3<a name="XBRL_CS_8babb61628c9426199d8b8e79_bclEnd"></a> million</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">,
which was paid on September 28, 2020</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">. </font></font></p>

<p align=left style="border:none;margin:0in;margin-left:28.1pt;text-align:left;"><a name="XBRL_TS_d1cbe2bb5d654e53bdb88b542_bclEnd"></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">Amendment of
RCF</font></b></font></p>

<p style="border:none;margin:0in;margin-left:28.1pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">On
September 14, 2020, DRDGOLD amended and extended its RCF. Refer note 20 CAPITAL
MANAGEMENT for details of the amendment</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">. </font></font></p>



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<p style="border:none;margin:0in;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;line-height:normal;">SIGNATURES</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The registrant hereby certifies that it
meets all of the requirements for filing on Form&nbsp;20-F and that it has duly
caused and authorized the undersigned to sign this annual report on its behalf.
</font></font></p>

<p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

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  <td valign=top width=32% style="padding:0in .05in 0in .05in;">

  </td>
 <td colspan=3 valign=top width=64% style="padding:0in .05in 0in .05in;">
  <p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">DRDGOLD LIMITED</font></font></p>
  </td>
 <td colspan=2 width=4% style="border:none;padding:0in 0in 0in 0in;"><p style="margin:0in;text-align:justify;"><font face="Times Roman,serif" style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></p></td>
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  <td colspan=3 width=71% style="border:none;padding:0in 0in 0in 0in;"><p style="margin:0in;text-align:justify;"><font face="Times Roman,serif" style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></p></td>
 <td colspan=2 valign=top width=27% style="padding:0in .05in 0in .05in;">
  <p style="margin:0in;margin-left:.1in;text-align:justify;text-indent:-.1in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=2% style="padding:0in .05in 0in .05in;">
  <p style="margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
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<tr>
  <td colspan=3 width=71% style="border:none;padding:0in 0in 0in 0in;"><p style="margin:0in;text-align:justify;"><font face="Times Roman,serif" style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></p></td>
 <td colspan=2 valign=top width=27% style="padding:0in .05in 0in .05in;">
  <p style="margin:0in;margin-left:.1in;text-align:justify;text-indent:-.1in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=2% style="padding:0in .05in 0in .05in;">
  <p style="margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=32% style="padding:0in .05in 0in .05in;">
  <p style="margin:0in;margin-left:.1in;text-align:justify;text-indent:-.1in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=13% style="padding:0in .05in 0in .05in;">
  <p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">By:</font></font></p>
  </td>
 <td colspan=2 valign=top width=51% style="padding:0in .05in 0in .05in;">
  <p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">/s/ D.J. Pretorius</font></u></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">D.J. Pretorius</font></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Chief Executive Officer</font></font></p>
  <p style="margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 <td colspan=2 width=4% style="border:none;padding:0in 0in 0in 0in;"><p style="margin:0in;text-align:justify;"><font face="Times Roman,serif" style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign=top width=32% style="padding:0in .05in 0in .05in;">
  <p style="margin:0in;margin-left:.1in;text-align:justify;text-indent:-.1in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=13% style="padding:0in .05in 0in .05in;">
  <p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">By:</font></font></p>
  <p style="margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  <p style="margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  <p style="margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  <p style="margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  <p style="margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  <p style="margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=top width=51% style="padding:0in .05in 0in .05in;">
  <p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">/s/ A.J. Davel </font></u></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">A.J. Davel</font></font></p>
  <p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Chief Financial Officer</font></font></p>
  <p style="margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  <p style="margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;text-decoration:none;">&nbsp;</font></font></p>
  </td>
 <td colspan=2 width=4% style="border:none;padding:0in 0in 0in 0in;"><p style="margin:0in;text-align:justify;"><font face="Times Roman,serif" style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign=top width=32% style="padding:0in .05in 0in .05in;">
  <p style="margin:0in;margin-left:.1in;text-align:justify;text-indent:-.1in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=13% style="padding:0in .05in 0in .05in;">
  <p style="margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=top width=51% style="padding:0in .05in 0in .05in;">
  <p style="border:none;margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Date: October 29, 2020</font></font></p>
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 <td colspan=2 width=4% style="border:none;padding:0in 0in 0in 0in;"><p style="margin:0in;text-align:justify;"><font face="Times Roman,serif" style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></p></td>
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  <p style="margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=13% style="padding:0in .05in 0in .05in;">
  <p style="margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
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  <p style="margin:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
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{"company-data": {"conformed-name": "DRDGOLD LTD", "cik": "0001023512", "assigned-sic": "1040", "irs-number": "000000000", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-35387", "film-number": "201270834"}, "business-address": {"street1": "45 EMPIRE ROAD", "street2": "PARKTOWN", "city": "JOHANNESBURG", "state": "T3", "zip": "2193", "phone": "27113817800"}, "mail-address": {"street1": "PO BOX 390", "street2": "MARAISBURG", "city": "JOHANNESBURG", "state": "T3", "zip": "1700"}, "former-company": {"former-conformed-name": "DURBAN ROODEPOORT DEEP LTD", "date-changed": "19960924"}}
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 20-F
☐
REGISTRATION STATEMENT PURSUANT TO
  SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☑
ANNUAL REPORT PURSUANT TO SECTION 13
  OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended
  June 30, 2020
OR
☐
TRANSITION REPORT PURSUANT TO
  SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐
SHELL COMPANY REPORT PURSUANT TO SECTION 13
  OR 15(d) OF THE SECURITIES EXCHANGE ACT 1934
Commission file number 0-28800
DRDGOLD LIMITED
(Exact name of Registrant as specified in its
charter and translation of Registrant's name into English)
REPUBLIC OF SOUTH AFRICA
(Jurisdiction of incorporation or organization)
Constantia Office Park Cnr 14th Avenue and Hendrik
  Potgieter Road Cycad House, Building 17, Ground Floor Weltevreden Park 1709
,
South Africa
(Address of principal executive offices)
Riaan Davel, Chief Financial Officer, Tel.
  no. +27 11 470 2600, Email riaan.davel@drdgold.com
Francois Bouwer, Group Financial
  Accountant, Tel. no. +27 11 470 2600, Email
francois.bouwer@drdgold.com
(Name, Telephone, Email and/or Facsimile
  number and Address of Company Contact Person)
Securities registered or to be registered
pursuant to Section 12(b) of the Act
Title of each class:
Trading symbol
Name of each exchange on which registered:
Ordinary shares (traded in the form of
  American Depositary Shares, each American Depositary Share representing ten
  underlying ordinary shares.)
DRD
The New York Stock Exchange, Inc.
Securities registered or to be registered
pursuant to Section 12(g) of the Act
None
Securities for which there is a reporting
obligation pursuant to Section 15(d) of the Act
None
Indicate the number of outstanding shares of
each of the issuer's classes of capital or common stock as of the close of the
period covered by the annual report.
864,588,711
ordinary shares of no par
value outstanding as of June 30, 2020.
Indicate by check mark if the registrant is a
well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes
☐
No
☑
If this report is an annual report or transition
report, indicate by check mark if the registrant is not required to file
reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934.   Yes
☐
No
☑
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d)
of the Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past
90 days.    Yes
☑
No
☐
Indicate by check mark whether the registrant has submitted
electronically every Interactive Date File required to be submitted pursuant to
Rule 405 of Regulation S-T (
§
232.405 of this chapter) during the preceding 12 months (or for
such shorter period that the registrant was required to submit such files)
. Yes
☑
No
☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or
an emerging growth company. See definition of "large accelerated filer,"
"accelerated filer," and "emerging growth company" in Rule 12b-2 of the
Exchange Act.
Large accelerated filer
☐
Accelerated
filer
☑
Non-accelerated filer
☐
Emerging growth company
☐
If any emerging growth company that prepares
its financial statements in accordance with U.S. GAAP, indicate by check mark
if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act
☐
The term "new or revised financial
accounting standard" refers to any update issued by the Financial Accounting
Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark which basis of
accounting the registrant has used to prepare the financial statements included
in this filing
.
U.S. GAAP
☐
International Financial Reporting
Standards as issued by the
International
Accounting Standards Board
☑
Other
☐
If "Other" has been checked in response to
the previous question, indicate by check mark which financial statement item
the registrant has elected to follow.   Item 17
☐
Item 18
☐
If this is an annual report, indicate by
check mark whether the registrant is a shell company (as defined in Rule 12b-2
of the Exchange Act).   Yes
☐
No
☑
Indicate by check mark whether the registrant
has filed all documents and reports required to be filed by Sections 12, 13 or
15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of
securities under a plan confirmed by a court.
Yes
☐
No
☐
TABLE OF CONTENTS
Page
PART I
ITEM 1.
IDENTITY OF DIRECTORS, SENIOR
  MANAGEMENT AND ADVISERS
5
ITEM 2.
OFFER STATISTICS AND EXPECTED
  TIMETABLE
5
ITEM 3.
KEY INFORMATION
5
3A.
Selected Financial Data
5
3B.
Capitalization And
  Indebtedness
7
3C.
Reasons For The Offer And Use
  Of Proceeds
7
3D.
Risk Factors
7
ITEM 4.
INFORMATION ON THE COMPANY
19
4A.
History And Development Of The
  Company
19
4B.
Business Overview
21
4C.
Organizational Structure
29
4D.
Property, Plant And Equipment
30
ITEM 4A.
UNRESOLVED STAFF COMMENTS
37
ITEM 5.
OPERATING AND FINANCIAL REVIEW
  AND PROSPECTS
38
5A.
Operating Results
38
5B.
Liquidity And Capital
  Resources
47
5C.
Research And Development,
  Patents And Licenses, Etc
48
5D.
Trend Information
48
5E.
Off-Balance Sheet Arrangements
50
5F.
Tabular Disclosure Of
  Contractual Obligations
50
5G.
Safe Harbor
50
ITEM 6.
DIRECTORS, SENIOR MANAGEMENT
  AND EMPLOYEES
50
6A.
Directors And Senior
  Management
50
6B.
Compensation
53
6C.
Board Practices
56
6E.
Share Ownership
60
ITEM 7.
MAJOR SHAREHOLDERS AND RELATED
  PARTY TRANSACTIONS
62
7A.
Major Shareholders
62
7B.
Related Party Transactions
63
7C.
Interests Of Experts And
  Counsel
63
ITEM 8.
FINANCIAL INFORMATION
63
8A.
Consolidated statements And
  Other Financial Information
63
8B.
Significant Changes
63
ITEM 9.
THE OFFER AND LISTING
64
9A.
Offer And Listing Details
64
9B.
Plan Of Distribution
64
9C.
Markets
64
9D.
Selling Shareholders
64
9E.
Dilution
64
9F.
Expenses Of The Issue
64
ITEM 10.
ADDITIONAL INFORMATION
64
10A.
Share Capital
64
10B.
Memorandum of Incorporation
64
10C.
Material Contracts
67
10D.
Exchange Controls
68
10E.
Taxation
70
10F.
Dividends And Paying Agents
73
10G.
Statement By Experts
73
10H.
Documents On Display
73
10I.
Subsidiary Information
73
ITEM 11.
QUANTITATIVE AND QUALITATIVE
  DISCLOSURES ABOUT MARKET RISK
73
ITEM 12.
DESCRIPTION OF SECURITIES
  OTHER THAN EQUITY SECURITIES
74
12A.
Debt Securities
74
12B.
Warrants and Rights
74
12C.
Other Securities
74
12D
American Depositary Shares
75
TABLE OF CONTENTS
PART II
ITEM 13.
DEFAULTS, DIVIDEND ARREARAGES
  AND DELINQUENCIES
76
ITEM 14.
MATERIAL MODIFICATIONS TO THE
  RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
76
ITEM 15.
CONTROLS AND PROCEDURES
76
ITEM 16A.
AUDIT COMMITTEE FINANCIAL
  EXPERT
77
ITEM 16B.
CODE OF ETHICS
77
ITEM 16C.
PRINCIPAL ACCOUNTANT FEES AND
  SERVICES
77
ITEM 16D.
EXEMPTIONS FROM THE LISTING
  STANDARDS FOR AUDIT COMMITTEES
78
ITEM 16F
CHANGE IN REGISTRANT'S
  CERTIFYING ACCOUNTANT
78
ITEM 16G.
CORPORATE GOVERNANCE
78
ITEM 16H.
MINE SAFETY DISCLOSURES
78
PART III
ITEM 17.
FINANCIAL STATEMENTS
79
ITEM 18.
FINANCIAL STATEMENTS
79
ITEM 19.
EXHIBITS
81
SIGNATURES
84
Preparation
of Financial Information
We
are a South African company and currently all our operations are located in
South Africa. Accordingly, our books of account are maintained in South African
Rand.
Our financial
statements included in our corporate filings are prepared in accordance with
International Financial Reporting Standards (IFRS), as issued by the
International Accounting Standards Board (IASB)
.
Our consolidated financial
statements included in this Annual Report are prepared in accordance with IFRS
as issued by the IASB. All financial information, except as otherwise noted is prepared
in accordance with IFRS as issued by the IASB.
We present our financial information in
rand, which is our presentation and reporting currency.
All references to "dollars" or "$" herein are
to United States Dollars and references to "rand" or "R" are to South African
rands.
Solely for your convenience, this Annual Report contains
translations of certain rand amounts into dollars at specified rates. These
rand amounts do not represent actual dollar amounts, nor could they necessarily
have been converted into dollars at the rates indicated. Unless otherwise
indicated, rand amounts have been translated into dollars at the rate of R17.32
per $1.00, the year end exchange rate on June 30, 2020.
In
this Annual Report, we present certain non-IFRS financial measures such as the
financial items "cash operating costs per kilogram", "all-in sustaining costs
per kilogram" and "all-in costs per kilogram" which have been determined using
industry guidelines promulgated by the World Gold Council, which we use to
determine costs associated with producing gold, cash generating capacities of
the mines and to monitor performance of our mining operations. An investor
should not consider these items in isolation or as alternatives to, operating
costs, profit/(loss) for the year or any other measure of financial performance
presented in accordance with IFRS or as an indicator of our performance. While
the World Gold Council has provided definitions for the calculation of cash
operating costs, the calculation of cash operating costs per kilogram, all-in
sustaining costs
per kilogram
and
all-in costs per kilogram may vary significantly among gold mining companies,
and these definitions by themselves do not necessarily provide a basis for
comparison with other gold mining companies. See Glossary of Terms and
Explanations and Item 5A. Operating Results – "Cash operating costs, all-in
sustaining costs and all-in costs" and "Reconciliation of cash operating costs
per kilogram, all-in sustaining costs per kilogram, all-in costs per kilogram".
DRDGOLD Limited
When
used in this Annual Report, the term the "Company" refers to DRDGOLD Limited
and the terms "we," "our," "us" or "the Group" refer to the Company and its
subsidiaries as appropriate in the context.
Acquisition of gold assets from
Sibanye-Stillwater and subsequent exercise of option to purchase shares
On July 31, 2018, we completed the acquisition of
the gold assets associated with Sibanye Gold Limited, trading as
Sibanye-Stillwater's ("
Sibanye-Stillwater
") West Rand Tailings
Retreatment Project ("
WRTRP
"), subsequently renamed Far West Gold
Recoveries Proprietary Limited ("
FWGR
").  This acquisition significantly
increased our assets and revenues and added 2.72 million ounces to our Ore
Reserves.  In connection with the acquisition, we issued to Sibanye-Stillwater
new shares
in the Company
equal to 38.05% of outstanding shares, and granted
Sibanye-Stillwater an option to acquire up to a total of 50.1% of our shares within
a period of 2 years from the effective date of the acquisition at a 10%
discount to the prevailing market value (the "
Option
").
On January 8, 2020, Sibanye-Stillwater exercised the Option. On
January 22, 2020 Sibanye-Stillwater subscribed for 168,158,944 DRDGOLD shares
at an aggregate subscription price of R1,086 million,. These shares were issued
at a price of R6.46 per share, being a 10% discount to the 30-day volume
weighted average traded price.
Special
Note Regarding Forward-Looking Statements
This
Annual Report contains certain "forward-looking" statements within the meaning
of Section 21E of the U.S. Securities Exchange Act of 1934, regarding
expected
future events or other
expected
future financial performance and information
relating to us that are based on the beliefs of our management, as well as
assumptions made by and information currently available to our management. Some
of these forward-looking statements include phrases such as "anticipates,"
"believes," "could," "estimates," "expects," "intends," "may," "should," or
"will continue," or similar expressions or the negatives thereof or other
variations on these expressions, or similar terminology, or discussions of
strategy, plans or intentions, including
statements in connection with, or relating
to, among other things:
·
our reserve calculations and underlying assumptions;
·
the trend information discussed in Item 5D.- Trend Information,
including target gold production and cash operating costs;
·
estimated future throughput capacity and production;
·
expected trends in our gold production as well as the demand for
and the price of gold;
·
our anticipated labor, electricity, water, crude oil and steel
costs;
·
our expectation that existing cash will be sufficient to fund our
operations in the next 12 months including our anticipated commitments;
·
estimated production costs, cash operating costs per ounce, all-in
sustaining costs per ounce and all-in costs per ounce;
·
expectations on future gold price, supply and pricing trends including
expected impact of the global environment on gold prices;
·
expected gold production and cash operating costs expected in
fiscal year 2021;
·
our prospects in litigation and disputes;
·
statements with respect to the legal review for increasing the
deposition capacity of the Brakpan/Withok Tailings Storage Facility ("
TSF
"),
and expected potential increase in capacity and life of mine;
·
expected deposition capacity from improvements in our dams and new
dam construction; and
·
expected effective gold mining tax rate.
1
Such statements reflect our current
views with respect to future events and are subject to risks, uncertainties and
assumptions. Many factors could cause our actual results, performance or
achievements to be materially different from any future results, performance or
achievements that may be expressed or implied by such forward-looking
statements, including, among others:
·
the global impact of the COVID-19 pandemic and potential
announcement of further national lockdowns, including in South Africa;
·
adverse changes or uncertainties in general economic conditions in
South Africa;
·
regulatory developments adverse to us or difficulties in
maintaining necessary licenses or other governmental approvals;
·
future performance relating to the FWGR Phase 2 assets;
·
challenges in replenishing mineral ore reserves;
·
changes in our competitive position;
·
changes in, or that affect our business strategy;
·
our ability to achieve anticipated efficiencies and other cost
savings in connection with past and future acquisitions;
·
the success of our business strategy, development activities and
other initiatives,
·
adverse changes in our gold production as well as the demand for
and the price of gold;
·
changes in technical and economic assumptions underlying DRDGOLD'
mineral reserve estimates;
·
any major disruption in production at our key facilities;
·
adverse changes in foreign exchange rates;
·
adverse environmental changes;
·
adverse changes in ore grades and recoveries, and to the quality
or quantity of reserves;
·
unforeseen technical production issues, industrial accidents and
theft;
·
anticipated or unanticipated capital expenditure on property,
plant and equipment;
·
the impact of HIV/AIDS, tuberculosis and the spread of other
contagious diseases, such as coronavirus (COVID-19); and
·
various other factors, including those set forth in Item 3D. Risk
Factors.
For a discussion of such risks, see Item 3D. Risk
Factors. The risk factors described in Item 3D. could affect our future
results, causing these results to differ materially from those expressed in any
forward-looking statements. These factors are not necessarily all of the
important factors that could cause our results to differ materially from those
expressed in any forward-looking statements. Other unknown or unpredictable
factors could also have material adverse effects on future results.
Investors are cautioned not to place undue
reliance on these forward‑looking statements, which speak only as of the
date thereof. We do not undertake any obligation to update publicly or release
any revisions to these forward‑looking statements to reflect events or
circumstances after the date of this Annual Report or to reflect the occurrence
of unanticipated events.
Special
Note Regarding Links to External, or
Third-party Websites
Links to external, or third-party websites, are provided solely
for convenience. We take no responsibility whatsoever for any third-party
information contained in such third-party websites, and we specifically
disclaim adoption or incorporation by reference of such information into this
report.
Imperial units of measure and metric
equivalents
The table below sets forth units stated in this document, which
are measured in Imperial and Metric
.
Metric
Imperial
Imperial
Metric
1 metric tonne
1.10229 short tons
1 short ton
0.9072 metric tonnes
1 kilogram
2.20458 pounds
1 pound
0.4536 kilograms
1 gram
0.03215 troy ounces
1 troy ounce
31.10353 grams
1 kilometer
0.62150 miles
1 mile
1.609 kilometers
1 meter
3.28084 feet
1 foot
0.3048 meters
1 liter
0.26420 gallons
1 gallon
3.785 liters
1 hectare
2.47097 acres
1 acre
0.4047 hectares
1 centimeter
0.39370 inches
1 inch
2.54 centimeters
1 gram/tonne
0.0292 ounces/ton
1 ounce/ton
34.28 grams/tonnes
0 degree Celsius
32 degrees Fahrenheit
0 degrees Fahrenheit
- 18 degrees Celsius
2
Glossary of Terms and Explanations
The table below sets forth a glossary of
  terms used in this Annual Report:
Adjusted EBITDA
Adjusted EBITDA means earnings
  before interest, tax, depreciation, amortisation, share-based payment
  expense, change in estimate of environmental rehabilitation recognised in
  profit or loss, gain/(loss) on disposal of property, plant and equipment,
  gain/(loss) on financial instruments and retrenchment costs. This is a
  non-IFRS financial measure and should not be considered a substitute measure
  of net income reported by us in accordance with IFRS.
Administration expenses and other costs
  excluding non-recurring items
Administration expenses and
  other costs excluding loss on disposal of property, plant and equipment and
  transaction costs.
All-in sustaining costs per kilogram
All-in sustaining costs is a
  measure on which guidance is provided by the World Gold Council and includes
  cash operating costs of production, plus movement in gold in process on a
  sales basis, corporate administration expenses and other (costs)/income, the
  accretion of rehabilitation costs and sustaining capital expenditure. Costs
  other than those listed above are excluded. All-in sustaining costs per
  kilogram are calculated by dividing total all-in sustaining costs by kilograms
  of gold produced. This is a non‑IFRS financial measure and should not
  be considered a substitute measure of costs and expenses reported by us in
  accordance with IFRS.
All-in costs per kilogram
All-in costs is a measure on
  which guidance is provided by the World Gold Council and includes all-in
  sustaining costs, retrenchment costs, care and maintenance costs, ongoing
  rehabilitation expenditure, growth capital expenditure and capital
  recoupments. Costs other than those listed above are excluded. All-in costs
  per kilogram are calculated by dividing total all-in costs by kilograms of
  gold produced. This is a non‑IFRS financial measure and should not be
  considered a substitute measure of costs and expenses reported by us in
  accordance with IFRS.
Assaying
The chemical testing process
  of rock samples to determine mineral content.
$/oz
US dollar per ounce.
Called gold content
The theoretical gold content
  of material processed.
Care and maintenance
Costs to ensure that the Ore
  Reserves are open, serviceable and legally compliant after active mining
  activity at a shaft has ceased.
Cash operating costs of production
Cash operating costs of
  production are operating costs less ongoing rehabilitation expenses, care and
  maintenance costs and net other operating costs/(income). This is a
  non‑IFRS financial measure and should not be considered a substitute
  measure of costs and expenses reported by us in accordance with IFRS.
Cash operating costs per kilogram
Cash operating costs are operating
  costs incurred directly in the production of gold and include labor costs,
  contractor and other related costs, inventory costs and electricity costs.
  Cash operating costs per kilogram are calculated by dividing cash operating
  costs by kilograms of gold produced. This is a non‑IFRS financial
  measure and should not be considered a substitute measure of costs and
  expenses reported by us in accordance with IFRS.
Cut‑off grade
The minimum in-situ grade of
  ore blocks for which the cash operating costs per ounce, excluding overhead
  costs, are equal to a projected gold price per ounce.
CIL Circuit
Carbon-in-leach circuit.
Depletion
The decrease in the quantity
  of ore in a deposit or property resulting from extraction or production.
Deposition
Deposition is the geological
  process by which material is added to a landform or land mass. Fluids such as
  wind and water, as well as sediment flowing via gravity, transport previously
  eroded sediment, which, at the loss of enough kinetic energy in the fluid, is
  deposited, building up layers of sediment. Deposition occurs when the forces
  responsible for sediment transportation are no longer sufficient to overcome
  the forces of particle weight and friction, creating a resistance to motion.
Doré
Unrefined gold and silver
  bullion bars consisting of approximately 90% precious metals which will be
  further refined to almost pure metal.
Grade
The amount of gold contained
  within auriferous material generally expressed in ounces per ton or grams per
  tonne of ore.
Growth capital expenditure
Capital additions that are not
  sustaining capital expenditure. This is a non‑IFRS financial measure
  and should not be considered a substitute measure of costs and expenses
  reported by us in accordance with IFRS.
g/t
Grams per tonne.
Metallurgical plant
A processing plant (mill)
  erected to treat ore and extract the contained gold.
Mine call factor
The gold content recovered
  expressed as a percentage of the called gold content.
Mt
Million tons.
Ore
A mixture of valuable and
  worthless materials from which the extraction of at least one mineral is
  technically and economically viable.
Other operating costs / (income)
Expenses incurred, and income
  generated in the course of operating activities, which are not directly
  attributable to production activities.
Pay-limit
The minimum in-situ grade of
  ore blocks or sites for which cash operating costs, including all overhead
  costs, are equal to a projected gold price per ounce.
Operating costs
Operating costs are cost of
  sales less depreciation, change in estimate of rehabilitation provision,
  movement in gold in process and finished inventory – gold bullion, and
  retrenchment costs.
Proven Ore Reserves
Reserves for which (a) the
  quantity is computed from dimensions revealed in outcrops, trenches, workings
  or drill holes; grade and/or quality are computed from the results of
  detailed sampling and (b) the sites for inspection, sampling and measurement
  are spaced so closely and the geologic character is so well defined that
  size, shape, depth, and mineral content of Ore Reserves are well established.
Probable Ore Reserves
Reserves for which quantity
  and grade and/or quality are computed from information similar to that used
  for Proven Ore Reserves, but the sites for inspection, sampling, and
  measurement are farther apart or are otherwise less adequately spaced. The
  degree of assurance, although lower than that for Proven Ore Reserves, is
  high enough to assume continuity between points of observation.
oz/t
Ounces per ton.
Refining
The final purification process
  of a metal or mineral.
Rehabilitation
The process of restoring mined
  land to a condition approximating its original state.
Reserves
That part of a mineral deposit
  which could be economically and legally extracted or produced at the time of
  the reserve determination.
Sediment
The deposition of solid
  fragmental material that originated from weathering of rocks and was
  transported from a source to a site of deposition.
Slimes
The tailings discharged from a
  processing plant after the valuable minerals have been recovered.
Sustaining capital expenditure
Sustaining capital expenditure
  are those capital additions that are necessary to maintain current gold
  production. This is a non‑IFRS financial measure and should not be
  considered a substitute measure of costs and expenses reported by us in
  accordance with IFRS.
t'000
Tonnes in thousands.
Tailings
Finely ground rock from which
  valuable minerals have been extracted by milling, or any waste rock, slimes
  or residue derived from any mining operation or processing of any minerals.
Tailings dam
A dam created from waste
  material of processed ore after the economically recoverable gold has been
  extracted.
Tonnage/Tonne
Quantities where the metric
  tonne is an appropriate unit of measure. Typically used to measure reserves
  of gold‑bearing material in‑situ or quantities of ore and waste
  material mined, transported or milled.
Tpm
Tonne per month.
Yield
The amount of recovered gold
  from production generally expressed in ounces or grams per ton or tonne of
  ore.
3
4
PART I
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND
ADVISERS
Not
applicable.
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE
Not
applicable.
ITEM 3. KEY INFORMATION
3A. SELECTED FINANCIAL DATA
The
following selected consolidated financial data as at June 30, 2020 and 2019 and
for the years ended June 30, 2020, 2019 and 2018 is derived from our
consolidated financial statements set forth elsewhere in this Annual Report,
which have been prepared in accordance
with
IFRS, as issued by the IASB
. These
consolidated financial statements have been audited by KPMG Inc.  The
selected consolidated financial data as at June 30, 2018, 2017 and 2016,
and for the years ended June 30, 2017 and 2016 is derived from audited
consolidated financial statements not appearing in this Annual Report which
have been prepared in accordance with
IFRS,
as issued by the IASB. The selected consolidated financial data set
forth below should be read in conjunction with Item 5. Operating and Financial
Review and Prospects and with the consolidated financial statements and the
notes thereto and the other financial information appearing elsewhere in this
Annual Report.
5
Selected
  Consolidated Financial Data
(in
  millions, except share, per share and ounce data)
Year ended June 30,
2020
1
2020
2019
2018
2017
2016
$'m
R'm
R'm
R'm
R'm
R'm
Profit or loss Data
Revenue
241.6
4,185.0
2,762.1
2,490.4
2,339.9
2,433.1
Results from operating activities
54.2
937.9
125.2
52.0
(24.6)
119.6
Profit/(loss) for the year attributable
  to equity owners of the parent
36.7
635.0
78.5
6.5
13.7
61.9
Adjusted EBITDA
2
81.5
1,411.6
2
254.1
2
-
2
-
2
-
2
Per Share Data
Basic earnings/(loss) per share (cents)
4.8
82.5
11.8
1.5
3.2
14.7
Diluted earnings/(loss) per share (cents)
4.7
81.0
11.5
1.5
3.2
14.7
Dividends proposed per share for the year
  (ZAR cents)
85.0
20.0
5.0
5.0
62.0
Dividends proposed per American
  Depositary Shares for the year         (USD cents)
49.1
14.2
3.6
3.8
45.2
Exchange rate (USD1:ZAR)
1
17.32
14.07
13.72
13.05
14.68
Intraday high (USD1:ZAR)
19.34
15.69
14.57
14.75
16.87
Intraday low (USD1:ZAR)
13.80
13.07
11.50
12.42
12.24
Number of shares issued as at June 30
864,588,711
864,588,711
696,429,767
431,429,767
431,429,767
431,429,767
Statement of financial position data
Total assets
327.7
5,675.2
4,059.9
2,360.5
2,287.4
2,419.1
Equity (Net assets)
233.3
4,040.2
2,688.5
1,267.2
1,302.4
1,339.6
Ordinary share capital
3
355.5
6,157.4
5,072.3
4,177.2
4,177.2
4,177.2
2020
2020
2020
2020
2020
2020
September
August
July
June
May
April
Exchange Rate Data
Intraday high (USD1:ZAR)
17.26
17.78
17.37
17.61
18.95
19.34
Intraday low (USD1:ZAR)
16.07
16.54
16.34
16.33
17.29
17.79
1
Translations into Dollars in this
  table are for the purpose of convenience only and are computed at the closing
  exchange rate at June 30, 2020 of R17.32 per $1.00, or the annual average as
  noted. You should not view such translations as a representation that such
  amounts represent actual Dollar amounts. All other translations in this
  Annual Report are based on exchange rates quoted by local financial
  institutions.
2
Adjusted EBITDA is a non-IFRS
  financial measure. For a definition of Adjusted EBITDA see Glossary of Terms
  and Explanations. Adjusted EBITDA (which is based on the definition of that
  term used in our Revolving Credit Facility ("RCF") agreement) may
  not be comparable to similarly titled measures of other companies. Adjusted
  EBITDA is not a measure of performance under IFRS and should be considered in
  addition to, and not as a substitute for, other measures of financial
  performance and liquidity.
The Group considers Adjusted
  EBITDA for the purpose of evaluating compliance with the covenants imposed by
  the Company's RCF. The Group considers the presentation of Adjusted EBITDA
  provides useful information to investors. We began presenting Adjusted EBITDA
  following the entry into our RCF in fiscal 2019. Adjusted EBITDA was not
  presented or considered by the Company before fiscal 2019.  For a
  reconciliation of Adjusted EBITDA to profit for the year, see Item 5.A.
  Operating and Financial Review and Prospects—Adjusted earnings before
  interest, interest, depreciation and amortization
3
Ordinary share capital as of
  June 30, 2020 is stated after the deduction of R51 million (2019: R51
  million, 2018: R50.7 million) share capital relating to treasury shares held
  by the Group.
6
3B. CAPITALIZATION AND INDEBTEDNESS
Not
applicable.
3C. REASONS FOR THE OFFER AND USE OF PROCEEDS
Not
applicable.
3D. RISK FACTORS
In conducting our business, we face many risks
that may interfere with our business objectives. Some of these risks relate to
our operational processes, while others relate to our business environment. It
is important to understand the nature of these risks and the impact they may
have on our business, financial condition and operating results. Some of these
risks are summarized below and have been organized into the following
categories:
·
Risks related to our business and operations;
·
Risks related to the gold mining industry;
·
Risks related to doing business in South
Africa; and
·
Risks related to ownership in our ordinary shares or American
Depositary Shares (ADSs).
Risks related to our business and operations
Changes in the market price for gold and
exchange rate fluctuations, both of which have fluctuated widely in the past,
affect the profitability of our operations and the cash flows generated by
those operations.
Our results are significantly impacted by the
price of gold and the USD-Rand exchange rate.
Any sustained decline in the market price of gold from the current
elevated levels would adversely affect us, and any decline in the price of gold
below the cost of production could result in the closure of some or all of our
operations which would result in significant costs and expenditure, such as,
incurring retrenchment costs earlier than expected
which
could lead to a decline in profits, or losses
. In
addition, as most of our production costs are in rands, while gold is sold in
dollars and then converted to rands, our results of operation and financial
condition have been and could be in the future materially affected by an
appreciation in the value of the rand. Accordingly, any sustained decline in
the dollar price of gold and/or the strengthening of the South African rand
against the dollar would negatively and adversely affect our business,
operating results and financial condition.
In the wake of the COVID 19 pandemic and
measures taken to address the outbreak, there has been a global trend of
investors, turned to gold and gold stocks as a safe haven asset, as has been
the case in may previous times of global economic crisis. This has led to a
surge in the average gold price from R781,261 per kg in the quarter ended March
31, 2020 to R988,030 per kg for the quarter ended June 30, 2020.  As gold price
levels in fiscal 2020 and currently are impacted by the COVID-19 outbreak,
changes in conditions in the future (e.g. global recovery from the COVID-19
pandemic) could lead to a decrease of the gold price to pre-pandemic levels or
lower.
Although we entered into a gold price hedge in
fiscal 2019, w
e typically do not enter into forward
contracts to reduce our exposure to market fluctuations in the dollar gold
price or the exchange rate movements of the rand. We sell gold at spot prices
based on the afternoon London Bullion Market fixing price on the day when Rand
Refinery, acting as an agent for the sale of all gold produced by the Group,
delivers the Gold to the buyer. We usually sell our foreign currency at the
spot price in the market on the date of trade. If the dollar gold price should
fall and/or the rand should strengthen against the dollar, this would adversely
affect us, and we may experience losses, and if these changes result in revenue
below our cost of production and remain at such levels for any sustained
period, we may be forced to curtail or suspend some or all our operations.
Exchange rates are influenced by global economic
trends. The closing exchange rate of the rand against the dollar at June 30,
2020 weakened by 23% compared to June 30, 2019. The closing price of the rand
against the dollar at June 30, 2019 weakened by 3% compared to June 30, 2018. At
September 30, 2020, the rand traded at R16.73 = $1.00 (based on closing rates),
a 3% strengthening of the rand against the Dollar from June 30, 2020.
The rand/dollar exchange rate remained
volatile throughout the year mainly as a result of global, emerging market and
South Africa economic uncertainty, global market slowdown sentiment, tensions
between the USA and China, perceived political instability and low economic
growth in South Africa, and a seemingly terminally distressed Eskom Holdings
SOC Limited (
"
Eskom
"
). Further
volatility in the Rand was fueled by Moody's downgrade of South
Africa's sovereign credit rating to sub-investment grade as a result of
"continuing
deterioration
in fiscal strength and structurally very weak economic growth."
A decrease in the dollar gold price and/or a
strengthening of the rand against the dollar results in a decrease in our
profitability. If the rand was to appreciate against the dollar for a continued
time, our operations could experience a reduction in cash flow and
profitability, and this
would adversely affect our
business, operating results and financial condition
.
7
A failure to acquire new Ore Reserves
could negatively affect our future cash flows, results of operations and
financial condition.
New or ongoing exploration programs may not result in new mineral
producing operations that will sustain or increase our Ore Reserves. A failure
to acquire new Ore Reserves in sufficient quantities and quality to maintain or
grow the current level and quality of our reserves will negatively affect our
future cash flow, results of operations and financial condition.
In addition, if we are unable to identify Ore
Reserves that have reasonable prospects for economic extraction while
maintaining sufficient controls on production and other costs, this will have a
material effect on the future viability of our operations.
While we have been able to
increase reserves over the prior three fiscal years—See Item 4B. "Business
Overview—Ore Reserves"—such increases were dependent upon acquisitions and
successful drilling programs, and such increases were offset by depletions.  If
we are not successful in increasing reserves in future years, our reserves
could decrease, and such reduction would adversely affect our business,
operating results and financial condition.
We may be unable to make desirable
acquisitions or to integrate successfully any businesses we acquire, including the
development of Phase 2 of the FWGR assets acquired from Sibanye-Stillwater
.
Our future success may depend in part on the
acquisition of businesses or technologies intended to complement, enhance or
expand our current business or products or that might otherwise offer us growth
opportunities. The ability to complete such transactions may be hindered by a
number of factors, including
identifying
acquisition targets, obtaining necessary financing and
potential difficulties in obtaining government approvals. Any
acquisitions
we make
, could fail to achieve our financial or strategic objectives or
disrupt our ongoing business which could adversely impact our results of
operations. Phase I of the FWGR development was commissioned on April 1, 2019. Phase
2 planning of the project is currently underway. There can be no assurance that
Phase 2 will be completed on time or will result in expected benefits.
Any acquisition that we do
make would pose risks related to the integration of the new business or
technology with our business and organization. We cannot be certain that we
will be able to achieve the benefits we expect from a particular acquisition or
investment. Acquisitions may also strain our managerial and operational
resources, as the challenge of managing new operations may divert our
management from day-to-day operations of our existing business. Furthermore, we
may have difficulty integrating employees, business systems, and technology.
The controls, processes and procedures of acquired businesses may also not
adequately ensure compliance with laws and regulations and we may fail to
identify compliance issues or liabilities. Our business, financial condition
and results of operations may be materially and adversely affected if we fail
to coordinate our resources effectively to manage both our existing operations
and any businesses we acquire.  Acquisitions can also result in unforeseen
liabilities.
Moreover, our resources are
limited and our decision to pursue a transaction has opportunity costs;
accordingly, if we pursue a particular transaction, we may need to forgo the
prospect of entering into other transactions that could help us achieve our
financial or strategic objectives.
Our large projects, most
notably the development of FWGR, are subject to schedule delays and cost
overruns, and we may face constraints in financing our existing projects or new
business opportunities, which could render our projects unviable or less
profitable than planned.
The development of our projects are capital
intensive processes carried out over long durations and requires us to commit
significant capital expenditure and allocate considerable management resources
in utilising our existing experience and know-how.
Projects like the development of Phase 2 of the FWGR
assets acquired from Sibanye-Stillwater is subject to the risk of delays and
cost overruns which are inherent in any large construction project including,
inter
alia
:
•  shortages or unforeseen increases in the cost of equipment,
labor and raw materials;
•  unforeseen design and engineering problems;
•  unforeseen construction problems;
•  unforeseen delays commissioning sections of the project. For
example: FWGR Phase 1 date achieved commercial production on April 1, 2019 and
the mills were commissioned in September 2019 (both initially planned for
January 1, 2019);
•  inadequate phasing of activities;
•  labor disputes;
•  inadequate workforce planning or productivity of workforce;
•  inadequate management practices;
•  natural disasters and adverse weather conditions;
•  global pandemics;
•  national work stoppages as a result of infectious deceases and
pandemics such as COVID-19;
•  failure or delay of third-party service providers; and
•  changes to regulations, such as environmental regulations.
In addition, if the assumptions we make in
assessing the viability of our projects, including those relating to commodity
prices, exchange rates, interest rates, inflation rates and discount rates
, prove to be incorrect or need to be
significantly revised, this
may
adversely affect the profitability or even the viability of our projects. The
uncertainty and volatility in the gold market makes it more difficult to
accurately evaluate the project economics and increases the risk that the
assumptions underlying our assessment of the viability of the project may prove
incorrect.
As the development of FWGR is particularly
material to DRDGOLD, significant cost overruns or adverse changes in
assumptions affecting the viability of the project could have a material
adverse effect on our business, cash flows, financial condition and prospects.
8
Our operating cash flow and
banking facilities may be insufficient to meet our capital expenditure plans
and requirements, depending on the timing and cost of development of our
existing projects and any further projects we may pursue. As a result, new
sources of capital may be needed to meet the funding requirements of these projects
and to fund ongoing business activities. Our ability to raise and service
significant new sources of capital will be a function of,
inter alia
,
macroeconomic conditions, our credit rating, our gearing and other risk
metrics, the condition of the financial markets, future gold prices, the
prospects for our industry, our operational performance and operating cash flow
and debt position.
In the event of operating or financial challenges,
any dislocation in financial markets or new funding limitations, our ability to
pursue new business opportunities, invest in existing and new projects, fund
our ongoing business activities and pay dividends, could be constrained, any of
which could have a material adverse effect on our business, operating results
cash flows and financial condition.
We may not be able to meet
our cash requirements because of a number of factors, many of which are beyond
our control.
Management's estimates on future cash flows are
subject to risks and uncertainties, such as the rand gold price, production
volumes, recovered grades and costs. If we are unable to meet our cash
requirements out of cash flows generated from our operations, we would need to
fund our cash requirements from other financing sources and any such other financing
may not be permitted under the terms of our financing arrangements, or may not
be available on acceptable terms, or at all.
If we do not generate sufficient
cash flows or have access to
adequate
financing, our ability to respond to changing business and economic conditions,
make future acquisitions, react to adverse operating results, meet our debt
service obligations and fund required capital expenditures or meet our working
capital requirements may be adversely affected.
Any interruption in gold production
at any of our two mining operations generating cash flows, will have an adverse
effect on the Company.
We have two mining operations generating cash
flows, namely Ergo and FWGR.
Ergo's reclamation
sites, processing plants, pump stations and the Brakpan/Withok Tailings Storage
Facility ("
Brakpan/Withok TSF
") are linked through pipeline
infrastructure. The Ergo plant is currently our major processing plant. FWGR's reclamation
site, DP2 processing plant, pump stations and the Driefontein 4 Tailings
Storage Facility are linked through pipeline infrastructure.
Our reclamation sites, plants, pipelines
infrastructure and the deposition/storage facilities are exposed to numerous
risks, including operational down time due to planned or unplanned maintenance,
destruction of infrastructure, spillages, higher than expected operating costs,
or lower than expected production as a result of decreases in extraction
efficiencies due to imbalances in the metallurgical process as well as
inconsistent volume throughput
or other
factors
.
We have suffered
interruptions in gold production. For example: the Group temporarily halted its
operations at Ergo and FWGR on March 26, 2020 pursuant to the announcement of
the national lockdown in South African ("
Lockdown
"). Operations
gradually recommenced through April and May 2020 (Refer to Item 4D. ''Property,
plant and production – Ergo Production and FWGR production"), but we remain
subject to the risk of further lockdowns and other restrictions as a result of
the COVID-19 pandemic.
Our operations are also exposed to severe weather
events that could interrupt production. It is believed that the long-term
upward trend in global temperature is directly correlated with the increase in
global severe weather events both in terms of magnitude and frequency.
For example,
dry weather conditions have prompted level 2
water restrictions on residential water users in the Johannesburg area. These
water restrictions remain in place as at September 30, 2020.
Severe thunderstorms and high winds,
especially during the summer rainy season, may also cause damage to operation
infrastructure that may in turn cause an interruption in the production of
gold.  Such incidents and other weather events may damage the facility and
cause the interruption of deposition and gold production until the facility is
repaired or alternative deposition is brought online.
Our FWGR operations are reliant on the use of and
access of Sibanye-Stillwater's mining infrastructure, related services
including the smelting and recovery of gold from gold loaded carbon produced at
FWGR as well as the use of various rights, permits and licenses held by Sibanye
Gold in terms which FWGR operates, pending the transfer to FWGR of those that
are transferable. Any disruption in the supply of, or our ability to use and
access the Sibanye-Stillwater mining infrastructure, related services and rights,
permits and licenses, could have an adverse impact on our operations.
Each of these
or other weather
conditions
or other interruptions
could adversely impact our operations which could
have a material adverse effect on our business, operating results and financial
condition.
Flooding
at our discontinued underground operations may cause us to incur liabilities
for environmental damage.
If the rate of rise of water
is not controlled, water from
our abandoned underground mining areas
could potentially rise and come into contact
with naturally occurring underground water or decant into surrounding
underground
mining areas
and
could ultimately also rise to surface. Progressive flooding of these
abandoned
underground mining areas
and
surrounding underground
mining areas
could eventually cause the discharge of polluted water to the
surface and to local water sources.
Should underground water levels not reach a
natural subterranean equilibrium, and if underground water rises to the
surface, we, together with all other mining companies in those areas, may face
claims relating to environmental damage.
Any such
claims may have a
material adverse effect on our business, operating results and financial
condition.
9
An increase
in production costs could have an adverse effect
on our results of operations.
An
increase
in our production costs
will impact our results of operations
. Production costs are affected by,
inter
alia
:
•  labor stability, productivity and increases in labor costs;
•  increases in electricity and water prices;
•  increases in crude oil and steel prices;
•  changes in regulation;
•  unforeseen changes in ore grades and recoveries;
•  unexpected changes in the quality or quantity of reserves;
•  technical production issues;
•  availability and cost of smelting and refining arrangements;
•  environmental and industrial accidents;
•  gold theft;
•  environmental factors; and
•  pollution.
Our production costs consist mainly of
materials including reagents and steel, labor, electricity, specialized service
providers, water, fuels, lubricants and other oil and petroleum-based products.
Production costs have in the past, and could in the future, increase at rates
in excess of our annual inflation rate and
impact our results of operation and can
result in the restructuring of
these operations at substantial cost.
On September 16, 2019, Ergo
signed a two-year wage agreement with the Majority Unions for an
average
increase of 5.9% per annum across our workforce
with individual increases
ranging from 5.5% to 7%
per annum
, with the intention to extend this agreement
for a third year
.
As
part of the transitional arrangements at FWGR, a three-year wage agreement is
in place and is scheduled to conclude in June 2021.
Increases
in production costs, if material, will adversely impact our results of
operations.  In addition, any initiatives that we pursue to reduce costs, such
as reducing our labor force, a reduction of the corporate overhead, negotiating
lower
price increases for consumables and cost
controls may not be successful or sufficient to offset the increases affecting
our operations and could adversely affect our business, operating results and
financial condition.
Uncertainties regarding the impact of the
COVID-19 pandemic on current and future operations
We face risks relating to the
COVID-19 pandemic and measures taken to address the outbreak.
The Group temporarily halted
its operations at Ergo and FWGR on March 26, 2020 pursuant to the announcement
of the national lockdown in South African ("
Lockdown
"). Operations
gradually recommenced through April and May 2020 (Refer to Item 4D. ''Property,
plant and production – Ergo Production and FWGR production"). We remain subject
to the risk of further lock-downs or other restrictions to our operations and
we also face the risk of disruptions to our suppliers' operations.
The risk related to the
impact of the COVID-19 pandemic is not isolated to health and safety for our
employees and disruptions to our operations, but has manifested as a risk in terms
of social stability as well as economic activity and growth both in South
Africa and globally. Whilst we have implemented programs to address the risk of
COVID-19 infections at our operations, the COVID-19 pandemic may have numerous
other consequences, including adverse impacts on our supply chain and
availability of materials used in our operations. The risks associated with an
anticipated "new wave" of infection remain highly uncertain and could lead to
increased employee infection risk decreasing productivity and could result in
further restrictive national lockdowns, which could lead to disruptions in our
business operations.
We have benefitted from the
increase in gold prices driven at least in part by the impact of the COVID-19
pandemic.  Gold prices may decrease to the extent that the impact of the
pandemic is alleviated.
Our operations are subject to extensive
environmental regulations which could impose significant costs and liabilities.
Our operations are subject to increasingly
extensive laws and regulations governing the protection of the environment
under various state, provincial and local laws, which regulate air and water
quality, hazardous waste management and environmental rehabilitation and
reclamation.
Our mining and related activities have the potential to impact the
environment, including land, habitat, streams and environment near the mining
sites.
Failure to comply with environmental
laws or delays in obtaining, or failures to obtain government permits and
approvals may adversely impact our operations. In addition, the regulatory
environment in which we operate could change in ways that could substantially
increase costs of compliance, resulting in a material adverse effect on our
profitability.
We have incurred, and expect to incur in the
future, expenditures to comply with these
environmental
laws and regulations. We have estimated our
aggregate group Provision for Environmental Rehabilitation at a net present
value of R568.9 million which is included in our statement of financial position
as at  June 30, 2020 (Refer to Item 18. ''Financial Statements - Note 11 –
Provision for environmental rehabilitation"). However, the ultimate amount of
rehabilitation costs may in the future exceed the current estimates due to
factors beyond our control, such as changing legislation, higher than expected
cost increases, or unidentified rehabilitation costs. We fund these
environmental rehabilitation costs by making contributions over the life of the
mine to environmental trust funds or funds held in insurance instruments
established for our operations. If any of our operations are prematurely
closed, the rehabilitation funds may be insufficient to meet all the
rehabilitation obligations of those operations. The closure of mining
operations, without sufficient financial provision for the funding of
rehabilitation liabilities, or unacceptable damage to the environment,
including pollution or environmental degradation, may expose us and our
directors to prosecution, litigation and potentially significant liabilities.
10
Damage to tailings dams and
excessive maintenance and rehabilitation costs could result in lower production
and health, safety and environmental liabilities.
Our tailings facilities are exposed to
numerous risks and events, the occurrence of which may result in the failure,
breach or damage of such a facility. These may include sabotage, failure by our
employees to adhere to the codes of practice and natural disasters such as
excessive rainfall and seismic events, any of which could force us to stop or
limit operations. In addition, the dams could overflow or a side wall could
collapse and the health and safety of our employees and communities living
around these dams could be jeopardized. In the event of damage to our tailings
facilities, our operations will be adversely affected and this in turn could
have a material adverse effect on our business, operating results and financial
condition.
Due to the nature of our business, our
operations face extensive health and safety risks and regulation of those risks.
Gold mining is exposed to numerous risks and
events, the occurrence of which may result in the death of, or personal injury,
to employees. According to section 54 of the Mine, Health and Safety Act of
1996, if an inspector believes that any occurrence, practice or condition at a
mine endangers or may endanger the health or safety of any person at the mine,
the inspector may give any instruction necessary to protect the health or
safety of persons at the mine. These instructions could include the suspension of
operations at the whole or part of the mine. Health and safety incidents could
lead to mine operations being halted and that will
increase our unit
production costs,
which could have a
material adverse effect on our business, operating results and financial
condition.
Events may occur for which we
are not insured which could affect our cash flows and profitability.
Because of the nature of our business,
we may become subject to liability for pollution or other hazards against which
we are unable to insure
or are not insured
, including those in respect of past mining activities. Our
existing property, business interruption and other insurance contains certain
exclusions and limitations on coverage. The insured value for property and loss
of profits due to business interruption
is R11.35 billion,
with a total loss limit of R650 million for
the 2021 fiscal year. Business interruption is only covered from the time the
loss occurs and is subject to time and amount deductibles that vary between
categories
. To cover legal liability to third parties for damage, injury,
illness or death a total of R1.5 billion insurance cover is in place for the
2020 fiscal year,
subject to certain
exclusions and limitations on coverage.
Insurance coverage may not
cover the extent of claims brought against us, including claims for environmental,
industrial or pollution related accidents, for which coverage is not available.
If we are required to meet the costs of claims, which exceed our insurance
coverage, this could have a material adverse effect on our business, operating
results and financial condition.
If we are unable to
attract and retain key personnel our business may be harmed.
The success of our business will depend, in large
part, upon the skills and efforts of a small group of management and technical
personnel including the positions of Chief Executive Officer and Chief
Financial Officer.
In addition, we compete with mining and other companies on
a global basis to attract and retain key human resources at all levels with
appropriate technical skills and operating and managerial experience necessary
to operate the business.
Factors
critical to retaining our present staff and attracting additional highly
qualified personnel include our ability to provide these individuals with
competitive compensation arrangements, and other benefits. If we are not
successful in retaining or attracting highly qualified individuals in key
management positions, our business may be harmed. We do not maintain "key man"
life insurance policies on any members of our executive team. The loss of any
of our key personnel could delay the execution of our business plans, which may
result in decreased production, increased costs and decreased profitability.
We are subject to o
perational risks associated with our flotation and fine-grind
(FFG) project.
Our flotation and fine-grind project
, implemented in fiscal year 2014, is designed to
improve extraction efficiencies.
Certain
components of the FFG were temporarily halted in the first quarter of fiscal
year 2020 to perform an evaluation and compare the additional revenues earned
from additional gold extracted from the most recently integrated reclamation
sites compared to the cost incurred to operate the FFG circuit. The remaining
components of the FFG continue to operate. Testing on the newly integrated material
has suggested that some of these halted components will only operate in
subsequent years once the related reclamation sites have been brought online in
accordance with the current life of mine plan for ERGO. These halted components
are classified as idle assets until they are brought back into operation as
described. The success of the FFG is directly dependent on the material type
and material mix processed through it. Therefore, the halted components will
remain idle pending the continuation and conclusion of various test work
regarding the material type and material mix of future reclamation sites. Firm
decisions have also not yet been made by the executive committee and the Board
of Directors on the future of the FFG. We remain subject to operations risks
relating to the FFG project.
11
A
disruption in our information technology systems, including incidents related
to cyber security, could adversely affect our business operations.
We rely on the accuracy, availability and security of our
information technology systems. Despite the measures that we have implemented,
including those related to cyber security, our systems could be breached or
damaged by computer viruses and systems attacks, natural or man-made incidents,
disasters or unauthorized physical or electronic access.
Any system failure, accident
or security breach could result in business disruption, theft of our
intellectual property, trade secrets (including our proprietary technology),
unauthorized access to, or disclosure of, personnel or supplier information,
corruption of our data or of our systems, reputational damage or litigation. We
may also be required to incur significant cost to protect against or repair the
damage caused by these disruptions or security breaches in the future,
including, for example, rebuilding internal systems, implementing additional
threat protection measures, defending against litigation, responding to
regulatory inquiries or actions, paying damages, or taking other remedial steps
with respect to third parties.
These threats are constantly
evolving, thereby increasing the difficulty of successfully defending against
them or implementing adequate preventative measures and we remain subject to
additional known or unknown threats.
We
are subject to cybersecurity attacks from time to time, and have been subject
to phishing.
In some instances, we may be unaware of an
incident or its magnitude and effects. We may be susceptible to new and
emerging risks, including cyber-attacks and phishing, in the evolving landscape
of cybersecurity threats.
In addition, from time to
time, we implement updates to our information technology systems and software,
which can disrupt or shutdown our information technology systems. Information
technology system disruptions, if not appropriately addressed or mitigated,
could have a material adverse effect on our operations.
Risks related to the gold mining industry
A change in the dollar price
of gold, which in the past has fluctuated widely, is beyond our control.
Historically, the gold price has fluctuated
widely and is affected by numerous industry factors over which we have no
control including:
•
a
significant amount of above-ground gold in the world that is used for trading
by investors
;
•  the physical supply of gold from
world-wide production and scrap sales, and the purchase, sale or divestment by
central banks of their gold holdings;
•  the demand for gold for investment
purposes, industrial and commercial use, and in the manufacturing of jewelry;
•  speculative trading activities in gold;
•  the overall level of forward sales by
other gold producers;
•  the overall level and cost of production
of other gold producers;
•  international or regional political and
economic events or trends;
•  the strength of the dollar (the currency
in which gold prices generally are quoted) and of other currencies;
•  financial market expectations regarding
the rate of inflation;
•  interest rates;
•
gold hedging and de-hedging by gold producers; and
•
actual or expected gold sales by central banks and the
International Monetary Fund.
During fiscal year 2020 the gold price
reached a high of U$1,785 per ounce and a low of U$1,382.
We benefited from a sustained upswing in gold
price in the first quarter, and in the fourth quarter, following the global
response to the COVID-19 pandemic, the gold price surged further to all-time
highs.
Investors globally, as they have in so many
previous times of crisis, turned to gold and gold stocks as a safe haven asset,
leading to a surge in the average gold price from R781,261 per kg in the
quarter ended March 31, 2020 to R988,030 per kg for the quarter ended  June 30,
2020. The rand/dollar exchange rate remained volatile throughout the year
mainly as a result of economic uncertainty and perceived political instability,
global market slowdown sentiment, tensions between the USA and China, low
economic growth, and a seemingly terminally distressed Eskom. Further
volatility in the Rand was fueled by Moody's
downgrade of South Africa's sovereign credit rating to sub-investment grade as
a result of "continuing
deterioration in fiscal strength and
structurally very weak economic growth."
COVID-19 (or an alleviation of the pandemic) or
other factors mentioned above could put negative pressure on the price of gold
in the future. Our profitability may be negatively impacted by a decline in the
gold price as we incur losses when revenue from gold sales drops below the cost
of production for an extended period.
The exploration of mineral
properties is highly speculative in nature, involves substantial expenditures,
and is frequently unproductive.
Exploration
is highly speculative in nature and requires substantial expenditure for drilling,
sampling and analysis of ore bodies to quantify the extent of the gold reserve.
Many gold exploration programs, including
some of ours, do not result in the discovery of mineralization and any
mineralization discovered may not be of sufficient quantity or quality to be
mined profitably. If we discover a viable deposit, it usually takes several
years from the initial phases of exploration until production is possible.
During
this time, the economic feasibility of production may change.
12
Moreover, we rely on the evaluations of
professional geologists, geophysicists, and engineers for estimates in
determining whether to commence or continue mining. These estimates generally
rely on scientific and economic assumptions, which in some instances may not be
correct, and could result in the expenditure of substantial amounts of money on
a deposit before it can be determined with any degree of accuracy whether the
deposit contains economically recoverable mineralization. Uncertainties as to
the metallurgical recovery of any gold discovered may not warrant mining based
on available technology.
Our future growth and profitability will depend,
in part, on our ability to identify and acquire additional mineral rights, and
on the costs and results of our continued exploration and development programs.
Our business focuses mainly on the extraction of gold from tailings,
which is a volume driven exercise. Only significant deposits within proximity
of services and infrastructure that contain adequate gold content to justify
the significant capital investment associated with plant, reclamation and
deposition infrastructure are suitable for exploitation in terms of our model.
There is a limited supply of these deposits which may inhibit e
xploration and developments, especially in a declining
gold price environment.
Because
of these uncertainties, we may not successfully acquire additional mineral
rights, or identify new Proven and Probable Ore Reserves in sufficient
quantities to justify commercial operations in any of our operations. The costs
incurred on exploration activities that do not identify commercially
exploitable reserves of gold are not likely to be recovered and therefore are likely
to be impaired.
There is inherent uncertainty in Ore Reserve estimates.
Our
Ore Reserve figures described in this document are the best estimates of our
current management as of the dates stated and are reported in accordance with
the requirements of Industry Guide 7 of the SEC. These estimates may not
reflect actual reserves or future production.
Should we encounter mineralization or formations
different from those predicted by past drilling, sampling and similar
examinations, reserve estimates may have to be adjusted and mining plans may
have to be altered in a way that might ultimately cause our reserve estimates
to decline. Moreover, if the rand price of gold declines, or stabilizes at a
price that is lower than recent levels, or those assumed in our mining plans,
or if our labor, water, steel, electricity and other production costs increase
or recovery rates decrease, it may become uneconomical to recover Ore Reserves,
particularly those containing relatively lower grades of mineralization. Under
these circumstances, we would be required to re-evaluate our Ore Reserves.
Short-term operating factors relating to the ability to reclaim our Ore
Reserves, at the required rate, such as an interruption or reduction in the
supply of electricity or a shortage of water may have the effect that we are
unable to achieve critical mass, which may render the recovery of Ore Reserve,
or parts of the Ore Reserve no longer feasible, which could negatively affect
production rate and costs and decrease our profitability during any given
period.
Estimates of reserves are based on drilling
results and because unforeseen conditions may occur in these mine dumps that
may not have been identified by the drilling results, the actual results may
vary from the initial estimates.
These factors have and could
result in reductions in our Ore Reserve estimates
and as a result, our production
, which could in turn adversely impact the total value of our
mining asset base and our business, operating results and financial condition.
Gold
mining is susceptible to numerous events that could have an adverse impact on a
gold mining business.
The business of gold mining
is exposed to numerous risks and events, the occurrence of which may
result in the death of or personal injury to employees, the loss
of mining and reclamation equipment, damage to or destruction of mineral
properties or production facilities, monetary losses, delays in production,
environmental damage, loss of the license to mine and potential legal claims.
The risks and events associated with the business of gold mining include:
·
environmental hazards and pollution,
including dust generation, toxic chemicals, discharge of metals, pollutants,
radioactive materials and other hazardous material into the air and water;
·
flooding, landslides, sinkhole formation,
ground subsidence, ground and surface water pollution and waterway
contamination;
·
a decrease in labor productivity due to labor
disruptions, work stoppages, disease, slowdowns or labor strikes;
·
unexpected decline of ore grade;
·
metallurgical conditions
or lower than expected
gold recovery;
·
failure of unproven or evolving technologies;
·
mechanical failure or breakdowns and ageing
infrastructure;
·
energy and electrical power supply
interruptions;
·
availability of water;
·
injuries to employees or fatalities due to
falls from heights and accidents relating to mobile machinery or electrocution
or other causes
;
·
activities of illegal or artisanal miners;
·
material and equipment availability;
·
legal and regulatory restrictions and changes
to such restrictions;
·
social or community disputes or
interventions;
·
accidents caused from the collapse of
tailings dams;
·
pipeline failures and spillages;
·
safety-related stoppages; and
·
corruption, fraud and theft
including gold bullion theft.
The occurrence of any of these hazards could
delay production, increase production costs and may result in significant legal
claims
and adversely impact our business results of
operations and financial condition
.
13
Risks related to
doing business in South Africa
Political or economic
instability in South Africa may reduce our production and profitability.
We are incorporated in South Africa and all our
operations are currently in South Africa. As a result, political and economic
risks relating to South Africa could have a significant effect on our
production and profitability. Large parts of the South African population are
unemployed and do not have access to adequate education, health care, housing
and other services, including water and electricity. Government policies aimed
at alleviating and redressing the disadvantages suffered by most citizens under
previous governments may increase our costs and reduce our profitability. In
recent years, South Africa has experienced high levels of crime. These problems
may impede fixed inward investment into South Africa and increase emigration of
skilled workers and as a result, we may have difficulties retaining qualified
employees.
The COVID-19 pandemic has also increased the risk
of social unrest in our surrounding communities already created from a growing
frustration of society at large on slow reformative action being taken by all
spheres of the South African government, in particular, in combating high
unemployment particularly in the youth of the country. This frustration can
lead to social unrest, people committing crimes, vandalising property and
damaging infrastructure in and around our operations.
Inflation can adversely affect us.
The inflation rate in South Africa is relatively
high compared to developed, industrialized countries. As of June 30, 2020, the
annual Consumer Price Inflation Index ("
CPI
"), stood at 2.2% compared to
4.5% in June 2019 and 4.6% in June 2018. Annual CPI was 3.0% as at September
30, 2020.
Inflation in South Africa generally results in an increase in our
rand operational costs, unless such inflation is accompanied by a concurrent
devaluation of the rand against the dollar or an increase in the dollar price
of gold. Higher and sustained inflation in the future, with a consequent
increase in operational costs could have a material adverse effect on our
results of operations and our financial condition and could result in
operations being discontinued or reduced or rationalized,
which could reduce our profitability.
The treatment of occupational health
diseases and the potential liabilities related to occupational health diseases
may have an adverse effect on the results of our operations and our financial
condition.
We may be subject to claims relating to
occupational health diseases and we are currently subject to a claim described
below.
In January 2013, DRDGOLD, East Rand
Proprietary Mines Limited (
"
DRDGOLD
Respondents
"
) and 23 other mining
companies (
"
Other Respondents
"
) (collectively referred to as "
Respondents
") were served with a court application issued in the High
Court of South Africa for a class certification on behalf of former mineworkers
and dependents of deceased mineworkers (
"
Applicants
"
). In the application the Applicants allege
that the Respondents conducted underground mining operations in a negligent and
complicit manner causing the former mineworkers to contract occupational lung
diseases. The Applicants have as yet not quantified the amounts which they are
demanding from the Respondents in damages.
On May 3, 2018, former mineworkers and
dependents of deceased mineworkers (
"
Applicants
"
)
and Anglo American South Africa Limited, AngloGold Ashanti Limited, Sibanye
Gold Limited trading as Sibanye-Stillwater, Harmony Gold Mining Company
Limited,
Gold Fields Limited, African Rainbow
Minerals Limited and certain of their affiliates (
"
Settling Companies
"
) settled the class certification application
in which the Applicants in each sought to certify class actions against gold
mining houses cited therein on behalf of mineworkers who had worked for any of
the particular respondents and who suffer from any occupational lung disease,
including silicosis or tuberculosis.
The DRDGOLD Respondents, are not a party to
the settlement between the Applicants and Settling Companies. The dispute,
insofar as the class certification application and appeal thereof is concerned,
still stands and has not terminated in light of the settlement agreement
(refer to
Item 18.
"
Financial Statements - Note 26 –
Contingencies
"
).
An adverse judgment in the claim described above or
any other claim could have an adverse impact on us.
We have experienced an
increase in organised crime activities which
has started to target gold plants.
Recently, a number of companies, including our
Knights and Ergo plants, were subject to armed attacks targeting the gold in
the plants or high-grade gold bearing material. These incidents were very well
organised and in all the incidents the thieves were armed. In some of the
incidents employees of companies were also held hostage until the targeted
material was obtained. In the 2019 incident a security officer was fatally
injured.
Any such
incidents have and may still result in losses of gold or other damage which
could have a material adverse impact on our business, financial results or
condition
.
Theft at our sites,
particularly of copper, may result in greater risks to employees or
interruptions in production.
Crime statistics in South Africa indicate an
increase in theft. This together with price increases for copper has resulted
in theft of copper cable. Our operations experience high incidents of copper
cable theft despite the implementation of security measures. In addition to the
general risk to employees' lives in an area where theft occurs, we may suffer
production losses and incur additional costs as a result of power interruptions
caused by cable theft and theft of bolts used for the pipeline
.
14
Power stoppages or shortages
or increases in the cost of power could negatively affect our results and
financial condition.
Our mining operations are dependent on
electrical power supplied by Eskom, South Africa's state-owned utility company.
As a result of insufficient generating capacity, owing to poor maintenance and
lagging capital infrastructure investment, South Africa has faced significant
disruptions in electricity supply in the past and Eskom has warned that the
country could continue to face disruptions in electrical power supply in the
foreseeable future.
The
security of f
uture power supply as well as the cost thereof remains a risk and
may have major implications for our operations, which may result in significant
production losses. The country's current reserve capacity may be insufficient
and the risk of electricity stoppages is expected to continue for the
foreseeable future. Supply interruptions
because of this as
well as an aging and poorly maintained distribution grid
may pose a significant risk to the
operations.
The group has a load-curtailment agreement in
place with Eskom in terms of which we reduce power consumption by between 10%
and 20% when the grid is under pressure, but Eskom maintains uninterrupted
power supply to the operations.
The
National
Energy Regulator of South Africa (
"
NERSA
"
)
initially approved an average tariff increase of 8.1% average effective April
1, 2020 and an average increase of 5.2% effective April 1, 2021. In July 2020,
a high court ordered that the average tariff for April 1, 2021 be increased by
a further 9.8%. NERSA has applied for leave to appeal this ruling.
These increases have had an adverse effect on
our production costs and similar or higher future increases could have a
material adverse effect on our operating results and financial condition.
Ergo is currently disputing the electricity tariff charged by
Ekurhuleni Metropolitan Municipality (refer to
Item 18.
"
Financial Statements
- Note 24 – Payments made under protest
"
).
Scarcity of water may
negatively affect our operations.
South
Africa faces water shortages, wh
ich may
lead to the revision of water usage strategies by several sectors in the South
African economy, including electricity generation and municipalities. This may
result in rationing or increased water costs in the future. Such changes would
adversely impact our surface retreatment operations, which use water to
transport the slimes or sand from reclaimed areas to the processing plant and
to the tailings facilities. In addition, as our gold plants and piping
infrastructure were designed to carry certain minimum throughputs, any
reductions in the volumes of available water may require us to adjust
production at these operations.
DRDGOLD invested R22 million in the construction
of a filtration plant at the Rondebult Waste Water Works (operated by the East
Rand Water Care Company) to treat sewage water to reduce the use of potable
water.
This water is used both to reclaim and carry production materials
and also, ultimately, to irrigate rehabilitation vegetation at a significantly
lower cost than that of potable water.
The plant was commissioned in early fiscal year 2016 and has
design capacity to provide Ergo with 10 Mega Litres ("
Ml
") a day from
the Rondebult sewage treatment facility. However, due to the deterioration of
the local government authorities' infrastructure, the expected quantity of
sewerage is not reaching the treatment facility and as a result Ergo is still
not able to extract the full design capacity of 10 Ml of water a day. It is not
certain if and when the flow of sewerage will
reach expected levels
.
These measures may not be sufficient to alleviate the
water scarcity issues
we face
.
Government Regulation
Government policies in South
Africa may adversely impact our operations and profits.
The mining industry in South
Africa is extensively regulated through legislation and regulations issued
through the government's administrative bodies. These involve directives in
respect of health and safety, the mining and exploration of minerals and
managing the impact of mining operations on the environment. A variety of
permits and authorities are required to mine lawfully, and the government
enforces its regulations through the various government departments.
The formulation or implementation of government policies may be
discretionary and unpredictable on certain issues, including changes in
conditions for the issuance of licenses insofar as social and labor plans are
concerned, transformation of the workplace, laws relating to mineral rights,
ownership of mining assets and the rights to prospect and mine, additional
taxes on the mining industry and in extreme cases, nationalization. A change in
regulatory or government policies could adversely affect our business.
Mining royalties and other
tax reform could have an adverse effect on the business, operating results and
financial condition of our operations.
The Mineral and Petroleum Resources Royalty Act,
No.28 of 2008 and the Mineral and Petroleum Resources Royalty Act
(Administration), No.29 of 2008
govern royalty rates for gold mining in
South Africa
. These acts provide for the payment of a
royalty, calculated through a royalty rate formula (using rates of between 0.5%
and 5.0%) applied against gross revenue per year, payable half yearly with a
third and final payment thereafter. The royalty is tax deductible and the cost
after tax amounts to a rate of between 0.33% and 3.3% at the prevailing
marginal tax rates applicable to the taxed entity. The royalty is payable on
old unconverted mining rights and new converted mining rights. Based on a legal
opinion the Company obtained, mine dumps created before the enactment of the
Mineral and Petroleum Resources Development Act ("
MPRDA
")
fall outside the ambit of this royalty and consequently the Company does not
pay any royalty on any dumps created prior to the MPRDA. Introduction of
further revenue based royalties or any adverse future tax reforms could have an
adverse effect on our business, operating results and financial condition.
15
Failure to comply with
the requirements of the Broad Based Socio-Economic Empowerment Charter could
have an adverse effect on our business, operating results and financial condition
of our operations.
The Broad Based Socio‑Economic Empowerment
Charter for the South African Mining Industry ("
Mining Charter
")
(effective from 2014) established certain numerical goals and timeframes to
transform equity participation in the mining industry in South Africa. The
goals set by the Mining Charter include that each mining company must achieve
15% ownership by historically disadvantaged South Africans, or HDSA, of its
South African mining assets within five years and 26% ownership within ten
years, in each case, from May 1, 2004. This is to be achieved by,
among other methods, the sale of assets to historically disadvantaged persons ("
HDP
")
on a willing seller/willing buyer basis at market value.
In September 2010, the Department of Mineral
Resources ("
DMR
") released amendments to the Mining Charter. The
intention behind the amendments to the Mining Charter was to clarify certain
ambiguities and uncertainties which existed under the Mining Charter and to
provide more specific targets.
It was this latter Mining Charter which the
DMR applied to assess compliance with socio-economic transformation objectives
. The goals set by the amendments to the
Mining Charter include: minimum 26% HDSA ownership by March 2015; procurement
of a minimum 40% of capital goods, 50% of consumer goods and 70% of services
from Black Economic Empowerment, or BEE, entities by March 2015; minimum 40%
HDSA representation at each of executive management level, senior management
level, middle management level, junior management level and core and critical
skills levels; minimum 3% investment of annual payroll in skills training;
investment in community development; and attaining an occupancy rate of one
person per room in on-site accommodation.
A new Mining Charter has been implemented in
September 2018 and supersedes all previous iterations thereof – refer
Item 4B. Business Overview – Governmental
regulations and their effect on our business –  The Broad Based Socio-Economic
Empowerment Charter.
Government policies in South Africa may
adversely impact our operations and profits related to financial provisioning
for rehabilitation.
An amendment to the MPRDA was first proposed in
2013. The amendment bill, if implemented, would have had a material adverse
impact on the Group's estimated financial provisions for environmental
remediation and management due to the proposed inclusion of historic and old
mine dumps in the definition of "residue stockpiles" as well as the extension
of the liability for rehabilitation beyond the issuance of a closure
certificate and the requirement to maintain financial provision for closed
sites within a period of 20 years after a site is closed.
The MPRDA
Amendment Bill was withdrawn in August 2018 by the Minister of Mineral
Resources, citing, amongst other things, the adequacy of the current MPRDA to
deal with all regulatory matter pertaining to the mining and petroleum
industries.
Revised Financial Provisioning Regulations ("
FPR
")
were published on November 20, 2015 under the National Environmental Management
Act, 107 of 1998 ("
NEMA
") and became effective from the date of
publication thereof. Proposed amendments to the FPRs were published for public
comment GNR 1228 GG 41236 of November 10, 2017 ("
Draft Regulations
"),
which seek to address some challenges relating to the implementation thereof.
Under these FRPs to be implemented by the DMR, existing environmental
rehabilitation trust funds may only be used for post closure activities and may
no longer be utilised for their intended purpose of concurrent and final
rehabilitation and closure. Further amendments were made to the FPR on
September 21, 2018, which extended the period of compliance with the FPR to
February 19, 2020. This is likely to affect the amount of funds set aside for
financial provision for rehabilitation of the mine.
See discussion in 4.B.
Business Overview – Governmental regulations and their effect on our business –
Financial Provision for Rehabilitation.
The implementation of Carbon Tax effective from
June 1, 2019 may have a direct or indirect material adverse effect on our
business, operating results and financial condition.
The Carbon Tax Act No 15 of 2019, or the CTA, came
into effect from June 1, 2019. The CTA is based on the polluter-pays-principle
and will be implemented across phases. The first phase will run from June 1,
2019 to December 31, 2022 and is applicable to scope 1 emitters. The second
phase will be implemented from January 1, 2023 to December 31, 2030. During the
first phase, tax-free emission allowances ranging from 60 per cent to 95 per
cent are available to emitters in this first phase. This includes a basic
tax-free allowance of 60 per cent for all activities, a 10 per cent process and
fugitive emissions allowance, a maximum 10 per cent allowance for companies
that use carbon offsets to reduce their tax liability, a performance allowance
of up to 5 per cent for companies that reduce the emissions intensity of their
activities, a 5 per cent carbon budget allowance for complying with the
reporting requirements and a maximum 10 per cent allowance for trade exposed
sectors. Regulations detailing the tax-free emission allowances during the
first and second phases have not been published to date. The Carbon Tax will
not have a direct impact on the price of electricity during the first phase of
implementation. However, the second phase of implementation of the Carbon Tax may
have a direct or indirect material adverse effect on our business, operating
results and financial condition. In addition, the potential increases in costs
resulting from suppliers passing through their Carbon Tax exposure to the
Company may have a direct or indirect material adverse effect on our business,
operating results and financial condition.
Ring-fencing of unredeemed
capital expenditure for South African mining tax purposes could have an adverse
effect on the business, operating results and financial condition of our
operations.
The Income Tax Act No 58 of 1962, or the ITA,
contains certain ring-fencing provisions in section 36 specifically relating to
different mines regarding the deduction of certain capital expenditure and the
carry over to subsequent years. After the restructuring of the surface
operations, effective July 1, 2012, Ergo is treated as one taxpaying operation
pursuant to the relevant ring-fencing legislation. It is expected that FWGR
will also be treated as one taxpaying operation pursuant to the relevant
ring-fencing legislation. In the event that we are unsuccessful in confirming
our position or should the South African Revenue Service have a different
interpretation of section 36 of the ITA, it could have an adverse effect on our
business, operating results and financial condition.
16
Draft amendments to the ITA
regarding claiming
accelerated
capital expenditure allowances for South African mining tax purposes could have
an adverse effect on the business, operating results and financial condition of
our operations.
The National Treasury has proposed a prospective
amendment to the preamble of section 15 of the ITA to limit the accelerated
capital expenditure allowances applicable to taxpayers conducting mining
operations to only those taxpayers that hold "
a mining right as defined in
section 1 of the Mineral and Petroleum Resources Development Act in respect of
the mine where those mining operations are carried on
". In addition, in
relation to section 36 of the ITA, the National Treasury has proposed an
amendment to the heading in order to limit the application of the provisions in
respect of the calculation of the redemption allowance and balance of
unredeemed capital expenditure, to certain mining operations.
DRDGOLD, as a surface miner, conducts mining
operations for its own benefit (i.e. it is not a contract miner) but DRDGOLD is
not required to hold a mining right in terms of the MPRDA. The proposed requirement
by the ITA to require a miner to hold a mining right in terms of the MPRDA will
preclude DRDGOLD from claiming accelerated capital expenditure allowances in
terms of sections 15 and 36 of the ITA.
If these proposed amendments are adopted, it will accelerate
cash outflows resulting from current tax expenditure. This could have a
material adverse effect on our cash flows, operations, capital investment
decisions and financial condition.
Assessment of unredeemed
capital expenditure by the South African Revenue Service could have an adverse
effect on the business, operating results and financial condition of our
operations.
The the South African Revenue Service ("
SARS
")
assessed capital expenditure when it is redeemed against taxable mining income
rather than when it is incurred. A different interpretation by SARS could have
an adverse effect on our business, operating results and financial condition.
Since our South African labor
force has substantial trade union participation, we face the risk of disruption
from labor disputes and new South African labor laws.
Labor costs
are significant for Ergo,
constituting
22% of Ergo's production costs for fiscal year 2020 (2019: 18%). As of June 30,
2020, our Ergo operations provided full-time employment for 783 employees while
our main service providers deployed an additional 1,372 employees to our
operations, of whom approximately 91.9% are members of trade unions or employee
associations.
Labor costs
are significant for FWGR,
constituting 31% of FWGR's production costs subsequent to the date of
commercial production of April 1, 2019. As of June 30, 2020, our FWGR operations
provided full-time employment for 154 employees while our main service
providers deployed an additional 243 employees to our operations, of whom
approximately 83.1% are members of trade unions or employee associations. We
have entered into various agreements regulating wages and working conditions at
our mines. Unreasonable wage demands could increase production costs to levels
where our operations are no longer profitable. This could lead to accelerated
mine closures and labor disruptions. We are also susceptible to strikes by workers
from time to time, which result in disruptions to our mining operations.
In recent years, labor laws in South Africa have
changed in ways that significantly affect our operations. In particular, laws
that provide for mandatory compensation in the event of termination of
employment for operational reasons and that impose large monetary penalties for
non-compliance with the administrative and reporting requirements of affirmative
action policies could result in significant costs to us. In addition, future
South African legislation and regulations relating to labor may further
increase our costs or alter our relationship with our employees. Labor cost
increases could have an adverse effect on our business, operating results and
financial condition.
Labor unrest could affect production.
During December 2018 to April 2019 there was
strike action by staff at the Sibanye-Stillwater gold mines adjacent to FWGR. Such
events at our operations or
at our reclamation sites
could have an adverse effect on our
business, operating results and financial condition.
We use a third party service provider for the
management of our reclamation sites as well as on our Brakpan/Withok TSF and
Driefonteint 4 TSF. Any labor unrest or other significant issue at this third
party service provider may impact the operation of this facility
.
Strike
action and intimidation at mining operations adjacent to our FWGR mining
operations
could have an adverse effect on our
business, operating results and financial condition.
Our financial flexibility could be materially
constrained by South African currency restrictions.
South African law provides for exchange control regulations, which
restrict the export of capital from the Common Monetary Area, including South
Africa. The Exchange Control Department of the South African Reserve Bank, or
SARB, is responsible for the administration of exchange control regulations. In
particular, South African companies:
·
are generally not permitted to export capital from South Africa or
to hold foreign currency without the approval of the SARB;
·
are generally required to repatriate, to South Africa, profits of
foreign operations; and
·
are limited in their ability to utilize profits of one foreign
business to finance operations of a different foreign business.
While the South African
Government has relaxed exchange controls in recent years, it is difficult to
predict whether such relaxation of controls will continue in the future. For
further information see Item 10D. Exchange Controls.
17
We could be adversely affected by violations of
the U.S. Foreign Corrupt Practices Act and similar anti-bribery laws outside of
the United States.
The U.S. Foreign Corrupt Practices Act, or the
FCPA, and similar anti-bribery laws in other jurisdictions generally prohibit companies
and their intermediaries from making improper payments to government officials
or other persons for the purpose of obtaining or retaining business. This
includes aggressive investigations and enforcement proceedings by both the U.S.
Department of Justice and the SEC, increased enforcement activity by non- U.S.
regulators, and increases in criminal and civil proceedings brought against
companies and individuals. Our policies mandate compliance with the FCPA and
other applicable anti-bribery laws. Our internal control policies and
procedures may not protect us from reckless or criminal acts committed by our
employees, the employees of any of our businesses, or third party intermediaries.
In the event that we believe or have reason to believe that our employees or
agents have or may have violated applicable anti-corruption laws, including the
FCPA, we would investigate or have outside counsel investigate the relevant
facts and circumstances, which can be expensive and require significant time
and attention from senior management. Violations of these laws may result in
criminal or civil sanctions, inability to do business with existing or future
business partners (either as a result of express prohibitions or to avoid the appearance
of impropriety), injunctions against future conduct, profit disgorgements,
disqualifications from directly or indirectly engaging in certain types of
businesses, the loss of business permits, reputational harm or other
restrictions which could disrupt our business and have a material adverse
effect on our business, financial condition, results of operations or
liquidity.
We face risks with respect to compliance with the
FCPA and similar anti-bribery laws through our acquisition of new companies and
the due diligence we perform in connection with an acquisition may not be
sufficient to enable us fully to assess an acquired company's historic
compliance with applicable regulations. Furthermore, as we make acquisitions
such as the acquisition of FWGR, our post-acquisition integration efforts may
not be adequate to ensure our system of internal controls and procedures are
fully adopted and adhered to by acquired entities, resulting in increased risks
of non-compliance with applicable anti-bribery laws.
Risks
related to ownership of our ordinary shares or ADSs
It may not be possible for you to effect service
of legal process, enforce judgments of courts outside of South Africa or bring
actions based on securities laws of jurisdictions other than South Africa
against us or against members of our board.
Our Company, certain members of our board of directors and
executive officers are residents of South Africa. All our assets are located
outside the United States and a major portion with respect to the assets of
members of our board of directors and executive officers are either wholly or
substantially located outside the United States. As a result, it may not be
possible for you to effect service of legal process, within the United States
or elsewhere including in South Africa, upon most of our directors or officers,
including matters arising under United States federal securities laws or
applicable United States state securities laws.
Moreover, it may not be possible for you to enforce against us or
the members of our board of directors and executive officers' judgments obtained
in courts outside South Africa, including the United States, based on the civil
liability provisions of the securities laws of those countries, including those
of the United States.
A foreign judgment is
not directly enforceable in South Africa, but constitutes a cause of action
which will be enforced by South African courts provided that:
·
the court which pronounced the judgment had
jurisdiction to entertain the case according to the principles recognized by
South African law with reference to the jurisdiction of foreign courts;
·
the judgment is final and conclusive (that
is, it cannot be altered by the court which pronounced it);
·
the judgment has not lapsed;
·
the recognition and enforcement of the
judgment by South African courts would not be contrary to public policy,
including observance of the rules of natural justice which require that no
award is enforceable unless the defendant was duly served with documents
initiating proceedings, that he was given a fair opportunity to be heard and
that he enjoyed the right to be legally represented in a free and fair trial
before an impartial tribunal;
·
the judgment was not obtained by fraudulent
means;
·
the judgment does not involve the enforcement
of a penal or revenue law; and
·
the enforcement of the judgment is not
otherwise precluded by the provisions of the Protection of Business Act, 1978
(as amended), of South Africa.
It is the policy of South African courts to award
compensation for the loss or damage sustained by the person to whom the
compensation is awarded. Although the award of punitive damages is generally
unknown to the South African legal system that does not mean that such awards
are necessarily contrary to public policy. Whether a judgment was contrary to
public policy depends on the facts of each case. Exorbitant, unconscionable, or
excessive awards will generally be contrary to public policy. South African
courts cannot enter into the merits of a foreign judgment and cannot act as a
court of appeal or review over the foreign court. South African courts will
usually implement their own procedural laws and, where an action based on an
international contract is brought before a South African court, the capacity of
the parties to the contract will usually be determined in accordance with South
African law.
It is doubtful whether an original action based on
United States federal securities laws may be brought before South African
courts. A plaintiff who is not resident in South Africa may be required to
provide security for costs in the event of proceedings being initiated in South
Africa. Furthermore, the Rules of the High Court of South Africa require that
documents executed outside South Africa must be authenticated for use in South
African courts.
It may not be possible therefore for an
investor to seek to impose liability on us in a South African court arising
from a violation of United States federal securities laws.
18
Dividend withholding tax will reduce the
amount of dividends received by beneficial owners.
On April 1, 2012, the South African
Government replaced Secondary Tax on Companies (then 10%) with a 15%
withholding tax on dividends and other distributions payable to shareholders.
The dividend withholding tax rate was increased to 20%, effective from February
22, 2017.  The withholding tax reduces the amount of dividends or other
distributions received by our shareholders. Any further increases in such tax
will further reduce net dividends received by our shareholders.
Your rights as a shareholder are governed by South African law,
which differs in material respects from the rights of shareholders under the
laws of other jurisdictions.
Our Company is a public limited liability company incorporated
under the laws of the Republic of South Africa. The rights of holders of our
ordinary shares, and therefore many of the rights of our ADS holders, are
governed by our memorandum of incorporation and by South African law. These
rights differ in material respects from the rights of shareholders in companies
incorporated elsewhere, such as in the United States. In particular, South
African law significantly limits the circumstances under which shareholders of
South African companies may institute litigation on behalf of a company.
Control by principal shareholders could adversely affect our other
shareholders.
Sibanye-Stillwater beneficially owns 50.1% of our outstanding
ordinary shares and voting power and has the ability to control, or exert a
significant influence over, our board of directors. Sibanye-Stillwater will
continue to have significant influence over our affairs for the foreseeable
future, including with respect to the election of directors, the consummation
of significant corporate transactions, such as an amendment of our
constitution, a  merger or other sale of our company or our assets, and all
matters requiring shareholder approval. In certain circumstances,
Sibanye-Stillwater's interests as a principal shareholder may conflict with the
interests of our other shareholders and Sibanye-Stillwater's ability to
exercise control, or exert significant influence, over us may have the effect
of causing, delaying, or preventing changes or transactions that our other
shareholders may or may not deem to be in their best interests. In addition,
any sale or expectation of sale of some or all the shares held by
Sibanye-Stillwater could have an adverse impact on our stock price.
Sales of large volumes of our ordinary shares or ADSs or the
perception that these sales may occur, could adversely affect the prevailing
market price of such securities.
The market price of our ordinary shares or ADSs could fall if
substantial amounts of ordinary shares or ADSs are sold by our stockholders, or
there is the perception in the marketplace that such sales could occur. Current
holders of our ordinary shares or ADSs may decide to sell them at any time.
Sales of our ordinary shares or ADSs, if substantial, or the perception that
any such substantial sales may occur, could exert downward pressure on the
prevailing market prices for our ordinary shares or ADSs, causing their market
prices to decline. Trading activity of hedge funds and the ability to borrow
script in the marketplace will increase trading volumes and may place our share
price under pressure.
ITEM 4. INFORMATION ON THE COMPANY
4A. HISTORY AND DEVELOPMENT OF THE COMPANY
Introduction
DRDGOLD Limited, or DRDGOLD, is a South African
domiciled company that holds assets engaged in surface gold tailings
retreatment in South Africa including exploration, extraction, processing and
smelting.
We are a public limited liability company,
incorporated on February 16, 1895, as Durban Roodepoort Deep, Limited. On
December 3, 2004, the company changed its name from Durban Roodepoort Deep
Limited to DRDGOLD Limited. Our operations focus on South Africa's
Witwatersrand Basin, which has been a gold producing region for over
120 years.
Our shares and/or related instruments trade on the
JSE, and the New York Stock Exchange.
Our registered office and business address is Constantia
Office Park, Cnr 14th Avenue and Hendrik Potgieter Road, Cycad House, Building
17, Ground Floor, Weltevreden Park, 1709, South Africa. The postal address is
P.O. Box 390, Maraisburg, 1700, South Africa. Our telephone number is
(+27 11) 470-2600 and our facsimile number is (+27
86) 524-3061
. We are
registered under the South African Companies Act 71, 2008 under registration
number 1895/000926/06. For our ADSs, the Bank of New York Mellon, at 101
Barclay Street, New York, NY 10286, United States, has been appointed as agent.
All of our operations are conducted in South
Africa.
Our
operations primarily consist of Ergo and FWGR. Our Ergo operations include the
historic Crown operations (which were restructured into Ergo during fiscal year
2012 and have substantially been rehabilitated as at the end of fiscal year 2018)
and the
East Rand Proprietary Mines Limited's ("
ERPM
")
underground mining infrastructure which is
currently under care and maintenance.
19
Ergo
Ergo was formed in June 2007.
Ergo is the surface tailings retreatment operation consisting of
what was historically the Crown Gold Recoveries Proprietary Limited ("
Crown
"),
ERPM Cason Dump operation and the ErgoGold business units.
On July 1, 2012, Ergo acquired the mining assets
and certain liabilities of Crown and all the surface assets and liabilities of
ERPM as part of the restructuring of our surface operations. Also as part of
this restructuring, Ergo acquired DRDGOLD's 35% interest in ErgoGold.
Capital expenditure
for the Ergo projects
is
mainly financed through cash resources and operational cash flows while
financing for significant growth projects may be obtained through specific
financing arrangements if required.
Brakpan/Withok TSF expansion
To extend the life of our Ergo
operation, it is necessary to increase residue tailings deposition capacity at
our Brakpan/Withok TSF.
A legal review of the
existing authorizations was undertaken for increasing the deposition capacity
of the Brakpan/Withok TSF. The results indicated that most of the current
authorizations are sufficient, however certain documentation would need to be
amended.
We
expect this
could increase the potential deposition capacity by approximately
800Mt, and thus, our life of mine from 13 years to more than 20 years.
For further information on other
capital investments, divestures, capital expenditure and capital commitments,
see Item 4D. Property, Plant and Equipment, and Item 5B. Liquidity and Capital
Resources.
FWGR
On July 31, 2018, we acquired certain
gold surface processing assets and tailing storage facilities that included
Driefontein 3 and 5, Kloof 1, Venterspost North and South, Libanon, Driefontein
4, Driefontein 2 plant, Driefontein 3 plant, WRTRP pilot plant, and land
required for the future development of a central processing plant, regional
tailings storage facility and return water dam (together, the "
WRTRP Assets
")
associated with Sibanye-Stillwater's WRTRP, subsequently renamed FWGR.  This
acquisition represented a significant increase in our assets, which
impacted our results in fiscal 2019 and fiscal 2020
. In connection with the acquisition, we issued to
Sibanye-Stillwater new shares equal to 38.05% of outstanding shares and granted
Sibanye-Stillwater an option to acquire up to a total of 50.1% of our shares
within a period of 2 years from the effective
date of the acquisition at a 10% discount to the prevailing market value
. On January 8, 2020, Sibanye-Stillwater exercised the
option and subscribed for 168,158,944 DRDGOLD shares at an aggregate
subscription price of R1,086 million, on January 22, 2020 (R6.46 per DRDGOLD share).
The assets acquired are to be developed in two phases
– Phase 1 and Phase 2.
FWGR Phase 1
Phase 1 envisioned the reclamation of Driefontein 5
dumps through a reconfigured Driefontein 2 plant and deposition onto the
Driefontein 4 tailings storage facility.
Although the Phase 1 upgrade of the Driefontein 2 Plant was
essentially complete by the end of fiscal 2019, a decision was made to bypass
the mill so that further improvements to the mill liner configuration could be
made. These modifications were successfully completed, and the mill was
recommissioned in September 2019. A further upgrade to convert the mill to
closed circuit from the current open circuit is being considered for fiscal
2021. We believe that this will improve the grind of the material and yield
more gold.
The Driefontein 4 tailings storage facility
was an upstream day-wall dam with a capacity of approximately 200,000 tonnes
per month. In order to increase the deposition capacity to 500 000 tonnes
per month, the conversion of this dam to cyclone deposition commenced in fiscal
2019. The conversion of the dam to cycloning has been successful and this
allows a deposition capacity of 500,000 tonnes per month until at least the end
of calendar year 2024.
FWGR Phase 2 expansion
An engineering consulting company has been engaged to
undertake the relevant feasibility study for the Phase 2 expansion project.
Phase 2 includes the construction of a new Central Processing Plant ("
CPP
")
with a capacity of between 1.2 to 2.4 million tonnes per month and the
equipping of the required reclamation sites and pipeline infrastructure to
supply the relevant resources to the CPP.
Phase 2 also includes the construction of a new
Regional Tailings Storage Facility ("
RTSF
")
, that we believe is necessary in order to develop our
FWGR as envisaged [by our management], the new RTSF is expected to be capable
of processing 3 million tonnes per month up to a capacity of approximately 800
million tonnes. An external consultant has been appointed to lead the team
designing the RTSF. It is anticipated that the definitive feasibility studies
will be complete in the first half of fiscal year 2021 and that dam construction
will commence in first half fiscal year 2022. The plant construction is
anticipated to commence 6-9 months later.
Financing for significant growth projects may be
obtained through specific financing arrangements if required. Capital
expenditure for FWGR Phase 1 was financed through our RCF (Refer to Item 18.
"Financial Statements - Note 20 – Capital Management). Significant financing is
required for the Phase 2 expansion which is expected to be financed through a
combination of cash resources, the RCF and operational cash flows. Capital
expenditure for other projects is mainly financed through cash resources and
operational cash flows.
For further information on other
capital investments, divestures, capital expenditure and capital commitments,
see Item 4D. Property, Plant and Equipment, and Item 5B. Liquidity and Capital
Resources.
20
ERPM
ERPM, which consists of an underground mine which
has been under care and maintenance since fiscal year 2009, and ERPM Extension
1 and 2 exploration tenements, were acquired in October, 2002. Underground
mining at ERPM was halted in October 2008. On July 1, 2012, ERPM sold its
surface mining assets and its 65% interest in ErgoGold to Ergo in exchange for
shares in Ergo as part of the restructuring of our surface operations.
In December 2018, ERPM concluded revised agreements
to dispose certain of its underground assets to OroTree Limited ("
Orotree
").
The disposal of the underground mining and prospecting rights were concluded in
the second half of the financial year ended June 30, 2019. Orotree did not
exercise an option to purchase the underground mining infrastructure.
Crown
Crown was
acquired on September 14, 1998. Due to the depletion of ore reserves in the
western Witwatersrand, the Crown plant ceased operation in March 2017.
4B. BUSINESS OVERVIEW
We are a South African company
that holds assets engaged in surface gold
tailings retreatment including exploration, extraction, processing and smelting
. Our surface tailings retreatment operations,
including the requisite infrastructure and metallurgical processing plants, are
located in South Africa. Our operating footprint is unique in that it involves
some of the largest concentration of gold tailings deposits in the world,
situated within the city boundaries of Johannesburg and its suburbs and the far
west rand of the province of Gauteng.
The success of DRDGOLD's long-term goal to extract as
much gold as possible
and economically
viable
from its assets depends, to a large extent, on how
effectively it continues to manage its capitals. DRDGOLD uses sustainable
development to direct its strategic thinking. We seek sustainable benefits in
respect to financial, manufactured, natural, social and human capitals, each of
which is essential to our operations.
We also aim to align and overlap the interests of
each of these capitals in such a manner that an investment in any one
translates into value-added increases in as many of the others as possible. We
therefore seek to achieve an enduring and harmonious alignment between them,
and we pursue these criteria in the feasibility analysis of each investment.
The board intends to explore opportunities made possible by technology, which could
entail further investment in research and development ("
R&D
") to
improve gold recoveries even further over the long term.
On July 31, 2018, we acquired the gold
assets associated with Sibanye-Stillwater's WRTRP, subsequently renamed FWGR. 
This acquisition represented a significant increase in our assets.
During the fiscal years presented in this Annual
Report, all of our operations took place in one geographic region, namely South
Africa.
Description of Our Mining Business
Surface tailings retreatment
Surface tailings retreatment involves the extraction
of gold from old mine dumps and slimes dams,
comprising
the waste material from earlier underground gold mining activities. This is
done by reprocessing sand dumps and slimes dams. Sand dumps are the result of
the less efficient stamp-milling process employed in earlier times. They
consist of coarse-grained particles which generally contain higher quantities
of gold. Sand dumps are reclaimed mechanically using front end loaders that
load sand onto conveyor belts. The sand is fed onto a screen where water is
added to wash the sand into a sump, from where it is pumped to the plant. Most
sand dumps have already been retreated using more efficient milling methods.
Lower grade slimes dams were the product of the "tube and ball mill" recovery
process. This material has become economically more viable to process owing to
improved treatment methods. The material from the slimes dams is broken down
using monitor guns that spray jets of high pressure water at the target area.
The resulting slurry is then pumped to a treatment plant for processing.
Exploration
Exploration activities are
focused on the extension of existing ore reserves and identification of new ore
reserves both at existing sites and at undeveloped sites. Once a potential site
has been identified, exploration is extended and intensified in order to enable
clearer definition of the site and the portions with the potential to be mined.
Geological techniques are constantly refined to improve the economic viability
of exploration and exploitation.
Our Metallurgical Plants and Processes
A detailed review of the metallurgical plants and
processes is provided under Item 4D. Property, Plant and Equipment.
21
Gold Market
The gold market is relatively liquid compared to
other commodity markets, and the price of gold is quoted in dollars. Physical
demand for gold is primarily for manufacturing purposes, and gold is traded on
a world-wide basis. Refined gold has a variety of uses, including jewelry,
electronics, dentistry, decorations, medals and official coins. In addition,
central banks, financial institutions and private individuals buy, sell and
hold gold bullion as an investment and as a store of value.
The use of gold as a store of value and the
large quantities of gold held for this purpose in relation to annual mine
production have meant that historically the potential total supply of gold has
been far greater than demand. Thus, while current supply and demand play some
part in determining the price of gold, this does not occur to the same extent
as in the case of other commodities. Instead, the gold price has from time to
time been significantly affected by macro-economic factors such as expectations
of inflation, interest rates, exchange rates, changes in reserve policy by
central banks and global or regional political and economic crises. In times of
inflation and currency devaluation or economic uncertainty gold is often seen
as a safe haven, leading to increased purchases of gold and support for its
price.
The average gold spot price increased by 24%
from $1,263 per ounce to $1,562 per ounce
during fiscal year
2020
after having decreased by 3% from $1,297
per ounce
to
$1,263
per ounce
during the fiscal
year
2019 and having increased by 3% from $1,257
per ounce
to
$1,297
per ounce
during the fiscal
year
2018. The average gold price received by us
for fiscal year 2020 increased by 33% to R768,675 per kg compared to the
previous year at R577,483 per kg.
We generally take full exposure to the US
dollar spot price of gold and rand/dollar exchange rate. The higher the gold
price, the higher our profit margin and
visa versa
. We benefited from a
sustained upswing in gold price in the fourth quarter of fiscal 2020, and in
the first quarter of fiscal 2021, following the global response to the COVID-19
pandemic, the gold price surged further to all-time highs.
Investors globally, as they have in so many
previous times of crisis, turned to gold and gold stocks as a safe haven asset,
leading to a surge in the average gold price from R781,261 per kg in the
quarter ended March 31, 2020 to R988,030 per kg for the quarter ended June 30,
2020. The rand/dollar exchange rate remained volatile throughout the year
mainly as a result of economic uncertainty and perceived political instability,
global market slowdown sentiment, tensions between the USA and China, low
economic growth, and a seemingly terminally distressed Eskom. Further
volatility in the Rand was fueled by Moody's
downgrade of South Africa's sovereign credit rating to sub-investment grade as
a result of "continuing
deterioration in fiscal strength and
structurally very weak economic growth."
Looking ahead we believe that the global
economic environment (particularly during the COVID-19 pandemic), including
escalating sovereign and personal levels of debt, economic volatility and the
oversupply of foreign currency, will continue to make gold attractive to
investors.
The supply of gold has shrunk
in recent years
and is likely to shrink even more due to the significantly reduced
capital expenditure and development occurring in the sector.  We believe that
this, coupled with global economic uncertainty, is likely to provide support to
the gold price in the long term.
All of our revenue is generated in South Africa. Our total revenue
for fiscal year ended June 30, 2020 amounted to R4,185.0 million (2019: R2,762.1
million and 2018: R2,490.4 million).
All gold we produce is sold on our behalf by Rand
Refinery Proprietary Limited (Rand Refinery) in accordance with a refining
agreement entered into in October 2001 and updated in July 2018. The gold bars
which we produce consist of approximately 85% gold, 7-8% silver and the
remaining balance comprises copper and other common elements. The gold bars are
sent to Rand Refinery for assaying and final refining where the gold is
purified to 99.9% and cast into troy ounce bars of varying weights. The Group
recognizes revenue from the sale of gold at a point in time when Rand Refinery,
acting as an agent for the sale of all gold produced by the Group, delivers the
Gold to the buyer. The sales price is fixed at the London afternoon fixed
dollar price on the day the Gold is delivered to the buyer. The dollar proceeds
are remitted to us within two days. In exchange for this service, we pay Rand
Refinery a variable refining fee plus fixed marketing and administration fees.
We own 11% (fiscal year
2019
and
2018
: 11%) of Rand
Refinery.
Ore Reserves
Ore Reserve estimates in this Annual Report are reported in
accordance with the requirements of the SEC's Industry Guide 7. Accordingly, as
of the date of reporting, all ore reserves are planned to be mined under the
life of mine plan within the period of our existing rights to mine, or within
the time period of assured renewal periods of our rights to mine. In addition,
as of the date of this report, all ore reserves are covered by required permits
and governmental approvals. See Item 4D. Property, Plant and Equipment for a
description of the rights in relation to each mine.
In South Africa, we are legally required to publicly report Ore
Reserves and Mineral Resources in compliance with the South African Code for
the Reporting of Exploration Results, Mineral Resources and Mineral Reserves,
or SAMREC Code. The SEC's Industry Guide 7 does not currently recognize Mineral
Resources. Accordingly, we do not include estimates of Mineral Resources in
this Annual Report. The SEC has adopted rules that will amend Guide 7 in future
years to required the inclusion of Mineral Resources in additional to Mineral
Reserves.
Ore Reserve calculations are subject to a review conducted in
accordance with SEC Industry Guide 7.
Ore
Reserve tons, grade and content are quoted as delivered to the gold plant. There
are two types of methods available to select ore for mining. The first is
pay-limit, which includes cash operating costs, including overhead costs, to
calculate the pay-limit grade. The second is the cut-off grade which includes
cash operating costs, excluding fixed overhead costs, to calculate the cut-off
grade, resulting in a lower figure than the full pay-limit grade. The cut-off
grade is based upon direct costs from the mining plan, taking into
consideration production levels, production efficiencies and the expected
costs. We use the pay-limit to determine which areas to mine as an overhead
inclusive amount that is indicative of the break-even position.
22
The pay-limit approach is
based on the minimum in-situ grade of reclamation sites, for which the
production costs, which includes all overhead costs, including head office
charges, are equal to a three-year historical average gold price per ounce for
that year. This calculation also considers the previous three years' mining and
milling efficiencies, which includes metallurgical and other mining factors and
the production plan for the next twelve months. Only areas above the pay-limit
grade are considered for mining. The pay-limit grade is higher than the cut-off
grade, because this includes overhead costs, which indicates the break-even
position of the operation.
When delineating the economic limits to the ore
bodies, we adhere to the following guidelines:
·
The potential ore to be mined is well defined
by an externally verified and approved geological model;
·
The potential ore, which is legally allowed
to be mined, is also confined by the mine's lease boundaries; and
·
A business plan is prepared to mine the
potential ore.
Our Ore Reserves figures are estimates, which may
not reflect actual ore reserves or future production. These figures are
prepared in accordance with industry practice, converting mineral deposits to
an Ore Reserve through the preparation of a mining plan. The Ore Reserve
estimates contained herein inherently include a degree of uncertainty and
depend to some extent on statistical inferences. Ore reserve estimates require
revisions based on actual production experience or new information. Should we
encounter mineralization or formations different from those predicted by past
drilling, sampling and similar examinations, ore reserve estimates may have to
be adjusted and mining plans may have to be altered in a way that might
adversely affect our operations
and
actual gold recoveries may differ from those indicated in our Ore Reserves
. Moreover, if the price of gold declines, or
stabilizes at a price that is lower than recent levels, or if our production
costs increase or recovery rates decrease, it may become uneconomical to
recover Ore Reserves containing relatively lower grades of mineralization.
Our
Ore Reserves are prepared using three-year average rand gold prices. We prepare
business plans using the forecast rand gold price at the time of the ore
reserve determination.
Gold prices and exchange rates used for Ore Reserves and for our
business plan are outlined in the following table.
June, 30
June, 30
June, 30
2020
2019
2018
Three-year average
Prevailing gold price
Three-year average gold price
Prevailing gold price
Three-year average gold price
Prevailing gold price
Reserve gold price –$/oz
1,375
1,666
1,272
1,369
1,240
1,328
Reserve gold price –R/kg
629,263
905,774
552,585
629,404
543,327
550,411
Exchange rate –R/$
14.24
16.91
13.53
14.30
13.63
12.90
O
ur Ore
Reserves (imperial) changed in the past three fiscal years as follows:
·
Our Ore Reserves (imperial) decreased from 5.770 million ounces at
June 30, 2019, to 5.725 million ounces at June 30, 2020
, mainly because of depletion through
ongoing mining activities as well as the Grootvlei dump 6/L/16 of 0.3Moz no
longer being classified as an Ore Reserve. The decrease was offset by inclusion
of Marievale dumps at Ergo of 0.5Moz.
·
Our Ore Reserves (imperial) increased from 3.28 million ounces at
June 30, 2018, to 5.770 million ounces at June 30, 2019,
mainly because of the
acquisition of the gold assets associated with the
Sibanye-Stillwater
WRTRP project, subsequently renamed FWGR, that added Ore Reserves of 2.72Moz
.
The increase was offset by depletion through ongoing mining activities.
The life-of-mine for Ergo based on proven and probable ore
reserves under Industry Guide 7 of the SEC as at
June 30, 2020
, was 13 years (
June 30, 2019
: 11
years,
June 30, 2018
: 12 years). The increase was
due
the inclusion
of the Marievale dumps at Ergo of 0.5Moz.
The life of mine for FWGR based on proven and
probable ore reserves under Industry Guide 7 of the SEC as at
June 30,
2020
was 20 years (
June 30, 2019:
15 years).
23
DRDGOLD's Ore Reserves as of
  June 30, 2020 and 2019 are set forth in the tables below.
The Ore Reserves listed in the
  table below are estimates of what can be legally and economically recovered
  from operations, and, as stated, are estimates of tons delivered to the
  plant.
Ore Reserves: Imperial
At June 30, 2020
At June 30, 2019
Proven Ore Reserves
Probable Ore Reserves
Proven Ore Reserves
Probable Ore Reserves
Tons
Grade
Gold Content
Tons
Grade
Gold Content
Tons
Grade
Gold Content
Tons
Grade
Gold Content
(mill)
(oz/ton)
('000 ozs)
(mill)
(oz/ton)
('000 ozs)
(mill)
(oz/ton)
('000 ozs)
(mill)
(oz/ton)
('000 ozs)
Surface
Ergo
50,012
0.01
439
291,991
0.01
2,688
61,672
0.01
540
283,675
0.01
2,540
FWGR
1
248,334
0.01
2,463
13,994
0.01
135
194,883
0.01
2,070
74,106
0.01
620
Total
298,346
0.01
2,902
305,985
0.01
2,823
256,555
0.01
2,610
357,781
0.01
3,160
Ore reserves: Metric
At June 30, 2020
At June 30, 2019
Proven Ore Reserves
Probable Ore Reserves
Proven Ore Reserves
Probable Ore Reserves
Tonnes
Grade
Gold Content
Tonnes
Grade
Gold Content
Tonnes
Grade
Gold Content
Tonnes
Grade
Gold Content
(mill)
(g/tonne)
(tonnes)
(mill)
(g/tonne)
(tonnes)
(mill)
(g/tonne)
(tonnes)
(mill)
(g/tonne)
(tonnes)
Surface
Ergo
45.37
0.300
13.61
264.89
0.316
83.61
55.95
0.300
16.80
257.35
0.307
79.13
FWGR
1
225.29
0.340
76.55
12.70
0.330
4.19
176.80
0.365
64.58
67.23
0.285
19.13
Total
270.66
0.333
90.16
277.59
0.316
87.80
232.75
0.350
81.38
324.58
0.303
98.26
1
The Venterspost North Dump
  has been reclassified from a probable ore reserve in fiscal 2019 to a proven
  ore reserve in fiscal 2020 following improved certainty regarding the
  associated recoveries.
24
CONSOLIDATED
 STATEMENT OF CASH FLOWS
for the year
 ended June 30, 2020
The
measurement and classification of our Proven and Probable Ore Reserves are
sensitive to an extent to the fluctuation of the rand gold price. If we had
used different rand gold prices than the three-year average prices at the time
of ore reserve determination, as of June 30, 2020 and 2019 respectively, we
would not have had significantly different ore reserves as of those dates.
Using the same methodology and assumptions as were used to estimate Ore
Reserves but with different rand gold prices as detailed below, our Ore
Reserves as of June 30, 2020 and 2019 would be as follows:
Year ended June 30, 2020
Three-year average gold price
Prevailing price
10% Below prevailing price
10% Above prevailing price
Rand gold price per kilogram
629,263
905,774
815,197
996,351
Dollar gold price per ounce
1,375
1,666
1,499
1,833
Ore Reserves (million ounces)
5.73
5.73
5.73
5.73
Year ended June 30, 2019
Three-year average gold price
Prevailing price
10% Below prevailing price
10% Above prevailing price
Rand gold price per kilogram
552,585
629,404
566,464
692,344
Dollar gold price per ounce
1,272
1,369
1,232
1,506
Ore Reserves (million ounces)
5.77
5.77
5.77
5.77
The approximate mining recovery factors
  for the 2020 ore reserves shown in the above table are as follows:
Mine Call Factor
Metallurgical recovery factory
(%)
(%)
Ergo
100
46
FWGR
100
53
The approximate mining recovery factors
  for the 2019 ore reserves shown in the above table are as follows:
Mine Call Factor
Metallurgical recovery factory
(%)
(%)
Ergo
100
47
FWGR
100
52
The following table shows the average
  drill/sample spacing (rounded to the nearest foot), as at June 30, 2020 and
  2019, for
each category of Ore Reserves at our
  mines calculated based on a three year average dollar price of gold.
Proven
Probable
Reserves
Reserves
Ergo and FWGR
328 ft. by 328 ft.
328 ft. by 328 ft.
The pay-limit grades based on the three
  year average dollar price for gold amounting to R629,263/kg and costs used to
  determine
reserves as of June 30, 2020, are as
  follows:
Costs used to determine pay-
Pay-limit grade (g/t)
limit grade (R/t)
Ergo
0.220
66.24
FWGR
0.220
61.12
The pay-limit grades based on the three
  year average dollar price for gold amounting to R552,585/kg and costs used to
  determine
reserves as of June 30, 2019, are as
  follows:
Costs used to determine pay-
Pay-limit grade (g/t)
limit grade (R/t)
Ergo
0.200
60.22
FWGR
0.220
61.12
We apply the pay-limit approach to the
  mineralized material database of our business in order to determine the
  tonnage and
grade available for mining.
F-
25
NOTES
 TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
for the year ended June 30, 2020
Governmental regulations and their effects on
our business
Common Law Mineral Rights and Statutory
Mining Rights
Prior to the introduction of
the Minerals and Petroleum Resources Development Act, or MPRDA in 2002,
ownership in mineral rights in South Africa could be acquired through the
common law or by statute. With effect from May 1, 2004, all minerals have been
placed under the custodianship of the South African government under the
provisions of the MPRDA and old order proprietary rights were required to be
converted to new order rights of use within certain prescribed periods, as
dealt with in more detail below.
Mine
dumps create before the MPRDA became law fall outside the MPRDA and do not
require a mining license to be processed nor does it require the extensive
rehabilitation and closure guarantees that are a feature of the MPRDA. Many of
the activities to re-process a mine dump do fall under the provisions of the
National Environmental Management Act though, which requires at it most basic
the compilation and submission of an Environmental Impact Assessment.
Conversion of Rights under the Mineral and Petroleum Resources
Development Act, 2002
Existing old order rights were required to be
converted into new order rights in order to ensure exclusive access to the
mineral for which rights existed at the time of the enactment of the MPRDA. In
respect of used old order mining rights, the DMR is obliged to convert the
rights if the applicant complies with certain statutory criteria. These include
the submission of a mining works program, demonstrable technical and financial
capability to give effect to the program, provision for environmental management
and rehabilitation, and compliance with certain black economic empowerment
criteria and a social and labor plan. These applications had to be submitted
within five years after the promulgation of the MPRDA on May 1, 2004.
Similar procedures apply where we hold prospecting rights and a prospecting
permit and conduct prospecting operations. Under the MPRDA mining rights are
not perpetual, but endure for a fixed period, namely a maximum period of thirty
years, after which they may be renewed for a further period of thirty years.
Prospecting rights are limited to five years, with one further period of
renewal of three years. Applications for conversion of our old order rights
were submitted to the DMR within the requisite time periods. As at June 30,
2020 and September 30, 2020 respectively, all of our Ergo operation's old order
mining rights have been converted into new order rights under the terms of the
MPRDA.
The Broad Based Socio-Economic Empowerment Charter
In order to promote broad based participation in
mining revenue, the MPRDA provides for a Mining Charter to be developed by the
Minister within six months of commencement of the MPRDA beginning May 1, 2004.
The Mining Charter was initially published in August 2004 and was subsequently
amended in September 2010. Its objectives include:
·
increased direct and indirect ownership of
mining entities by qualifying parties as defined in the Mining Charter;
·
expansion of opportunities for persons
disadvantaged by unfair discrimination under the previous political
dispensation;
·
expansion of the skills base of such persons,
the promotion of employment and advancement of the social and economic welfare
of mining communities; and
·
promotion of beneficiation.
The Mining Charter sets certain goals on
equity participation (amount of equity participation and time frames) by
historically disadvantaged South Africans of South African mining assets. It
recommends that these are achieved by, among other methods, disposal of assets
by mining companies to historically disadvantaged persons on a willing seller,
willing buyer basis at fair market value. The goals set by the Mining Charter
require each mining company to achieve 15 percent ownership by
historically disadvantaged South Africans of its South African mining assets
within five years and 26 percent ownership by May 1, 2014. It also sets
out guidelines and goals in respect of employment equity at management level
with a view to achieving 40 percent participation by historically
disadvantaged persons in management and ten percent participation by women in
the mining industry, each within five years from May 1, 2004. Compliance with
these objectives is measured on the weighted average "scorecard" approach in
accordance with a scorecard which was first published around August 2010.
The Mining Charter and the related scorecard are
not legally binding and, instead, simply state a public policy. However, the
DMR places significant emphasis on the compliance therewith. The Mining Charter
and scorecard have a decisive effect on administrative action taken under the
MPRDA.
In
recognition of the Mining Charter's objectives of transforming the
mining industry by increasing the number of black people in the industry to
reflect the country's population demographics, to empower and enable them to
meaningfully participate in and sustain the growth of the economy, thereby
advancing equal opportunity and equitable income distribution, we
have achieved our commitment to ownership
compliance with the MPRDA through our existing black economic empowerment
structure. Our black economic empowerment partner, the DRDSA Empowerment Trust,
holds 1.2% in DRDGOLD Limited. (See Item 4C. Organizational Structure).
The mining industry in South Africa is extensively
regulated through legislation and regulations issued by government's
administrative bodies. These involve directives with respect to health and
safety, mining and exploration of minerals, and managing the impact of mining
operations on the environment. A change in regulatory or government policies
could adversely affect our business.
On September 27, 2018 the Broad-Based Socio-Economic
Empowerment Charter for the Mining and Minerals Industry, 2018 ("
Mining
Charter 2018
") was published in Government Gazette No. 41934 of Government
Notice No. 639 on September 27, 2018 superseding and replacing all previous
charters, including the Reviewed Broad-Based Black Economic Empowerment Charter
for the South African Mining and Minerals Industry, 2016 ("
Mining Charter
III
").
F-
26
NOTES
 TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
for the year ended June 30, 2020
Mining Charter 2018 requires
an enduring 30% BEE interest in respect of new mining rights. It also has
extensive provisions in respect of HDP representation at board and management,
as well provisions relating to local procurement of goods and services. The
procurement target of the total spend on services from South African companies
has been pegged at 80% (up from 70% in Mining Charter III) and 60% of the
aggregate spend thereof must be apportioned to BEE entrepreneurs.
Key provisions of Mining Charter 2018, which are
welcomed by the industry are:
•               The conditional acceptance of
the continued consequences of previous compliance of the BEE ownership
threshold of 26% in respect of existing mining rights;
•               Of the 30% HDP ownership
component, qualifying employees and communities are each to hold a 5% carried
interest (as opposed to a free carry interest as per Mining Charter III)  the
cost of which may be recovered by the mining right holder from the development
of the asset. The community interest in turn may be offset by way of an equity
equivalent;
•               Removal of the so-called 1% of EBITDA trickle
dividend provided for in Mining Charter III; and
•               The removal of provisions requiring community and
employee representation at board level.
Elements of Mining Charter 2018 which we consider
unfortunate, and which will be the topic of ongoing discussion with the DMR, 
are:
•               that the continuing consequences of HDP ownership
are not recognized for transfers of mining rights; and
•               that a top up of HDP ownership back to 30% is
required for the renewal of existing rights.
In April 2018, judgement was handed down by the
North Gauteng High Court in Pretoria against a provision in the 2017 Mining
Charter which required holders of mining rights to top up the HDP ownership to
30%. The DMR in August 2020, withdrew their notice to appeal to the Supreme
Court of Appeal in respect of the judgement issued in April 2018 by the Pretoria
High Court.
The Minerals Council SA has also brought forward
an application for a review of the Mining Charter 2018's provision that the
recognition of continued consequences of HDP ownership would not apply in cases
of the renewal of existing rights and therefore a top-up to 30% is required.
This matter is still in pending in the High Court.
Mine Health and Safety Regulation
The South African Mine Health and Safety Act, 1996
(as amended), or the Mine Health and Safety Act, came into effect in
January 1997. The principal object of the Mine Health and Safety Act is to
improve health and safety at South African mines and, to this end, imposes
various duties on us at our mines and grants the authorities broad powers to,
among other things, close unsafe mines and order corrective action relating to
health
and safety matters. In the event of any future accidents at any of
our mines, regulatory authorities could take steps which could increase our
costs and/or reduce our production capacity. The
Act was amended in
2009
and the amendments to the Act dealt with
inter alia
the stoppage of
production and increase punitive measures including increased financial fines
and legal liability of mine management. Some of the more important provisions
in the 2009 amendment bill are the insertion of section 50(7A) that obliges an
inspector to impose a prohibition on the further functioning of a site where a
person's death, serious injury or illness to a person or a health threatening
occurrence has occurred; a new section 86A(1) creating a new offence for any
person who contravenes or fails to comply with the provisions of the Mine
Health and Safety Act thereby causing a person's death or serious injury or
illness to a person. Subsection (3) further provides that (a) the "fact that
the person issued instructions prohibiting the performance or an omission is
not in itself sufficient proof that all reasonable steps were taken to prevent
the performance or omission"; and that (b) "the defense of ignorance or mistake
by any person accused cannot be permitted"; or that (c) "the defense that the
death of a person, injury, illness or endangerment was caused by the
performance or an omission of any individual within the employ of the employer
may not be admitted"; section 86A(2) creating an offence of vicarious liability
for the employer where a Chief Executive Officer, manager, agent or employee of
the employer committed an offence and the employer either connived at or
permitted the performance or an omission by the Chief Executive Officer,
manager, agent or employee concerned; or did not take all reasonable steps to
prevent the performance or an omission. The maximum fines were also increased.
Any owner convicted in terms of section 86 or 86A may be sentenced to
"withdrawal or suspension of the permit" or to a fine of R3 million or a period
of imprisonment not exceeding five years or to both such fine and imprisonment,
while the maximum fine for other offences and for administrative fines have all
been increased, with the highest being R1 million.
Under the South African Compensation for
Occupational Injuries and Diseases Act, 1993 (as amended), or COID Act,
employers are required to contribute to a fund specifically created for the
purpose of compensating employees or their dependents for disability or death
arising in the course of their work. Employees who are incapacitated in the
course of their work have no claim for compensation directly from the employer
and must claim compensation from the COID Act fund. Employees are entitled to
compensation without having to prove that the injury or disease was caused by negligence
on the part of the employer, although if negligence is involved, increased
compensation may be payable by this fund. The COID Act relieves employers of
the prospect of costly damages, but does not relieve employers from liability
for negligent acts caused to third parties outside the scope of employment. In
fiscal year 2020, we contributed approximately R4.3 million under the COID Act
(2019: R3.7 million and 2018: R3.6 million) to a multi-employer industry fund
administered by Rand Mutual Assurance Limited.
Under the Occupational Diseases in Mines and Works
Act, 1973 (as amended), or the Occupational Diseases Act, the multi-employer
fund pays compensation to employees of mines performing "risk work," usually in
circumstances where the employee is exposed to dust, gases, vapors, chemical
substances or other working conditions which are potentially harmful, or if the
employee contracts a "compensatable disease," which includes pneumoconiosis,
tuberculosis, or a permanent obstruction of the airways. No employee is
entitled to benefits under the Occupational Diseases Act for any disease for
which compensation has been received or is still to be received under the COID
Act. These payment requirements are based on a combination of the employee
costs and claims made during the fiscal year.
F-
27
NOTES
 TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
for the year ended June 30, 2020
Uranium and radon are often
encountered during the ordinary course of gold mining operations in South
Africa, and present potential risks for radiation exposure of workers at those
operations and the public to radiation in the nearby vicinity. We monitor our
uranium and radon emissions for compliance with all local laws and regulations
pertaining to uranium and radon management and under the current legislative
exposure limits prescribed for workers and the public, under the Nuclear Energy
Act, 1999 (as amended) and Regulations from the National Nuclear Regulator.
Environmental Regulation
Managing the impact of mining on the
environment is extensively regulated by statute in South Africa. Recent
statutory enactments set compliance standards both generally, in the case of
the National Environmental Management Act, and in respect of specific areas of
environment impact, as in the case of the Air Quality Act 2004, the National
Water Act (managing effluent), and the Nuclear Regulator Act 1999. Liability
for environmental damage is also extended to impose personal liability on
managers and directors of mining corporations that are found to have violated
applicable laws.
The impact on the environment by mining
operations is extensively regulated by the MPRDA. The MPRDA has onerous
provisions for personal liability of directors of companies whose mining
operations have an unacceptable impact on the environment.
Mining companies are also required to demonstrate
both the technical and financial ability to sustain an ongoing environmental
management program, or EMP, and achieve ultimate rehabilitation, the
particulars of which are to be incorporated in an EMP. This program is required
to be submitted and approved by the DMR as a prerequisite for the issue of a
new order mining right. Various funding mechanisms are in place, including
trust funds, guarantees and concurrent rehabilitation budgets, to fund the
rehabilitation liability.
The MPRDA imposes specific, ongoing
environmental monitoring and financial reporting obligations on the holders of
mining rights.
We believe that our environmental risks have been
addressed in EMPs which have been submitted to the DMR for approval.
Additionally, key environmental issues have been prioritized and are being
addressed through active management input and support as well as progress
measured in terms of activity schedules and timescales determined for each
activity.
Our existing reporting and controls framework is
consistent with the additional reporting and assessment requirements of the
MPRDA.
Financial Provision for Rehabilitation
We are required to make financial provision for
the cost of mine closure and post-closure rehabilitation, including monitoring
once the mining operations cease. We fund these environmental rehabilitation
costs by irrevocable contributions to environmental trust funds that function
under the authority of trustees that have been appointed by, and who owe a
statutory duty of trust to the Master of the High Court of South Africa. The
funds held in these trusts are invested primarily in interest bearing call
deposits. As of June 30, 2020, we held a total of R542.2 million (2019: R508.9
million) in trust, the balance held in each fund being R122.1 million (2019:
R114.8 million) for Ergo, R408.1 million (2019: R382.9 million) for FWGR and
R12.0 million (2019: R11.3 million) for ERPM. Trustee meetings are held as
required and quarterly reports on the financial status of the funds, are
submitted to our board of directors. If any of the operations are prematurely
closed, the rehabilitation funds may be insufficient to meet all the
rehabilitation obligations of those operations.
Whereas the old Minerals Act allowed for the
establishment of a fully funded rehabilitation fund over the operational life
of mine, the MPRDA assumes a fully compliant fund at any given time. Insurance
instruments may also be utilized to make up the shortfall in available cash
funds subject to the DMR's consent. The Company has subsequently made use of
approved insurance products for a portion of its rehabilitation liabilities. As
of June 30, 2020, we held a total of R83.8 million (2019: R78.6 million) in
funds held in insurance instruments. As at June 30, 2020 guarantees amounting
to R427.3 million (2019: R427.3 million) were issued to the DMR.
The provision for environmental rehabilitation for
the group was R568.9 million at June 30, 2020, compared to R682.6 million at
June 30, 2019.
New Financial Provisioning Regulations ("
FPR
")
were promulgated on November 20, 2015 under the National Environmental
Management Act, 107 of 1998 ("
NEMA
")
by the Department of
Environmental Affairs ("
DEA
")
.
Proposed amendments to the FPRs were published for public comment GNR 1228 GG
41236 of 10 November 2017 ("
Draft Regulations
"), which seek to address
some challenges relating to the implementation thereof.
Under the FPRs to be implemented by the DMR,
existing environmental rehabilitation trust funds, of which DRDGOLD has R542.2
million, may be used only for post closure activities and may no longer be
utilized for their intended purpose of concurrent and final rehabilitation on
closure. As a result, new provisions will have to be made for these activities.
Further amendments to the FPRs, ("
Proposed
Amendments
") were published in September 2018, which extends the compliance
therewith to 19 February 2020.
The Proposed Amendments, in their current form and
which are still subject to the approval of the DMR and Treasury, allow under
certain circumstances for the withdrawal against financial provision (which is
currently not contemplated in the FPR). It is therefore uncertain whether these
provisions relating to withdrawal will remain in their current form, or at
all.
F-
28
NOTES
 TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
for the year ended June 30, 2020
Regulation 5(4) of the
Proposed Amendments states that the determination of financial provision must
be undertaken by a specialist, which according to the definitions listed in the
Proposed Amendments is an "independent person". Regulation 10 of the Proposed
Amendments further requires the annual review and re-assessment of financial
provision by an independent specialist, which in terms of Regulation 11 of the
Proposed Amendments must also be audited by an independent auditor. The Proposed
Amendments do not require that the annual review and re-assessment of financial
provision be audited by a financial auditor.
4C. ORGANIZATIONAL STRUCTURE
The following chart shows our principal subsidiaries as of June
30, 2020 and as of September 30, 2020 respectively. All of our subsidiaries are
incorporated in South Africa. Our voting interest in each of our subsidiaries
are equal to our ownership interests. We hold the majority of our subsidiaries
directly or indirectly as indicated below. Refer to Exhibit 8.1 for a list of
our significant subsidiaries.
F-
29
NOTES
 TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
for the year ended June 30, 2020
4D. PROPERTY, PLANT AND EQUIPMENT
Description of Significant Subsidiaries'
Properties and Mining Operations
Ergo
Overview
We
own 100% of Ergo. Ergo is a surface tailings retreatment operation operating
across central and east Johannesburg
.
In order to improve synergies, effect cost savings
and establish a simpler group structure, DRDGOLD restructured the Group's
surface operations (Crown,
ERPM's Cason Dump surface operation and
ErgoGold) into Ergo with effect from July 1, 2012.
ERPM's Cason Dump surface tailings retreatment operation was depleted in
the first half of fiscal year 2015.
At June 30, 2020, Ergo employed 783 full-time
employees. In addition, specialist service providers deployed a further 1,372
employees to our operations bringing the total number of in-house and
outsourced employees to 2,155 at June 30, 2020 (at June 30, 2019: 2,214
;
at
June 30, 2018: 2,288
)
.
Properties
The Ergo plant is located approximately 43 miles
(70 kilometers) east of the Johannesburg's central business district in the
province of Gauteng on land owned by Ergo. Access to the Ergo plant is via the
Ergo Road on the N17 Johannesburg-Springs motorway. As of June 30, 2020 and
September 30, 2020, no encumbrances exist on Ergo's property.
Following
the restructuring of the Crown operations, which consisted of three separate
locations, City Deep, Crown Mines and Knights, into a single surface
retreatment operation in Ergo, these mining rights were transferred to Ergo in
March 2014.
Our ore
reserves in the western Witwatersrand had become depleted. We therefore took a
decision to close the Crown Mines plant which operated as a pump/milling
station feeding the metallurgical plants until March 2017. By the end of fiscal
year 2018, the Crown sites had been cleared and the rehabilitation of the Crown
plant site was substantially completed.
The City Deep operation is located on the West
Wits line within the Central Goldfields of the Witwatersrand Basin,
approximately 3 miles (5 kilometers) south-east of the Johannesburg central
business district in the province of Gauteng. Access is via the Heidelberg Road
on the M2 Johannesburg-Germiston motorway. The City Deep plant continues to
operate as a pump/milling station feeding the metallurgical plants.
The Knights operation is located at Stanley and
Knights Road Germiston off the R29 Main Reef Road. The Knights plant continues
to operate as a metallurgical plant.
As of June 30, 2020 and
September 30, 2020
, no
encumbrances exist on Ergo's property.
Mining and Processing
Ergo undertakes the retreatment of surface tailings.
Material processed by Ergo is sourced from primary surface sources
namely, sand and slime. The surface sources have generally undergone a complex
depositional history resulting in grade variations associated with improvements
in plant recovery over the period the material was deposited. Archive material
is a secondary source of gold bearing material. This material is generally made
up of old gold metallurgical plant sites.
Our
two gold producing metallurgical plants, Ergo and Knights have an installed
capacity to treat approximately 25 million tons of material per year based on
92% availability
and are fully operational
.
All of the plants have
undergone various modifications during recent years resulting in significant
changes to the processing circuits. The City Deep plant continues to operate as
a pump/milling station feeding the metallurgical plants.
Ergo's assets include: access to tailings
deposited across the western, central and eastern Witwatersrand; a 50km
pipeline; and tailings deposition facilities including the significant
Brakpan/Withok TSF.
The
feedstock is made up of sand and slime which are reclaimed separately. Sand is
reclaimed using mechanical front-end loaders, re-pulped with water and pumped
to the plant. Slime is reclaimed using high pressure water monitoring guns also
known as hydraulic reclamation. The re-pulped slime is pumped to the plant and
the reclaimed material is treated using screens, cyclones, ball mills and
Carbon-in-Leach, or CIL, technology to extract the gold.
Set
forth below is a description of each of our plants in operation:
Ergo Plant:
Commissioned by Anglo American Corporation in 1977, became part of AngloGold
Ashanti in 1998 from which it was acquired for a consideration of
R42.8 million in 2007. The remaining five CIL tanks were refurbished
during fiscal year 2015 to increase capacity to treat up to 25.2Mt per year.
The Ergo FFG project is designed to assist in liberating the gold particles
currently encapsulated in the sulphides and to achieve a targeted improvement
in gold recovery efficiencies of between 16% and 20%.
F-
30
NOTES
 TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
for the year ended June 30, 2020
Knights
Plant:
Commissioned in 1988, this
surface/underground plant comprises a circuit including screening, primary
cycloning, milling in closed circuit with hydrocyclones, thickening, oxygen
preconditioning, CIL, elution, electro-winning and smelting to doré. The
Knights plant, although historically part of the Crown operation, is located
further east and considerably closer to the Brakpan TDF. Due to the location of
the Knights plant it is able to access the Brakpan TDF to deposit waste. The
Knights plant has an installed capacity to treat an estimated 3.6Mt per year.
City Deep Plant:
Commissioned in 1987, this
surface/underground plant comprises a circuit including screening, primary,
secondary and tertiary cycloning in closed circuit milling, thickening, oxygen
preconditioning, CIL, elution and zinc precipitation followed by calcining and
smelting to doré. Retreatment continued at the City Deep Plant until the plant
was decommissioned in August 2013 to operate as a milling and pump station and
is currently pumping material to the Ergo Plant for the final extraction of
gold.
As of June
30, 2020, the net book value of Ergo's mining assets was R1,283.9 million
(2019: R 1,300.4 million).
Capital Expenditure
For a discussion of capital expenditures in
fiscal years 2018, 2019 and 2020, see "Item 5.A. Operating and Financial
Review and Prospects—Capital expenditure"
.
Advance planning is underway for the expansion of
the Brakpan/Withok tailings storage facility to accommodate higher grade
resources in the Far East area of the Gauteng province and further extend the
life of mine of ERGO.
Capital expenditure is financed through cash resources and
operational cash flows while financing for significant growth projects may be
obtained through specific financing arrangements if required. For a summary of
capital expenditure, see Item 5A. Operating Results.
Exploration and Development
Exploration and development activity at Ergo
involve the drilling of surface dumps and evaluating the potential gold bearing
surface material.
Environmental and Closure Aspects
Municipal infrastructure as well as commercial and
residential developments have encroached towards the Ergo operation. The major
environmental risks are associated with dust from various reclamation sites,
and effective management of relocated process material on certain tailings
dams. The impact of windblown dust on the surrounding environment and community
is addressed through a scientific monitoring and evaluation process, with
active input from Professor H. Annagran from the
Cape Peninsula University of Technology
and appropriate community involvement.
Environmental management programs, addressing a wide range of environmental
issues, have been prepared by specialist environmental consultants, which are
audited annually. Water pollution is controlled by means of a comprehensive
system of return water dams which allow for used water to be recycled for use
in Ergo's metallurgical plants. Overflows of return water dams may, depending
on their location, pollute surrounding streams and wetlands. Ergo has an
ongoing monitoring program to ensure that its water balances (in its
reticulation system, on its tailings and its return water dams) are maintained
at levels that are sensitive to the capacity of return water dams.
Dust pollution is controlled through an active
environmental management program for the residue disposal sites and chemical
and organic dust suppression on recovery sites. Short-term dust control is
accomplished through ridge ploughing the top surface of dormant tailings dams.
Additionally, environmentally friendly dust suppressants are applied. Dust
fall-out is monitored through an extensive dust monitoring network monthly, and
is utilized as a management measure to ensure the effectiveness of mitigation
measures employed. In the long-term, dust suppression and water pollution is
managed through a program of progressive vegetation of the tailings followed by
the application of lime, to reduce the natural acidic conditions, and
fertilizer to assist in the growth of vegetation planted on the tailings dam.
A program of environmental restoration that
provides for the rehabilitation of areas affected by mining operations during
the life of the mine is in place. The surface reclamation process at Ergo has
several environmental merits as it removes potential pollution sources and
opens up land for development.
Environmental management and compliance is
further assisted by the in–house developed electronic monitoring system
(Compliance Management Tool) that incorporates all existing Environmental
Impact Assessments ("
EIA
s"), EMPs, Mining Right Conversions, Performance
Assessments and Social and Labor Plans ("
SLP
s") associated with each
mining right. The existing and most recent studies are used to supplement the
management components with regards to the mining right boundaries and its
required compliance parameters. The individual management items are integrated
to provide a holistic overview of the state of each of the mining right areas.
Spatial data pertaining to the mining right boundaries is stored onto a central
database and is utilized to create a live map which illustrates the mining
right area and various environmental monitoring systems. This map depicts the
mining right boundaries, roads, rails, mine dumps, plants, rivers, pipeline
routes, servitudes, way leaves, municipal services and other spatial data
relevant to our mining operations.
While the ultimate amount of rehabilitation
costs to be incurred is uncertain, we have estimated that the total cost for
Ergo, in current monetary terms as at June 30, 2020 is approximately R447.7
million. As at June 30, 2020, a total of R122.1 million (2019: R114.8 million)
is held in the Ergo Rehabilitation Trust Fund, previously called the Crown
Rehabilitation Trust Fund, which is an irrevocable trust, managed by specific
responsible people who we nominated and who are appointed as trustees by the
Master of the High Court of South Africa. In addition, a total of R59.9 million
(2019: R56.2 million) is held in insurance instruments.
F-
31
NOTES
 TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
for the year ended June 30, 2020
Ore Reserves
As at June 30, 2020, our Proven and Probable Ore Reserves
of Ergo was 3.127 million ounces, an increase from 3.080 million ounces at June
30, 2019 due to the addition of Marievale dumps. A Mineral Resource competent
person is appointed at each operation to review our Ore Reserve calculations
for accuracy. For Ergo, Professor Steven Rupprecht is the designated competent
person in terms of the SAMREC Code responsible for the compilation and
reporting of ore reserves.
Production
For fiscal year 2020, production decreased to
128,249 ounces from 144,453 ounces in fiscal year 2020
mainly due the v
olume throughput
that decreased from 23,162Mt to 20,228Mt, a consequence of the COVID-19 Lockdown,
subsequent cautious ramp-up and interruptions in power supply from Eskom and
the City of Ekurhuleni. The impact of this decrease was mitigated by the
increase in
the average yield from 0.194g/t in fiscal 2019 to
0.197g/t in fiscal 2020.
Ergo temporarily halted its operations on
March 26, 2020 pursuant to the announcement of the Lockdown. The Disaster
Management Act regulations subsequently issued by the Department of
Co-operative governance and traditional affairs affirmed that gold mining and
refining are "essential services" and was therefore exempt from restrictions
imposed by the Lockdown.
Ergo
considered numerous processes for recommencing limited operations without
exposing employees to increased risk from COVID-19 whilst at the same time
sustaining the infrastructure and mitigating the impact of the stoppage in
operations. A detailed process followed to study various guidelines and go
through a consultation process with the Department of Mineral Resources and
organized labor to safeguard employees from increased risk of infection.
Various protocols including newly issued Codes of Practices and Safe Operating
procedure manuals to responsibly conduct limited production at our operations
were implemented. To date we have been able to contain infections at our
operations. ERGO recommenced operations on April 9, 2020 with limited sites and
ramped up to almost full production in June 2020. ERGO's Knights plant
recommenced operations on May 7, 2020 and ramped up to almost full production
in June 2020.
Cash operating costs in fiscal year 2020 increased
$80 per ounce from $1,124 in fiscal year 2019 to $1,204 per ounce mainly due to
the decrease in production.
The following table details
  certain production and financial results of Ergo for the past three fiscal
  years.
2020
2019
2018
Production (imperial)
Ore milled ('000 tons)
20,228
23,162
24,281
Recovered grade (oz/ton)
0.006
0.006
0.006
Gold produced (ounces)
128,249
144,453
150,433
Results of Operations
Revenue (R million)
3,064.3
2,577.5
2,490.4
Cost of sales (R million)
2,453.5
2,414.7
2,339.2
Cash operating costs (R
  million)
2,274.0
2,311.1
2,159.7
Cash operating costs
  (R/kilogram)
1
568,476
512,439
458,866
All-in sustaining costs
  (R/kilogram)
1
614,861
521,907
505,622
All-in cost (R/kilogram)
1
621,316
527,624
524,651
1 Cash operating cost, cash operating costs
  per kilogram, all-in sustaining costs per kilogram and all-in costs per
  kilogram are financial measures of performance that we use to determine cash
  generating capacities of the mines and to monitor performance of our mining
  operations. These are all non-IFRS measures. For a reconciliation of these
  measure see Item 5A.: "Operating Results - Reconciliation of cash cost per
  kilogram, all-in sustaining costs per kilogram and all-in costs per
  kilogram."
F-
32
NOTES
 TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
for the year ended June 30, 2020
FWGR
Overview
On July 31, 2018, we acquired WRTRP
Assets, which are surface gold processing assets and tailing storage facilities
in Carletonville
in the West Rand Goldfield of
Gauteng, 30km from Johannesburg,
that include
Driefontein 3 and 5, Kloof 1, Venterspost North and South, Libanon, Driefontein
4, Driefontein 2 plant, Driefontein 3 plant, WRTRP pilot plant, and land for
the development of a central processing plant, regional tailings storage
facility and return water dam associated with Sibanye-Stillwater's WRTRP,
subsequently renamed as FWGR. This acquisition represents a significant
increase in our assets, which had a material impact on our results for fiscal
year ended June 30, 2020.
In connection with the acquisition, we
issued to Sibanye-Stillwater new shares equal to 38.05% of outstanding shares
and granted Sibanye-Stillwater an option to acquire up to a total of 50.1% of
our shares
within a period of 2 years from the effective
date of the acquisition at a 10% discount to the prevailing market value
.
On January 8, 2020,
Sibanye-Stillwater exercised the option. On January 22, 2020 Sibanye-Stillwater
subscribed for 168,158,944 DRDGOLD shares at an aggregate subscription price of
R1,086 million. These shares were allotted and issued at a price of R6.46 per
share, being a 10% discount to the 30-day volume weighted average traded price
The WRTRP Assets consist of the
following:
Asset (incl properties)
Description
Additional tailings dams
Surface tailings dams which form part of the gold
  assets of the WRTRP Assets and which include Driefontein Dumps 3 and 5, Kloof
  1, Venterspost North and South and Libanon Dump.
DP2 Plant
The Driefontein 2 Plant which is located on
  Portion 6 of Farm Blyvooruitzicht No 116 Registration Division I.Q. and
  Remainder of Portion 1 of the Farm Driefontein No 113, Registration Division
  I.Q., Gauteng Province.
The DP2 Plant processed surface rock dumps ("
SRD
")
  material, which was delivered by rail and truck. Throughput is achieved
  through two Semi-Autogenous Grinding ("
SAG
") mills and a ball milling
  circuit, cyanide leaching and a Carbon-in-Pulp ("
CIP
") plant. A
  Carbon-in-leach circuit was commissioned in 2014 at DP2 Plant to improve
  recoveries by replacing the aging CIP circuit.
DP3 Plant
The Driefontein 3 Plant which is located on
  Portion 6 of Farm Blyvooruitzicht No 116, Registration Division I.Q., Gauteng
  Province.
The DP3 Plant
  was originally designed as a uranium plant, but was
c
onverted to process
  low-grade surface rock in 1998. Similar to DP2 Plant, SRD ore was delivered
  by rail and truck. This plant has four SAG mills followed by cyanide leaching
  and a CIP circuit.
Driefontein 4
The current active tailings deposition facility
  which forms part of the gold assets of the WRTRP Assets.
Pilot Plant
The moveable LogiProc pilot plant established to
  test the processes, techniques and assumptions made in the definitive level
  design of the full scale retreatment of dumps as part of the WRTRP Assets and
  located at Driefontein 1 Plant.
Plan and Materials
Any and all drawings, plans, studies (including
  feasibility studies of a geological or geotechnical nature), surveys, reports
  (including sampling and assaying reports), maps (including geophysical,
geological and/or
  drill maps), statements, schedules and other data in whatever form of a
  financial, technical, labour, marketing,
administrative, accounting
  or other matters pertaining to the WRTRP Assets.
Transferring Land
The land upon which:
·
the proposed
  Central Processing Plant ("
CPP
") will be located after the
  subdivision of the Farm Rietfontein No 347
Registration Division I.Q.
  Portion 35 and 73, Gauteng
Province;
and
·
the Regional
  Tailing Storage Facility and Return Water Dam will be located.
Active Tailings Dams
The Driefontein 1 and 2, Kloof 2 and Leeudoorn
  currently active tailings dams are also required to be transferred under the acquisition
  agreement,
for no
  additional consideration, once they have been decommissioned by Sibanye-Stillwater.
Licences to Operate
All the licences, permits, permissions, management
  plans and reports, as well as amendments, variations or modifications thereof
  from time to time necessary for Sibanye-Stillwater to operate the WRTRP
  Assets lawfully.
Access Rights
The grant of access to DRDGOLD of the:
·
Driefontein 10
  shaft;
·
Kloof 10 shaft
  located in the Kloof mining area that is subject to the Kloof Mining Right,
  for the purpose of pumping and  supplying, at the cost of WRTRP, the
  required quantities of water, as licenced, for the WRTRP Assets;
·
rights,
  servitudes and agreements for installation, supply and distribution and
  maintenance of power supply; existing and proposed pipeline routes;
  servitudes; wayleaves and surface right permits; and
·
Driefontein
1 Gold Plant
  for the purpose of accessing the Pilot Plant.
As of
June 30, 2020 and
September 30, 2020
, no encumbrances exist on FWGR's property.
F-
33
NOTES
 TO THE CONSOLIDATED FINANCIAL STATEMENTS
continued
for the year ended June 30, 2020
At
June 30, 2020
, the net book value of FWGR's mining assets was R1,303.5
million (2019: R1,443.6 million).
At June 30, 2020, FWGR
employed 154 full-time employees. In addition, specialist service providers
deployed a further 243 employees to our operations bringing the total number of
in-house and outsourced employees to 397.
Mining and Processing
FWGR undertakes the retreatment of surface tailings. Slime is
reclaimed using high pressure water monitoring guns also known as hydraulic
reclamation. The re-pulped slime is pumped to the DP2 plant and the reclaimed
material is treated using screens, cyclones, ball mills and Carbon-in-Leach, or
CIL, technology to extract the gold.
During
Phase 1, the DP2 metallurgical plant was reconfigured to have an installed
capacity to treat approximately 6 million tons of material per year based on
92% availability. Material is sourced from
Driefontein
Dump 5
. The surface sources have generally undergone a complex depositional
history resulting in grade variations associated with improvements in plant
recovery over the period the material was deposited.
The
FWGR makes use of and require access to Sibanye-Stillwater's mining
infrastructure and related services. FWGR entered into a smelting agreement
with Sibanye-Stillwater to smelt and recover gold from gold loaded carbon
produced at the DP2 plant, and deliver the gold to Rand Refinery. In exchange
for this service, Sibanye-Stillwater receives a fee based on the smelting costs
plus 10% of the smelting costs. Rand Refinery performs the final refinement of
all gold produced. FWGR also engaged its fellow subsidiary, Ergo Mining
Proprietary Limited, to act as its agent and representative and to enter into a
refining services arrangement with Rand Refinery for the sale, marketing and
export of the refined gold of the Company. This agreement is expected to be in
place until FWGR obtains its own precious metals beneficiation license.
The Mineral Resources and Mineral Reserves held by FWGR were
acquired from Sibanye Gold Ltd, a subsidiary of Sibanye-Stillwater Ltd, in a
transaction in which common law ownership was established over the various
tailings dams containing the said Mineral Resources and Mineral Reserves, and
control was established by Sibanye-Stillwater over DRDGOLD. FWGR conducts its
activities inter alia in accordance with Environmental Approvals and the
provisions of the Mine Health and Safety regulations. A Use and Access
Agreement with Sibanye Gold articulates the various rights, permits and
licenses held by Sibanye Gold in terms which FWGR operates, pending the
transfer to FWGR of those that are transferable.
Capital Expenditure
For a discussion of capital expenditures in
fiscal year 2020, see "Item 5.A. Operating and Financial Review and
Prospects—Capital expenditure"
.
Financing for significant growth projects may be
obtained through specific financing arrangements if required. Capital
expenditure incurred on the development of Phase 1 of FWGR, of approximately
R324.4 million were financed through a combination of borrowings (refer to the
Revolving Credit Facility described in
Item 10C. Material Contracts
) and cash resources and operational cash
flows of the Group.
FWGR has appointed
an engineering consulting company to undertake the detail design and definitive
feasibility study for the Phase 2 project. The project includes the
construction of a new Central Processing Plant ("
CPP
") with a capacity
of between 1.2 Mtpm to 2.4Mtpm and the equipping of the required reclamation
sites and pipeline infrastructure to supply the relevant resources to the CPP. Phase
2 also includes the construction of a new RTSF capable of accepting 3Mtpm to a
capacity of approximately 800Mt.
For a
summary of capital expenditure, see Item 5A. Operating Results.
Exploration and Development
Exploration and development activity at FWGR
involves the drilling of surface dumps and evaluating the potential gold
bearing surface material,
as well
as exploratory and development activities around Phase 2 of the project
.
Environmental and Closure Aspects
The major
environmental risks are associated with dust from various reclamation sites,
and effective management of relocated process material on certain tailings
dams. The impact of nuisance dust fallout on the surrounding environment and
community is addressed through a comprehensive monitoring network, with active
input from Professor H. Annagran from the
Cape Peninsula University of Technology
and appropriate community involvement.
Environmental management programs, addressing a wide range of environmental
issues, have been prepared by independent specialist environmental consultants,
which are audited annually. Water pollution where appropriate is controlled by
means of a comprehensive system of return water dams which allow for used
process water to be returned for use in FWGR's metallurgical plant and
hydraulic reclamation. FWGR has an ongoing monitoring program to ensure that
its water balances (in its reticulation system, on its tailings and its return
water dams) are maintained at levels that are sensitive to the capacity of
return water dams.
F-
34
Nuisance dust fallout is
controlled through active mitigation measures described in the environmental
management program for the management of our activities. These mitigation
measures include environmentally friendly dust suppressants applied to high
impact areas, active wetting of access roads by water bowsers, a network of
high velocity sprayers on our active TSF. Dust fall-out is monitored through an
extensive dust monitoring network monthly and is utilized as a management
measure to ensure the effectiveness of mitigation measures employed. In the
long-term, dust suppression and water pollution will be managed through
concurrent rehabilitation of the tailings dam, thus reducing water ingress and
dust from exposed areas.
FWGR will undertake concurrent rehabilitation of
areas affected by mining operations during the life of the mine. The surface
reclamation process at FWGR has several environmental merits as it removes
pollution sources and opens up land for development.
Environmental management and compliance is further
assisted by the in–house developed electronic monitoring system (Compliance
Management Tool) that details the commitments made within the EMPs and Water
Use Licenses to aid in keeping the operation compliant to its statutory
obligations. The existing and most recent specialist studies are used to
supplement the management components with regards to the compliance parameters.
The individual management items are integrated to provide a holistic overview
of the state of the operation. Spatial data pertaining to the operation is
stored on a Geographical Information System (GIS) which provides a spatial
overview of the operation which includes environmental monitoring systems,
right boundaries, roads, rails, mine dumps, plants, rivers, wetlands, pipeline
routes, servitudes, way leaves, municipal services and other spatial data relevant
to our mining operations
.
While the ultimate amount of rehabilitation
costs to be incurred is uncertain, we have estimated that the total cost for
FWGR, in current monetary terms as at June 30, 2020 is approximately R103.3
million (June 30, 2019: R179.8 million). As at June 30, 2020, a total of R408.1
million is held in the Ergo Rehabilitation Trust Fund for the benefit of FWGR's
rehabilitation. The Ergo Rehabilitation Trust Fund is an irrevocable trust,
managed by specific responsible people who we nominated and who are appointed
as trustees by the Master of the High Court of South Africa.
Ore Reserves
As at June 30, 2020, our Proven and Probable Ore
Reserves of FWGR was 2.598 million ounces, down from 2.690 million ounces at
June 30, 2019 due to depletion. A Mineral Resource competent person is
appointed to review our Ore Reserve calculations for accuracy. For FWGR,
Mr. Vaughn Duke is the designated competent person in terms of the SAMREC
Code responsible for the compilation and reporting of ore reserves.
Production
For fiscal year 2020, production increased to
46,136 ounces from 10,706 ounces produced in fiscal year 2019. This was
mainly due the v
olume throughput that increased from 1,277Mt in fiscal 2019 to
6,052Mt in fiscal 2020 as the latter was the first full year of production. The
average yield decreased from 0.261g/t to 0.237g/t.
FWGR temporarily halted its
operations on March 26, 2020 pursuant to the announcement of the Lockdown. The
Disaster Management Act regulations subsequently issued by the Department of
Co-operative governance and traditional affairs affirmed that gold mining and
refining are "essential services" and was therefore exempt from restrictions
imposed by the Lockdown. FWGR considered numerous processes for recommencing
limited operations without exposing employees to increased risk from COVID-19
whilst at the same time sustaining the infrastructure and softening the impact
of the stoppage in operations. A detailed process followed to study various
guidelines and go through a consultation process with the Department of Mineral
Resources and organized labor to safeguard employees from increased risk of
infection. Various protocols including newly issued Codes of Practices and Safe
Operating procedure manuals to responsibly conduct limited production at our
operations were implemented. To date we have been able to contain infections at
our operations. Due to its small footprint, and employees living close to the
operation, FWGR was able to recommence operations on April 3, 2020 and was able
to ramp up production to 97% and 100% in May and June 2020, respectively.
Construction of Phase 1 commenced during August
2018 with R330.7 million spent on,
inter alia
, the reconfiguration of
the DP2 plant and relevant infrastructure to process tailings from the
Driefontein 5 slimes dam and deposit residues on the Driefontein 4 Tailings
Storage Facility. During this construction phase, some gold was produced at the
adjacent Driefontein 3 plant ("
DP3
"). Early-stage commissioning of the
DP2 plant commenced on December 6, 2018 with the pumping of reclaimed tailings
into the carbon in leach ("
CIL
") circuit. Testing of the reconfigured
plant and ramp-up of production continued during the third quarter of the
fiscal year ended June 30, 2019. Management considered,
inter alia
, the
design capacity of the plant, recoveries and the ability to sustain production
in determining the date of commercial production. The date of commercial
production for Phase 1 (excluding the milling section) was determined to be
April 1, 2019.
The mills were subsequently commissioned in
September 2019.
FWGR's DP2 plant achieved gold production of 4,855oz
before the date of commercial production of
Phase 1 (excluding the milling section)
. R93.7 million working costs and R88.9 million proceeds from the
sale of gold produced were capitalized to additions to property, plant and
equipment as pre-production costs.
Cash operating costs in fiscal year 2020 decreased
$172 per ounce from $688 in fiscal year 2019 to $516 per ounce mainly due to
the increase in production.
84
The following table details certain
  production and financial results of FWGR since July 31, 2018, the date we
  commenced operations at FWGR.
2020
2019
Production (imperial)
Ore milled ('000 tons)
6,052
1,277
Recovered grade (oz/ton)
0.008
0.008
Gold produced (ounces)
46,136
10,706
Results of Operations
Revenue (R million)
1,120.7
184.6
Cost of sales (R million)
473.3
131.3
Cash operating costs (R
  million)
352.0
111.8
Cash operating costs
  (R/kilogram)
1
243,542
313,443
All-in sustaining costs
  (R/kilogram)
1
299,792
450,820
All-in cost (R/kilogram)
1
311,597
1,533,443
1 Cash operating cost, cash operating costs
  per kilogram, all-in sustaining costs per kilogram and all-in costs per
  kilogram are financial measures of performance that we use to determine cash
  generating capacities of the mines and to monitor performance of our mining
  operations. These are all non IFRS measures. For a reconciliation of these
  measure see Item 5A.: "Operating Results - Reconciliation of cash cost per
  kilogram, all-in sustaining costs per kilogram and all-in costs per
  kilogram."
See
Item 5A. Operating Results – Capital expenditure for a discussion on capital
expenditure.
ERPM
Overview
In December 2018, ERPM concluded revised agreements
to dispose certain of its underground assets to OroTree Limited ("
OroTree
").
The revised agreements consisted of a disposal of ERPM's underground mining and
prospecting rights and an option agreement, at the sole discretion of OroTree,
to purchase the underground mining infrastructure exercisable on or before June
30, 2020. The disposal of the underground mining and prospecting rights were concluded
in the second half of the financial year ended June 30, 2019. OroTree's option
to purchase the underground mining infrastructure lapsed on June 30, 2019 when
it did not exercise said option. The underground mining infrastructure remains
under care and maintenance until final rehabilitation is completed.
At June 30, 2020, ERPM had no employees. The
financial results and remaining assets and liabilities of these halted
underground operations are included in 'Corporate office and other reconciling
items' in the financial statements for segmental reporting purposes for all
three years presented
.
Property
ERPM is situated on the Central Rand Goldfield located within and
near the northern margin of the Witwatersrand Basin in the town of Boksburg, 20
miles (32 kilometers) east of Johannesburg on land owned by ERPM. Access is via
Jet Park Road on the N12 Boksburg-Benoni highway. Historically underground
mining and recovery operations comprised relatively shallow remnant pillar
mining in the central area and conventional longwall mining in the
south-eastern area. Until underground mining was halted in October 2008, the
mine exploited the conglomeratic South Reef, Main Reef Leader and Main Reef in
the central area and the Composite Reef in the south-eastern area.
ERPM concluded the disposed its underground mining
and prospecting rights in the second half of the financial year ended 2019.
Surface reclamation operations including the treatment of sand
from ERPM's Cason Dump, was conducted through the Knights metallurgical plant,
tailings deposition facilities and associated facilities until ERPM's surface
mining assets were transferred to Ergo as part of the restructuring which took
place on July 1, 2012.
As of
June
30, 2020
, and
September 30, 2020
, no encumbrances exist on ERPM's property.
At June 30, 2020, the net book value of
ERPM's mining assets was zero (2019: zero).
Mining and Processing
ERPM's underground gold mining infrastructure is
under care and maintenance.
Surface reclamation operations
and surface mining assets were transferred to Ergo as part of the restructuring
which took place on July 1, 2012.
Exploration and Development
ERPM disposed prospecting right ERPM Extension 1 covering
an area of 1,252ha (3,094 acres) of the adjacent Sallies mine and ERPM Extension
2, for an additional area of 5,500ha (13,590 acres) to OroTree Limited
during the second half of the fiscal year ended June 30, 2019.
84
Environmental and Closure Aspects
There is a regular ingress of water into the
underground workings of ERPM, which was contained by continuous pumping from
the underground section. Studies on the estimates of the probable rate of rise
of water have been inconsistent, with certain theories suggesting that the
underground water might reach a natural subterranean equilibrium, whilst other
theories maintain that the water could decant or surface.
The government has appointed Trans-Caledon Tunnel
Authority ("
TCTA
") to construct a partial treatment plant
(neutralisation plant) to prevent the ground water being contaminated. TCTA
completed the construction of the neutralisation plant for the Central Basin
and commenced treatment during July 2014. As part of the Heads of agreement
signed in December 2012 between EMO, Ergo, ERPM and TCTA, sludge emanating from
this plant is co-disposed onto the Brakpan/Withok TDF. Partially treated water
is then discharged by TCTA into the Elsburg Spruit. This agreement includes the
granting of access to the underground water basin through one of ERPM shafts
and the rental of a site onto which it constructed its neutralisation plant. In
exchange, Ergo and its associate companies including ERPM have a set-off
against any future directives to make any contribution toward costs or capital
of up to R250 million.
Through this agreement, Ergo also secured the
right to purchase up to 30 ML of partially treated AMD from TCTA at cost, in
order to reduce Ergo's reliance on potable water for mining and processing
purposes.
While the ultimate amount of rehabilitation costs
to be incurred in the future is uncertain, we have estimated that as at June
30, 2020 the present discounted value of the total cost of rehabilitation for
ERPM is approximately R17.9 million (2019: R17.4 million). A total of R12.0 million
(2019: R11.3 million) is held in the Ergo Rehabilitation Trust Fund for the
benefit of ERPM and R23.8 million (2019: R22.4 million) is held in insurance
instruments and is available for the settlement of these rehabilitation costs.
The Ergo Rehabilitation Trust Fund is an irrevocable trust, managed by specific
responsible people who we nominated and who are appointed as trustees by the
Master of the High Court of South Africa.
Ongoing Legal Proceedings
Ekurhuleni Metropolitan Municipality ("Municipality") Electricity
Tariff Dispute
Refer to
Item 18.
''
Financial Statements - Note 24
–
Payments made under Protest
"
.
Silicosis Litigation
Refer to
Item 18.
''
Financial Statements - Note 26.1
–
Contingencies
"
.
ITEM 4A. UNRESOLVED STAFF COMMENTS
None.
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
This section should be read in conjunction with, our audited
financial statements and the other financial information contained elsewhere in
this Annual Report. Our financial statements have been prepared in accordance
with International Financial Reporting Standards ("
IFRS
") as issued by
the International Accounting Standards Board ("
IASB
"). Our discussion
contains forward looking information based on current expectations that involve
risks and uncertainties, such as our plans, objectives and intentions. Our
actual results may differ from those indicated in such forward looking
statements.
Comparison of financial performance for the fiscal year ended June
30, 2019 with fiscal year ended June 30, 2018
This comparison analysis can be found in Item 5A of the Company's
annual report on Form 20-F for the fiscal year ended June 30, 2019.
84
5A.
OPERATING RESULTS
Business overview
We are a South African gold mining company engaged in
surface gold tailings retreatment
, including exploration, extraction, processing and
smelting. All our surface tailings retreatment operations, including the
requisite infrastructure and metallurgical processing plants, are located in
South Africa.
The success of DRDGOLD's long-term goal to extract as
much gold as possible and economically viable from its assets depends, to a
large extent, on how effectively it continues to manage its resources.
DRDGOLD's strategic thinking is informed by principles
of sustainable development. Our goal is to optimally exploit our entire
resource over the long term, thereby seeking sustainable benefits in respect to
the following capitals, each of which is essential to our operation –
financial, manufactured, natural, human and social capital.
We also aim to align and overlap the interests of each
of these capitals in such a manner that an investment in any one translates
into value-add in as many of the others as possible. We therefore seek to
achieve an enduring and harmonious alignment between them, and we pursue these
criteria in the feasibility analysis of each investment.
Our profit for fiscal year 2020 increased compared
to fiscal 2019, mainly due to,
inter alia
, the following:
·
gold production increased by 12% mainly due
to the first full year contribution made by FWGR resulting in production of
1,435kg, mitigating the impact of the decrease in Ergo's gold production which
decreased by 11%. This was a consequence of the Lockdown, subsequent cautious
ramp-up and interruptions in power supply from Eskom and the City of Ekurhuleni
across the significant footprint of our operations; and
·
the average rand gold price received
increased by 33%;.
Key drivers of our operating results and principal factors
affecting our operating results
The principal uncertainties and variables facing our
business and, therefore, the key drivers of our operating results are:
·
the price of gold, which fluctuates both in terms of
dollars and rands;
·
our production tonnages and gold content thereof,
impacting on the amount of gold we produce at our operations;
·
our cost of producing gold, including the effects of
mining efficiencies; and
·
general economic factors, such as exchange rate
fluctuations and inflation, and factors affecting mining operations in South
Africa.
Gold price
Our revenues are derived primarily from the sale of
gold produced at our surface tailings retreatment operations. As a result, our
operating results are directly related to the price of gold, which can
fluctuate widely and is affected by numerous factors beyond our control,
including industrial and jewelry demand, expectations with respect to the rate
of inflation, the strength of the U.S. dollar (the currency in which the price
of gold is generally quoted) and of other currencies, interest rates, actual or
expected gold sales by central banks, forward sales by producers, global or
regional political or economic events, and production and cost levels in major
gold-producing regions such as South Africa. In addition, the price of gold is
often subject to rapid short-term changes because of speculative activities.
In response to the COVID19 pandemic and measures
taken to deal with the outbreak, investors globally, as they have in so many
previous times of crisis, turned to gold and gold stocks as a safe haven asset,
leading to a surge in the average gold price from R781,261 per kg in the
quarter ended March 31, 2020 to R988,030 per kg for the quarter ended June 30,
2020
.
The demand for and supply of gold affects gold prices,
but not necessarily in the same manner that supply and demand affect the prices
of other commodities. The supply of gold consists of a combination of new
production from mining and existing stocks of bullion and fabricated gold held
by governments, public and private financial institutions, industrial
organizations and private individuals
.
The following table indicates data relating to the dollar gold
spot prices for the 2020 and 2019 fiscal years:
2020 fiscal year
2019 fiscal year
Change
$ per ounce
$ per ounce
%
Closing gold spot price on
  June 30,
1,781
1,409
26
Lowest gold spot price during
  the fiscal year
1,382
1,160
19
Highest gold spot price during
  the fiscal year
1,785
1,439
24
Average gold spot price for
  the fiscal year
1,562
1,263
24
All our operations and gold production are based in South
Africa, and as a result, the impact of movements in relevant exchange rates is
significant to our operating results.
The average gold price in rand (based on average
spot prices for the year)
increased
by
7%
from R
16,670
per ounce in
2018
to R
17,914
per ounce in
2019
, and
increased
by
37%
to R
24,466
per ounce in
2020
.
An increase/(decrease) of 20% in the US dollar gold
price throughout fiscal year 2020 would have increased/(decreased) revenue by
approximately R837.0 million (2019: R552.4 million).
84
An increase/(decrease) of 10% in the Rand to US dollar
exchange rate throughout fiscal year 2020 would have increased/(decreased)
revenue by approximately R418.5 million (2019: R276.2 million).
Gold production
In fiscal year 2020, gold production increased to 174,385
ounces (produced from 26.3 million tonnes milled at an average yield of 0.206g/t)
from 155,159 ounces in fiscal year 2019 (produced from 24.4 million tonnes
milled at an average yield of 0.197g/t). This was
mainly due to the first full year of gold production of FWGR
resulting in production of 46,136
ounces (produced
from 6.1 million tonnes milled at an average yield of 0.237g/t), mitigating the
impact of Ergo's gold production which decreased to 128,249 ounces in fiscal
year 2020 (produced from 20.2 million tonnes milled at an average yield of 0.197g/t)
from 144,453 ounces in fiscal year 2019 (produced from 23.2 million tonnes
milled at an average yield of 0.194g/t)
.
This was a consequence of the Lockdown,
subsequent cautious ramp-up and interruptions in power supply from Eskom and
the City of Ekurhuleni.
In fiscal year 2019, gold production increased to 155,159
ounces (produced from 24.4 million tonnes milled at an average yield of 0.197g/t)
from 150,433 ounces in fiscal year 2018 (produced from 24.3 million tonnes
milled at an average yield of 0.193g/t). This was
mainly due to the commencement of gold production by FWGR resulting
in production of 10,706
ounces,
mitigating the impact of Ergo's gold production which decreased to 144,453
ounces in fiscal year 2019 (produced from 23.2 million tonnes milled at an
average yield of 0.194g/t) from 150,433 ounces in fiscal year 2018 (produced
from 24.3 million tonnes milled at an average yield of 0.193g/t)
.
Cash operating costs
Cash operating costs is a
non-IFRS financial measure of performance
that is
reported to
the group's chief operating
decision maker (CODM) and
is used to monitor performance
– refer
to
Item 18. ''Financial Statements - Note 23
– Operating Segments".
For a reconciliation of this measure see Item
5A.: "Reconciliation of cash cost per kilogram, all-in sustaining costs per
kilogram and all-in costs per kilogram".
Cash operating costs include consumables, labor,
specialized service providers, electricity and other related costs incurred in
the production of gold. Consumables, water and electricity, labor, specialized
service providers and other costs are the largest components of cash operating
costs. A breakdown of cash operating costs into these costs is described in Item
5A.: "
Comparison of financial performance for the fiscal year ended June
30, 2020 with fiscal year ended June 30, 2019".
General economic factors
We are exposed to a number of factors, which could
affect our profitability, such as exchange rate fluctuations, inflation and
other risks relating to South Africa. In conducting mining operations, we are
subject to the inherent risks and uncertainties of the industry, and the
wasting nature of the assets.
Effect of exchange rate fluctuations
For the fiscal years 2020 and 2019, all of our
revenues were generated from South African operations, all of our operating
costs were denominated in rand and we derived all of our revenues in dollars
before being translated to rands. As the price of gold is denominated in
dollars which is then translated into rands, the appreciation of the dollar
against the rand increases our profitability, whereas the depreciation of the
dollar against the rand reduces our profitability.
In fiscal year 2020 the Rand gold price received increased
by 33% compared to fiscal year 2019 due to the combined impact of the average
Dollar gold price which increased
by
29%
and the average exchange rate of the rand against the
dollar that weakened by 10%.
In line with our long-term strategy of being an
unhedged gold producer, we generally do not enter into forward gold sales
contracts to reduce our exposure to market fluctuations in the Dollar gold
price or the exchange rate movements. If revenue from gold sales falls for a
substantial period below our cost of production at our operations, we could
determine that it is not economically feasible to continue commercial
production at any or all of our plants or to continue the development of some
or all of our projects. However, during periods when medium-term debt is
incurred to fund growth projects and hence introduce liquidity risk to the
Group, we may mitigate this liquidity risk by entering into facilities to
achieve price protection (refer
Item 11. Quantitative and Qualitative Disclosures
About Market Risk – General)
.
For example in fiscal year 2019 we entered into a
hedging instrument in the form of a collar in respect of 50,000 ounces of gold
that expired at the end of May 2019.
Effect
of inflation and exchange rates
In the past, our operations have been materially adversely
affected by inflation. If there is a significant increase in inflation in South
Africa, our costs will increase and if such a cost increase is not offset by an
increase in the rand price of gold, this will negatively affect our operating
results.
The movements in the rand/dollar exchange rate, based upon average
rates during the periods presented, and the local annual inflation rate for the
periods presented, as measured by the South African Consumer Price Index, or
CPI, are set out in the table below:
84
Fiscal year ended
Year ended June 30,
2020
2019
2018
(%)
(%)
(%)
The average rand/dollar
  exchange rate weakened/(strengthened) by:
10
10
(5)
CPI (inflation rate)
2.2
4.5
4.6
Recent developments
Production stoppages due to the impact of the
COVID-19 pandemic on current operations
The Group temporarily halted
its operations at Ergo and FWGR on March 26, 2020 pursuant to the announcement
of the national lockdown in South African ("
Lockdown
"). Operations
gradually recommenced through April and May 2020 (Refer to Item 4D. ''Property,
plant and production – Ergo Production and FWGR production").
Key
financial and operating indicators
The table below presents the key performance
measurement data for the past three fiscal years: The financial results for the
fiscal years below are stated in accordance with IFRS as issued by the IASB.
The table also includes the key performance measures for our business and its
profitability, which are revenue, gold production, gold prices, operating
costs, cash operating costs per kilogram, all-in sustaining costs per kilogram
and all-in costs per kilogram, capital expenditure (additions to property,
plant and equipment) and Ore Reserves.
Operating data
Year ended June 30,
2020
2019
Revenue (R'm)
4,185.0
2,762.1
Gold production (ounces)
174,385
155,159
Gold production (kilograms)
5,424
4,826
Gold sold (ounces)
174,804
153,777
Gold sold (kilograms)
5,437
4,783
Average spot gold price
  (R/kilogram)
786,601
575,954
Average gold price received
  (R/kilogram)
768,675
577,483
Cost of sales (R'm)
2,937.9
2,553.9
Operating costs (R'm)
2,692.1
2,471.1
Cash operating costs (R'm)
(1)
2,626.0
2,422.9
Cash operating costs
  (R/kilogram)
(1)
482,417
499,749
All-in sustaining costs
  (R/kilogram)
(1)
541,475
524,713
All-in costs (R/kilogram)
(1)
551,646
600,941
Additions to property, plant
  and equipment (R'm)
182.7
353.7
Ore Reserves (ounces)
5,725,000
5,770,000
(1) Cash operating costs, cash
  operating costs per kilogram, all-in sustaining costs, all-in sustaining
  costs per kilogram and all-in costs and all-in costs per kilogram are
  non-IFRS financial measures of performance that we use to monitor
  performance. A reconciliation of these measures to the nearest IFRS measure
  is included in Item 5A.: "Operating Results - Reconciliation of cash cost per
  kilogram, all-in sustaining costs per kilogram and all-in costs per kilogram."
Revenue
Revenue increased by 52% to R4,185.0 million in fiscal year 2020
from R2,762.1 million in fiscal year 2019 mainly due to the impact of gold sold
that
increased by 14% from 4,783 kilograms
in fiscal 2019 to 5,437 kilograms in fiscal 2020 and the average rand gold
price received that increased by 33% to R768,675 per kilogram.
Refer to Item 5A:. "Operating
results: Key drivers of our operating results and principal factors affecting
our operating results" for a discussion regarding the gold price received and
production levels.
Ore Reserves
As at June 30, 2020, our Ore Reserves
(imperial)
were
estimated at 5.725 million ounces, as compared to 5.770 million ounces at June
30, 2019. The decrease was
mainly because of depletion through ongoing mining activities as
well as the Grootvlei dump 6/L/16 of 0.3Moz no longer being classified as an
Ore Reserve
. The decrease was offset by inclusion of Marievale dumps at Ergo
of 0.5Moz
.
84
Year ended June 30,
2020
2019
Ore Reserves
Ounces
Kilograms
Ounces
Kilograms
'000
'000
Ergo
3,127
97,220
3,080
95,929
FWGR
2,598
80,740
2,690
83,710
Total Ore Reserves
5,725
177,960
5,770
179,639
Capital expenditure
During fiscal year 2020 capital expenditure decreased by R166.3
million to R181.1 million from R347.4 million in fiscal year 2019. Capital
expenditure decreased primarily as a result of R324.4 million incurred on the
development of Phase 1 of FWGR concluded in fiscal year 2019.
During fiscal year 2019 capital expenditure was R347.4  million
primarily consisting of R324.4 million incurred on the development of Phase 1
of FWGR.
Critical
accounting policies
The preparation of the
consolidated financial statements requires management to make accounting
assumptions, estimates and judgements that affect the application of the
Group's accounting policies and reported amounts of assets and liabilities,
income and expenses. By their nature, judgements are subject to an inherent
degree of uncertainty. Accounting assumptions, estimates and judgements are
reviewed on an ongoing basis. Revisions to reported amounts are recognized in
the period in which the revision is made and in any future periods affected.
Actual results may differ from these estimates.
Management has discussed the
development and selection of each of these critical accounting policies with
the Board of Directors and the Audit and Risk Committee, both of which have
approved and reviewed the disclosure of these policies. This discussion and
analysis should be read in conjunction with the consolidated financial
statements and related notes included in Item 18. "Financial statements".
Critical
accounting policies that require significant judgment
Management believes the
following critical accounting policies require more significant judgements to
be used in the preparation of our consolidated financial statements and could
potentially impact our financial results and future financial performance:
·
Payments made under protest: Judgement
regarding the outcome of the matter
·
Contingencies: Judgement regarding the
outcome of the respective matters
Payments made under protest
The assessment to develop and apply the
relevant accounting policy for payments made under protest that arise from the
Municipality Electricity Tariff Dispute (refer
Item 18. ''Financial Statements - N
ote 24 Payments made
under protest") requires the exercise of significant judgement.
The
judicial proceedings that impact the Payments made under protest are inherently
complex legal issues that are subject to uncertainties and complexities and are
subject to interpretation.
Contingencies
The assessment of the impact of contingent
liabilities require the exercise of significant judgement regarding the outcome
of uncertain future events. Litigation and other judicial proceedings
inherently entail complex legal issues that are subject to uncertainties and
complexities and are subject to interpretation.
Critical
accounting policies that require significant assumptions and estimates
Management believes the
following are critical accounting policies which involve the more significant
assumptions and estimates used in the preparation of our consolidated financial
statements, and are therefore considered DRDGOLD's critical accounting
estimates which could potentially impact our financial results and future
financial performance:
·
Depreciation: Estimation of the life-of-mine
·
Provision for environmental rehabilitation:
Estimation of future environmental rehabilitation costs
·
Income tax: Estimation of the deferred tax
rate
·
Payments made under protest: Estimation of
the carrying value and recoverability
·
Other investments:  Estimation of the fair
value of financial assets
84
Depreciation:
Estimation of life-of-mine
Depreciation of mine plant
facilities and equipment, as well as mining property and development (including
mineral rights) are calculated using the units of production method which is
based on the life-of-mine of each site. The life-of-mine is primarily based on
proved and probable mineral reserves. It reflects the estimated quantities of
economically recoverable gold that can be recovered from reclamation sites
based on the estimated gold price. Changes in the life-of-mine will impact
depreciation on a prospective basis. The life-of-mine is prepared using a
methodology that takes account of current information to assess the
economically recoverable gold from specific reclamation sites and includes the
consideration of historical experience
.
Provision for environmental rehabilitation:
Estimation of future environmental rehabilitation costs
Provisions for environmental rehabilitation are
provided at the present value of the costs expected to be incurred in the
future to settle the obligation based on current prices. The unwinding of the
obligation is included in profit or loss. Estimated future costs of
environmental rehabilitation are reviewed regularly and adjusted as
appropriate. Changes in estimates are capitalized or reversed against the
related asset but taken to profit or loss if there is no related asset left.
Gains or losses from the expected disposal of assets are not taken into account
when determining the provision.
Estimates of future environmental rehabilitation
costs are based on the Group's environmental management plans which are
developed in accordance with regulatory requirements, the life-of-mine plan and
the planned method of rehabilitation which is influenced by developments in
trends and technology.
Income tax: Estimation of the deferred tax
rate
Deferred tax is recognized in respect of temporary
differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for tax purposes. The
deferred tax liability is calculated by applying a forecast weighted average
tax rate that is based on a prescribed formula. The calculation of the forecast
weighted average tax rate requires the use of assumptions and estimates and are
inherently uncertain and could change materially over time. These assumptions and
estimates include the expected future profitability and timing of the reversal
of the temporary differences. Due to the forecast weighted average tax rate
being based on a prescribed formula that increases the effective tax rate with
an increase in forecast future profitability, and vice versa, the tax rate can
vary significantly year on year and can move contrary to current period
financial performance.
Payments made under protest: Estimation of
the carrying value and recoverability
The
discounted amount of the Payments made under protest is determined using
assumptions about the future that are inherently uncertain and can change materially
over time and includes the discount rate and discount period.
These
assumptions about the future include estimating the timing of concluding on the
main application, i.e. the discount period, the ultimate settlement terms (refer
Item 18. ''Financial Statements - N
ote 24 Payments
made under protest"), the discount rate applied and the assessment of
recoverability
.
Recognition
and measurement
The asset that arises from the Ekhurhuleni
electricity dispute
(refer
Item 18.
''Financial Statements - N
ote 24 Payments made under protest")
and that are payments made under protest is
initially measured at a discounted amount and any difference between the face
value of payments made under protest and the discounted amount on initial
recognition is recognised in profit or loss as a finance expense. Subsequent to
initial recognition, the Payments made under protest is measured using the
effective interest method to unwind the discounted amount to the original face
value less any write downs for recovery. Unwinding of the carrying value and changes
in the discount period are recognised in the statement of profit or loss.
Assessment of recoverability
The discounted amount of the payments under
protest is assessed at each reporting date to determine whether there is any
objective evidence that the full amount is no longer expected to be recovered.
The Group considers the reasonable and supportable information related to the creditworthiness
of Ekurhuleni Metropolitan Municipality and events surrounding the outcome of
the Main Application
(refer
Item 18.
''Financial Statements - N
ote 24 Payments made under protest")
.  Any write down is recognised in the statement
of profit or loss.
84
Other investments: Estimation of the fair
value of financial assets
The fair
value of other investments are determined using assumptions about the future
that are inherently uncertain and can change materially over time. It includes a
number of assumptions that are based on both observable and unobservable
inputs. These include the following:
Amounts in R
  million
Observable/unobservable
  input
Rand Refinery operations
Average gold price
Observable input
R852,098/kg
Average silver
  price
Observable input
R9,453/kg
Average South
  African CPI
Observable input
4.8%
Terminal growth
  rate
Unobservable input
5.0%
Weighted average
  cost of capital
Unobservable input
15.1%
Investment in
  Prestige Bullion
Discount period
Unobservable input
13 years
Cost of equity
Unobservable input
13.2%
Marketability and
minority discounts (both unobservable inputs) were also applied of 16.5% and
17.0% respectively. The latest budgeted cash flow forecasts provided by Rand
Refinery as at June 30, 2020 was used, and therefore classified as an unobservable
input into the models.
New
standards, amendments to standards and interpretations
Refer to Item 18. ''Financial Statements - Note 3
– New standards, amendments to standards and interpretations" for a discussion
of relevant standards, amendments to standards and interpretations that may be
applicable to the business of the Group and may have an impact on future
consolidated financial statements.
Comparison
of financial performance for the fiscal year ended June 30, 2020 with fiscal
year ended June 30, 2019
Gold revenue
The following table illustrates the year-on-year change in gold revenue
for fiscal year 2020 in comparison to fiscal year 2019:
R million
Total
Impact of change in amount of gold sold
Impact of change in gold price
Net change
Total
gold revenue
gold revenue
2019
2020
Ergo
2,574.5
(276.5)
762.6
486.1
3,060.6
FWGR
184.3
686.0
248.4
934.4
1,118.7
Consolidated
2,758.8
409.5
1,011.0
1,420.5
4,179.3
Gold revenue increased by R1,420.5 million, or 51%, to R4,179.3 million
during fiscal year 2020.
This was mainly due
to the average rand gold price received which increased by 33% to R768,675 per
kilogram  as well as gold sold having increased by 14%, reflecting the
first full year of gold production and sales by
FWGR and mitigating the impact of Ergo
'
s gold production which decreased by 11%.
Cost of sales
Cost of sales amounted to R2,937.9 million in
fiscal year 2020, consisting mainly of operating costs of R2,692.1 million,
depreciation of R
270.8
million
and a positive movement in both change in estimate of environmental
rehabilitation of
R21.9 million and gold in process
of
R3.1 million, respectively. These are discussed
as follows:
Operating costs
Operating costs were
R2,692.1
million for fiscal year 2020 compared to
R2,471.1
million for fiscal year 2019. The increase
reflects the
first
full year of gold production by FWGR
as well as
inflationary increases.
Depreciation
Depreciation charges were
R270.8
million for fiscal year 2020 compared to
R169.1 million
for fiscal year 2019.  The increase reflects an increase in FWGR depreciation
due to its first full year production.
84
Change in estimate of
environmental rehabilitation
As of June 30, 2020, we estimate our total environmental
rehabilitation provision, being the discounted estimate of future costs, to be
R568.9
million
as compared to
R682.6
million at
June 30, 2019. A
change in estimate of
environmental rehabilitation of R21.9 million was recognized due to
updated vegetation and machine hire rates to recent
service level agreements and actual rates incurred, as well as the discount
rate (real rate) which was higher as a result of higher long-term SA government
bond rates and lower inflation rates than the prior year
.
A total
of
R542.2 million was invested in our various
environmental trust funds as at the end of fiscal year 2020, as compared to R508.9 million
at the end of fiscal year 2019. The increase is attributable primarily due to
R33.2 million interest received on these funds during
fiscal year 2020. A total of
R83.8 million (2019:
R78.6 million) is invested in
funds
held in insurance instruments to secure
financial guarantees provided to
the DMR through an insurance cell captive company, the Guardrisk Cell Captive. The
increase is attributable to
R5.2
million interest received on these funds during fiscal year 2020.
As at June 30, 2020 guarantees amounting to
R427.3 million were in issue to the DMR (2019: R427.3
million).
The shortfall between the invested funds and the estimated
provisions is expected to be financed by contributions to the Guardrisk Cell
Captive from time to time as required over the remaining production life of the
respective mining operations and, at the time of mine closure, the proceeds on
the disposal of remaining assets and gold from plant clean-up.
Movements in gold in process
Movement in gold in process in fiscal year 2020 amounted to R
3.1 million mainly due to an increase in the lock up
of gold in process at the plants.
Administration expenses and general costs
Administration expenses and general costs increased by R219.0 million
from R90.9 million in fiscal year 2019 to
R309.9 million
in fiscal year 2020. Administration expenses and general costs in fiscal year
2020 included a share-based payments expense of R218.1 million
(2020: R21.4 million). The increase in the
share-based payment expense is mainly due to the remeasurement of the cash-settled
share-based payment liability over the vesting period and an increase in the
seven-day volume weighted average price (VWAP) of the DRDGOLD share from R4.37
at June 30, 2019 to R25.14 at June 30, 2020. This liability is expected to be
fully settled on 5 November 2020.
Finance income
Finance income increased from R
58.3 million
in fiscal year 2019 to R109.8 million in fiscal year 2020
, mainly due to increased interest income earned of R46.1
million due to
higher cash and cash
equivalents balances during the year as a result of the cash received from the
issue of ordinary shares to Sibanye-Stillwater
.
Finance expenses
Finance expenses decreased from R
78.4
million in fiscal year 2019 to R68.8 million in fiscal year 2020
, mainly attributable to the decrease in the unwinding of
the provision for environmental rehabilitation as a result of a lower provision
estimated as at June 30, 2019.
Income tax
Income tax amounted to a charge of R
343.9 million
for fiscal year 2020 (compared to an income tax charge of R26.6 million
for fiscal year 2019) and consisted of a current tax charge of
R263.2 million, mostly relating to mining income as
a result of an increase in profitability of both Ergo and FWGR driven by an
increase in gold price and full redemption of capital expenditure, and a
deferred tax charge for fiscal year 2020 of R
80.7
million, mostly relating to mining income.
The income
tax charge resulted from our profit before tax in fiscal year 2020 as well as a
charge of R20.7 million relating to the Ergo forecast weighted average deferred
tax rate that increased from 22.0% in fiscal year 2019 to 25.0% in fiscal year 2020
because of an increase in forecast profitability of Ergo. The increase in the
effective tax rate resulted in an increase in the deferred tax liability and
the associated tax charge.
84
Non-IFRS Measures
Set forth below is a discussion of non-IFRS measures presented in
this report, including a reconciliation of such measures to the nearest measure
under IFRS, as well as an explanation as to why we believe that presentation of
such information provides useful information to investors and additional
purposes, if any, for which we use such measures.
Adjusted earnings before interest, tax, depreciation and
amortization ("Adjusted EBITDA")
Set forth below is a presentation of our Adjusted EBITDA, which is
a non-IFRS measure, including the items included in this measure and a
reconciliation to profit for the year.
Our calculation of Adjusted
EBITDA is based on the calculation of this measure as included in our
RCF agreement and may not be comparable to similarly titled
measures of other companies. Adjusted EBITDA is not a measure of performance
under IFRS and should be considered in addition to, and not as a substitute
for, other measures of financial performance and liquidity.
We consider
Adjusted EBITDA for the purpose of evaluating compliance with the covenants
imposed by the Company's borrowing agreements entered into during fiscal 2019.
The Group considers the presentation of Adjusted EBITDA provides useful
information to investors to enable investors to assess compliance with our
covenants in the RCF agreement
.
Year ended, June 30
Reconciliation of adjusted EBITDA
2020
2019
Profit for the year
635.0
78.5
Income tax
343.9
26.6
Profit before tax
978.9
105.1
Finance expense
68.8
78.4
Finance income
(109.8)
(58.3)
Results from operating activities
937.9
125.2
Depreciation
270.8
169.1
Share based payment expense
224.1
21.4
Change in estimate of environmental
  rehabilitation recognised in profit or loss
(21.9)
(60.0)
Gain on financial instruments at fair
  value through profit or loss
-
(2.1)
Gain on disposal of property, plant and
  equipment
(0.7)
(5.8)
Transaction costs
1.4
-
Retrenchment costs
-
6.3
Adjusted earnings before interest, tax
  depreciation and amortisation ("Adjusted EBITDA")
1
1,411.6
254.1
1
See Glossary of Terms for
  definitions.
84
Cash operating costs, cash
operating costs per kilogram, all-in sustaining costs and all-in costs per
kilogram
Cash operating costs per kilogram, all-in sustaining costs per
kilogram and all-in costs per kilogram are non-IFRS financial measures that
should not be considered by investors in isolation or as alternatives to cost
of sales, net profit/(loss) attributable to equity owners of the parent,
profit/(loss) before tax and other items or any other measure of financial
performance presented in accordance with IFRS or as an indicator of our
performance. While the World Gold Council has provided guidance for the
calculation of cash operating costs, cash operating costs per kilogram, all-in
sustaining costs and all-in costs per kilogram, such measurements may vary
significantly among gold mining companies, and these definitions by themselves
do not necessarily provide a basis for comparison with other gold mining
companies. However, we believe that these measures are useful indicators to
investors and our management of an individual mine's performance and of the
performance of our operations as a whole as they provide:
·
an indication of a mine's profitability and efficiency;
·
the trend in costs;
·
a measure of margin per kilogram, by comparison of the cash
operating costs per kilogram to the price of gold; and
·
a benchmark of performance to allow for comparison against other
mines and mining companies.
For fiscal year 2020, consolidated cash operating costs per
kilogram decreased by 3% to R482,417 per kilogram from R499,749 per kilogram in
fiscal year 2019. Consolidated all-in sustaining costs per kilogram increased
by 3% to R541,475 per kilogram in fiscal 2020 from R524,713 per kilogram in
fiscal year 2019. Consolidated all-in costs per kilogram decreased by 8% to R551,646
per kilogram of gold in fiscal 2020 from R600,941 per kilogram of gold in
fiscal year 2019.
The
decrease in gold production at
Ergo
resulted in an increase in cash operating costs per kilogram, all-in
sustaining costs per kilogram
and
all-in
costs per kilogram
which was
moderated by the lower
cash operating costs per kilogram and all-in
sustaining costs per kilogram
of FWGR
. The increase in sustaining capital expenditure incurred during
fiscal year 2020 resulted in an increase in all-in sustaining costs per
kilogram. The decrease in growth capital expenditure incurred during fiscal
year 2020 resulted in a decrease in all-in costs per kilogram.
Reconciliation of cash operating costs,
  cash operating costs per kilogram, all-in sustaining costs, all-in sustaining
  costs per kilogram, all-in costs and all-in costs per kilogram
R millions
2020
2019
Cost of sales
2,937.9
2,553.9
Depreciation
(270.8)
(169.1)
Retrenchment costs
-
(6.3)
Change in estimate of environmental
  rehabilitation
21.9
60.0
Movement in gold in process
3.1
32.6
Operating costs
2,692.1
2,471.1
Ongoing rehabilitation expenditure
(24.3)
(18.3)
Care and maintenance costs
(11.1)
(8.8)
Other operating costs
(30.7)
(21.1)
Cash operating costs
1
2,626.0
2,422.9
Movement in gold in process
(3.1)
(32.6)
Administration expenses and other costs
  excluding non-recurring items
1
96.1
69.5
Other operating costs
30.7
21.1
Change in estimate of environmental
  rehabilitation
(21.9)
(60.0)
Unwinding of rehabilitation provision
52.0
66.3
Sustaining capital expenditure
1
164.2
22.5
All-in sustaining costs
1
2,944.0
2,509.7
Retrenchment costs
-
6.3
Care and maintenance costs
11.1
8.8
Ongoing rehabilitation expenditure
24.3
18.3
Transaction costs
1.4
-
Growth capital expenditure
1
18.5
331.2
All-in costs
1
2,999.3
2,874.3
Gold produced (kilograms)
5,424.0
4,826.0
Cash operating costs per kilogram (R per
  kilogram)
482,417
499,749
All-in sustaining costs per kilogram (R
  per kilogram)
541,475
524,713
All-in costs per kilogram (R per
  kilogram)
551,646
600,941
Reconciliation of sustaining capital
  expenditure and growth capital expenditure
Additions - property, plant and equipment
  owned
182.7
353.8
Less
Growth capital expenditure
1
18.5
331.2
Sustaining capital expenditure
1
164.2
22.5
1
See Glossary of Terms for
  definitions.
84
Cash operating costs
Cash operating costs are
linked directly to the level of throughput of a specific fiscal year.
The following table illustrates the year-on-year change in
cash operating costs for fiscal year 2020 in comparison with fiscal year 2019
.
R million
Cash operating costs
Impact of change in throughput
Impact of change in costs
Net change
Cash operating costs
2019
2020
Ergo
2,311.1
(292.8)
255.7
(37.1)
2,274.0
FWGR
111.8
418.0
(177.8)
240.2
352.0
Total
2,422.9
125.2
77.9
203.1
2,626.0
Cash operating costs in fiscal year 2020 increased by R203.1 million
to R2,626.0 million compared to cash operating costs of R2,422.9 million in
fiscal year 2019
.
This is
mainly due to the inclusion of the cash operating costs relating to the first
full year of production by FWGR of R352.0 million and inflationary increases.
The following table lists the major
  components of cash operating costs for the Group for each operation and
  fiscal year set forth below respectively:
Ergo
FWGR
Years ended
Year ended
Costs
2020
2019
Costs
2020
2019
1
Consumables
30%
35%
Consumables
31%
38%
Labor
22%
18%
Labor
22%
31%
Electricity and water
20%
20%
Specialized service providers
12%
14%
Specialized service providers
17%
16%
Electricity and water
9%
13%
Other costs
11%
11%
Other costs
26%
4%
1 After date of commercial production of
  Phase 1 of Aril 1, 2019
5B. LIQUIDITY AND CAPITAL RESOURCES
Cash flows from operating activities
Cash generated from operating activities amounted
to R1,128.9 million for fiscal year 2020 (fiscal year 2019: R288.3 million).
Cash generated from operating activities increased
during fiscal year 2020 mostly due
to gold sold that
increased by 14% as well as the average rand gold
price received having increased by 33% to R768,675 per kilogram. In addition,
the net movement in working capital decreased by R92.0 million in fiscal year
2020. The net movement in working capital increased by R73.8 million in fiscal
year 2019.
Cash flows from investing activities
Net cash utilized by investing activities
amounted to R202.5 million in fiscal year 2020 compared to R303.0 million
in fiscal year 2019.
In fiscal year 2020, net cash utilized by
investing activities consisted mainly of R181.1 million in additions to
property, plant and equipment and R22.1 million spent on environmental
rehabilitation payments. These outflows were reduced by R0.7 million proceeds
on the disposal of property, plant and equipment.
In fiscal year 2019, net cash utilized by
investing activities consisted mainly of R347.4 million in additions to
property, plant and equipment and R16.6 million spent on environmental
rehabilitation payments. These outflows were reduced by R55.2 million cash
received from rehabilitation obligation funds and R5.8 million proceeds on the
disposal of property, plant and equipment.
Additions to property, plant and equipment
in fiscal year 2019 was R330.7 million and included R323.8 million
incurred on the development of Phase 1 of FWGR.
Cash flows from financing
activities
Net cash inflow from
financing activities was R509.2 million
in fiscal year 2020 compared to net cash outflows of R7.9 million in
fiscal year 2019.
84
During fiscal year 2020, the net cash inflow
consisted mostly of proceeds received on the issue of ordinary shares to
Sibanye-Stillwater amounting to R1,085.6 million offset by dividends paid on
ordinary shares amounting to R564.5 million.
During fiscal year 2019, the net cash outflow
consisted mostly of borrowings raised and subsequently repaid of R192.0
million.
Cash and cash equivalents
Cash and cash equivalents as at June 30, 2020 amounted
to R1,715.1 million compared to R279.5 million at the end of fiscal year
2019. Substantially all of our cash and cash
equivalent balances were denominated in South African rand.
Cash and cash equivalents as at June 30, 2020
includes restricted cash
related to
guarantees
of R19.3 million compared to R18.3 million at
the end of fiscal year
2019.
At
September
30, 2020
, our cash and cash equivalents were R2,015.2 million.
Borrowings and funding
At
June 30,
2020 and September 30, 2020
, our
external sources of capital included our RCF described in
Item 10C. Material
Contracts
''.
The RCF has been
amended
as described
in Item 10C. Material Contracts". The amendments
include
a reduction in the size of the facility from R300million to
R200 million
as well as not
including any commitment towards the performance guarantee issued to Ekurhuleni
Metropolitan Municipality.
No amounts were
drawn under this facility as of June 30, 2020 or
September 30, 2020.
Anticipated funding requirements and sources
Our cash and cash equivalents are set out above under
"Cash and cash equivalents". Our management believes that existing cash
resources, net cash generated from operations and the availability of
negotiated funding facilities will be sufficient to meet the anticipated
commitments of our existing operations for fiscal year 2021. As a result of the
significant increase in the gold price, and the issue of shares to
Sibanye-Stillwater during fiscal 2020, at September 30, 2020 the Group has a
cash and cash equivalents balance of R
2,015.2
million. In addition, the Group has an
undrawn R200 million RCF available as additional backstop liquidity. Liquidity
is further enhanced by the continued high rand gold price levels.
5C. RESEARCH AND DEVELOPMENT, PATENTS AND
LICENSES, ETC.
DRDGOLD
has a dedicated team that looks at ways and means of improving recoveries.
While the team remains active with an ongoing focus on improving extraction
efficiencies, the projects undertaken during the year ended June 30, 2020 were
focused on optimizing the existing facilities rather than implementing new
technologies to improve extraction efficiencies. We have no registered patents
or licenses.
5D. TREND INFORMATION
In response to the COVID-19 pandemic and
measures taken to address the outbreak, investors globally, as they have in so
many previous times of crisis, turned to gold and gold stocks as a safe haven
asset, leading to a surge in the average gold price from R781,261 per kg in the
quarter ended March 31, 2020 to R988,030 per kg for the quarter ended June 30,
2020. The rand/dollar exchange rate remained volatile throughout the year
mainly as a result of economic uncertainty and perceived political instability,
global market slowdown sentiment, tensions between the USA and China, low
economic growth, and a seemingly terminally distressed Eskom. Further
volatility in the Rand was fueled by Moody's
downgrade of South Africa's sovereign credit rating to sub-investment grade as
a result of "continuing
deterioration in fiscal strength and
structurally very weak economic growth".
Any sustained decline in the market price of gold from the current
elevated gold price levels would adversely affect us, and any decline in the
price of gold below the cost of production could result in the closure of some
or all of our operations which would result in significant costs and
expenditure, such as, incurring retrenchment costs earlier than expected
which could lead to a decline in profits, or losses
. In addition, as most of our production costs are in rands, while
gold is sold in dollars and then converted to rands, our results of operation
and financial condition have been and could be in the future materially
affected by an appreciation in the value of the rand. Accordingly, any
sustained decline in the dollar price of gold and/or the strengthening of the
South African rand against the dollar would negatively and adversely affect our
business, operating results and financial condition.
For the fiscal year 2021, we are planning Group gold
production of 165,000 to 185,000 ounces at cash operating costs of
approximately R535,000 per kilogram. Our ability to meet the full year's
production target could be impacted by COVID-19 in a number of ways, including
potential further national lockdowns, stoppages in production due to outbreaks
of infections in our workforce and interruptions to our supply chain. It could
also be impacted by lower grades, failure to achieve the targets set at Ergo
and FWGR, power interruptions and other risks (refer Item 3D. Risk
Factors—Risks related to our business and operations
and
"–
Forward Looking
Statements
"
). We are also subject to cost pressures in
the event of above inflation increases in labor, electricity and water; crude
oil and steel costs. Unforeseen changes in ore grades and recoveries,
unexpected changes in the quality or quantity of reserves and resource,
technical production issues, environmental and industrial accidents, gold
theft,
84
environmental factors and pollution could
adversely impact the production, sales and cash operating costs for fiscal year
2021
and cause us to fail to meet our targets for
the year
.
Refer to
Item 5A.: "Key drivers
of our operating results and principal factors affecting our operating results"
for a discussion of the trend in the US Dollar
gold price as well as the exchange rate impacting our business.
Operating results for the quarter ended September
30, 2020
Quarter ended
Quarter ended
Sep 30, 2020
Jun 30, 2020
% change
Production
Gold produced
kg
1,514
1,041
45%
oz
48,676
33,469
45%
Gold sold
kg
1,522
951
60%
oz
48,676
30,576
59%
Ore milled
Metric (000't)
7,260
5,737
27%
Yield
Metric (g/t)
0.209
0.181
15%
Price and costs
Average gold price received
R per kg
1,029,893
970,198
6%
US$ per oz
1,896
1,682
13%
Cash operating costs
R/t
104
102
2%
US$/t
6
6
-
Cash operating costs
R per kg
489,750
542,482
-10%
US$ per oz
901
941
-4%
All-in sustaining costs **
R per kg
588,239
579,180
2%
US$ per oz
1,083
1,004
8%
All-in cost **
R per kg
613,206
597,371
3%
US$ per oz
1,129
1,036
9%
Capital expenditure
Sustaining
Rm
95.1
84.4
13%
US$m
5.6
4.7
19%
Non-sustaining/growth
Rm
25.3
4.5
462%
US$m
1.5
0.3
400%
Average R/US$ exchange rate
16.90
17.94
-6%
Rounding of
figures may result in computational discrepancies
*
The Adjusted EBITDA may not be comparable to similarly titled
measures of other companies. Adjusted EBITDA is not a measure of performance
under IFRS and should be considered in addition to, and not as a substitute
for, other measures of financial performance and liquidity.
**
All-in cost
definitions based on the guidance note on non-GAAP Metrics issued by the World
Gold Council on 27 June 2013
.
Gold production increased by 45% from the previous
quarter to 1,514kg primarily due to a 27% increase in tonnage throughput and a
15% increase in yield. Gold sold increased by 60%.
As a result, the cash operating cost per kilogram
of gold sold decreased by 10% from the previous quarter to R489,750/kg. The
cash operating cost per ton of material processed increased by 2% to R104/t.
All-in sustaining costs per kilogram and all-in
costs per kilogram were R588,239/kg and R613,206/kg, respectively, increasing
quarter on quarter mainly due to an increase in sustaining capital expenditure.
Adjusted EBITDA increased by 110% from the
previous quarter to R770.4 million primarily due to a 60% increase in gold sold
and a 6% increase in the average Rand gold price received of R1,029,893/kg.
Cash and cash equivalents increased by R300.1
million to R2,015.2 million as at September 30, 2020 after paying the final
dividend for the year ended June 30, 2020 of R299.1 million. External
borrowings remained at Rnil as at September 30, 2020 (June 30, 2020: Rnil).
The cash generated during the current quarter
will,
inter alia
, be applied towards the Company's extended capital
expenditure programme for the year ending June 30, 2021. Despite the capital
expenditure planned for the year, management positions the company favourably
to, in the absence of unforeseen events, consider declaring an interim dividend
in February 2021.
84
5E. OFF-BALANCE SHEET ARRANGEMENTS
The Company does not engage in off-balance sheet financing
activities, and does not have any off-balance sheet debt obligations,
unconsolidated special purposes entities or unconsolidated affiliates.
5F. TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS
Estimated and actual payments due by
  period
Total
Less than
Between
Between
More than 5 years
1 year
1-3 years
3-5 years
R m
R m
R m
R m
R m
Provision for environmental
  rehabilitation
2
568.9
55.5
137.1
107.1
269.2
Lease liabilities
47.1
10.1
19.7
11.3
6.0
Trade and other payables
478.8
478.8
-
-
-
Purchase obligations –
  contracted capital expenditure
1
130.6
130.6
-
-
-
Other contractual obligations
-
-
-
-
-
Total contractual and cash
  obligations
1,225.4
675.0
156.8
118.4
275.2
1
Represents planned capital expenditure
  for which contractual obligations exist.
2
Gold mining companies are
  subject to extensive environmental regulations in the various jurisdictions
  in which they operate. These regulations establish certain conditions on the
  conduct of our operations. Pursuant to environmental regulations, we are also
  obliged to close our operations and reclaim and rehabilitate the lands upon
  which we have conducted our mining and gold recovery operations. The
  estimated closure costs at existing operating mines and mines in various
  stages of closure are reflected in this table. For more information on
  environmental rehabilitation obligations, see Item 4D. "Property, Plant and
  Equipment" and Note 11 - "Provision for environmental rehabilitation" under
  Item 18. "Financial Statements".
5G.          SAFE HARBOR
See
Special Note Regarding Forward-Looking Statements.
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
6A. DIRECTORS AND SENIOR MANAGEMENT
Directors and Executive Officers
Our board of directors may consist of not less
than four and not more than twenty directors. As at June 30, 2020, our board
consisted of eight directors.
In accordance with JSE listing requirements and
our Memorandum of Incorporation, or MOI, one third of the directors comprising
the board of directors, on a rotating basis, are subject to re-election at each
annual general shareholders' meeting. Additionally, all directors are subject
to election at the first annual general meeting following their appointment.
Retiring directors normally make themselves available for re-election.
Mr Timothy John Cumming and Ms Charmel Flemming
have been appointed as non-executive director and independent non-executive
director, respectively, of the Company, with effect from August 1, 2020
.
The address of each of our Executive Directors and
Non-Executive Directors is the address of our principal executive offices.
Executive Directors
Daniël (Niel) Johannes Pretorius (53)
Chief
Executive Officer. Niël Pretorius has two decades of experience in the mining
industry. He was appointed Chief Executive Officer designate of DRDGOLD on
August 21, 2008 and Chief Executive Officer on January 1, 2009. Having joined
the company on May 1, 2003 as legal advisor, he was promoted to Group Legal
Counsel on September 1, 2004 and General Manager: Corporate Services on April
1, 2005. Niël was appointed Chief Executive Officer of Ergo Mining Operations
Proprietary Limited (formerly DRDGOLD SA) on July 1, 2006 and became Managing
Director thereof on April 1, 2008.
Niel is a member of the Social & Ethics Committee of DRDGOLD.
84
Adriaan (Riaan) Jacobus Davel
(44)
Chief Financial Officer.
Riaan Davel joined DRDGOLD in January 2015. Before joining
DRDGOLD, he gained 17 years' experience in the professional services industry,
the majority obtained in the mining industry in Africa. As part of gaining that
experience, Riaan provided assurance and advisory services, including support
and training on IFRS to clients and teams across the African continent. He has
spent seven years at KPMG as an audit partner, performing,
inter alia
,
audits of listed companies in the mining industry, including SEC registrants.
Riaan has also gained experience as an IFRS technical partner and represented
the South African Institute of Chartered Accountants on the International
Accounting Standards Board's project on extractive activities from 2003 to
2010. Riaan has served on committees that compile/update the South African
codes for reporting and valuation of mineral reserves and resources.
Non-Executive Directors
Geoffrey Charles Campbell (59).
Geoffrey Campbell was appointed a Non-executive
Director in 2002, a senior independent non-executive director in December 2003
and Non-executive Chairman in October 2005. A qualified geologist, he has
worked on gold mines in Wales and Canada. He spent 15 years as a stockbroker
before becoming a fund manager, managing the Merrill Lynch Investment Managers
Gold and General Fund, one of the largest gold mining investment funds. He was
also research director for Merrill Lynch Investment Managers. Geoffrey is a
director of Oxford Abstracts Limited. Geoffrey chairs the Nominations component
of the Remuneration & Nominations Committee of DRDGOLD.
Edmund Abel Jeneker (58)
.
Edmund Jeneker was appointed Non-executive Director in November
2007 and Lead Independent Non-executive Director in August 2017. He has more
than 30 years' experience as an executive in banking, business strategy,
advisory and management at Grant Thornton South Africa Proprietary Limited,
Swiss Re Corporate Solutions Advisors South Africa Proprietary Limited, the
World Bank Competitiveness Fund and Deloitte South Africa. More recently, he
completed almost 14 years at Absa Bank and Barclays Africa Group, where he was
managing executive and served as director on the boards of several subsidiaries
in the Barclays Africa Group. Edmund is active in community social upliftment
and served as a member of the Provincial Development Commission of the Western
Cape Provincial Government. He currently serves on the Advisory Board of the
Institute of Directors Southern Africa, Investment Committee of BADISA and The
Cape Philharmonic Orchestra. He is a Chartered Director. Edmund chairs the
Social & Ethics Committee and is a member of the Remuneration &
Nominations Committee of the Company.
Johan Andries
Holtzhausen
(74)
.
Johan Holtzhausen holds
a B.Sc.(Geology and Chemistry) from the University of Stellenbosch and a B.
Compt. (Hons) from the University of South Africa. He has been a Chartered
Accountant (South Africa) since 1975. He was appointed independent
Non-executive Director in on April 25, 2014. He has more than 42 years'
experience in the accounting profession, having served as a senior partner at
KPMG Services Proprietary Limited, and held the highest Generally Accepted Accounting
Principles (United States), Generally Accepted Auditing Standards and
Sarbanes-Oxley Act accreditation required to service clients listed on stock
exchanges in the United States. His clients included major corporations listed
in South Africa, Canada, the United Kingdom, Australia and the United States.
Johan currently serves as a voluntary independent director and chairman of the
Audit and Risk Committee of the Tourism Enterprise Partnership. He also chairs
the Audit and Risk Committee of Tshipi é Ntle Manganese Mining Proprietary
Limited. He is a Non-executive Director of Caledonia Mining Corporation Plc, a
Canadian corporation listed in the United States and the United Kingdom, and he
chairs its Audit and Risk Committee.
Jean
Johannes
Nel (48). Jean Nel was
appointed as an independent Non-executive Director on November 30, 2018. He
qualified as a CA(SA) in 1998 obtained the CFA (AIMR) qualification. Mr. Nel
has 20 years of mining finance and mining executive and operational management
experience. He was appointed to the Aquarius Platinum Board in April 2012 and
became CEO of the Group in November 2012, a position he held until Aquarius
Platinum was acquired by Sibanye- Stillwater in April 2016. From April 2016 to
January 2017 he was the CEO of the Platinum division of Sibanye Stillwater. He
is currently a non-executive director of Mimosa Investments which owns the
Mimosa platinum mine in Zimbabwe and Northam Platinum
. Jean is a member of the
Audit & Risk Committee of DRDGOLD.
Toko
Victoria Buyiswa Nomalanga Mnyango
(54). Toko Mnyango was appointed
independent Non-executive Director on December 1, 2016. Toko began her career
as a prosecutor for the KaNgwane homeland, before becoming a legal advisor for
the Eastern Cape Development Corporation. She has held directorships on company
boards including Gijima, EOH Mthombo Proprietary Limited, AllPay Eastern Cape
Proprietary Limited, a subsidiary of ABSA Limited, and the Ryk Neethling
Foundation. She currently holds the position of CEO of Vitom Technologies Proprietary
Limited and Vitom Brands Communication Proprietary Limited. Toko chairs the
Remuneration component of the Remuneration & Nominations Committee as is a
member of the Social & Ethics Committee of DRDGOLD.
Kuby Prudence Lebina
(39). Prudence Lebina was
appointed as independent non-executive director on 03 May 2019. She qualified
as a chartered accountant in December 2005 after serving her articles at
PricewaterhouseCoopers Incorporated. A member of the South African Institute of
Chartered Accountants, with extensive experience in corporate finance,
financial management and investor relations in investment banking and the
mining industry, she is currently Chief Executive Officer of TriAlpha Investment
Management and non-executive director of Growthpoint Properties Limited. She is
a member of the Audit & Risk Committee as well as the Remuneration &
Nominations Committee.
Timothy John Cumming
(63) holds a B.Sc
(Hons) in Civil Engineering from the University of Cape Town and an MA in
Philosophy, Politics and Economics from Oxford University. His career spans
mining, financial services and consulting. He is the founder of Scatterlinks
Proprietary Limited, a South African-based company providing leadership
development and advisory services to senior business executives. He is also an
independent non-executive director of Sibanye-Stillwater Limited and Nedgroup
Investments Limited and serves as non-executive Chairman of Riscura Holdings
Limited. Tim started out as an engineer at the Anglo American Corporation of
South Africa Limited working on a number of gold and diamond mines including
involvement in the geo-technical design of the Ergo tailings dam. Thereafter he
held senior roles in financial services including General Manager at Allan Gray
Limited, Head of Investment Research at HSBC Securities (SA), CEO of Old Mutual
Asset Managers and MD of various divisions within the Old Mutual Group. Other
involvements include Chairmanship of the Mandela Rhodes Foundation's Investment
Committee and the Woodside Endowment Trust and membership of the Greenpop
advisory board (a social enterprise
84
committed to
restoring ecosystems and sustainable development).
Charmel Flemming (37)
holds a B.Acc (Hons)
from the University of the Free State and is a qualified Chartered Accountant
(South Africa) with 10 years´ post articles experience primarily within the
mining space. She started her career as a trainee accountant at KPMG South
Africa and held various positions within the De Beers Group over a period of 11
years. She also served as a trustee on the boards of both the De Beers Benefit
Society Medical Aid and De Beers Pension Fund from 2014 to 2018. Charmel is the
founder and chief executive officer of F Twelve and is also a non-executive
director at Acorn Agri & Food Limited and at ATKV.
Senior Management and Prescribed Officers
Wilhelm Jacobus Schoeman (46)
(Dip Analytical Chemistry,
BTech Analytical Chemistry). Jaco Schoeman
joined DRDGOLD in 2011 as Executive Officer: Business Development to focus on
expanding the Group's surface retreatment business and extracting maximum value
from existing resources. In July 2014, he was appointed Operations Director:
Ergo Mining Operations Proprietary Limited.
Henry Gouws (51)
(National Higher Diploma (Extraction
Metallurgy), MDP) Managing Director: Ergo. Henry Gouws has 30 years' experience
in the mining industry. He graduated from Technikon Witwatersrand and obtained
a National Diploma in Extraction Metallurgy in 1990 and a National Higher
Diploma in Extraction Metallurgy in 1991. He completed a Management Development
Program in 2003 through Unisa School of Business Leadership and an Executive
Development Programme in 2012 through the University of Stellenbosch Business
School. He was appointed Operations Manager of Crown in January 2006 and
General Manager in July 2006. He was appointed to his current position in
October 1, 2011.
Mark Burrell (58)
(BCom Accounting, MDP) Financial Director: Ergo. Mark Burrell
holds a BComm Accounting degree and has completed a Management Development
Programme (MDP) and has twenty years' experience in the mining sector. He
joined DRDGOLD in 2004 on a consulting basis and later that year, was appointed
as Financial Manager of the Blyvooruitzicht operation. He was appointed as
Financial Director of Ergo in January 2012. Mark serves as a director on the
Board of Rand Refinery Proprietary Limited.
Kevin Kruger (52)
(BscEng (Mechanical Engineering), MDP, PMD, Government
Certificate of Competency (Mines)). Kevin has 32 years' experience in the
mining industry in Africa. He joined the mining industry in January 1987 as
second year engineering student. Kevin graduated from the University of the
Witwatersrand at the end of 1989 obtaining his BSc (Mechanical Engineering) and
his government certificate of Competency (mines) during 1993. Kevin was
appointed as junior engineer in December 1989, section engineer - March 1994
and engineer in September 1994. He was appointed engineering manager 2003,
general manager – technical services 2004 and managing director Chizimgold
2010. On 01 October 2013 he was appointed as technical director at Ergo where
he was responsible for the environmental, health and safety, mineral resources
and engineering portfolios. On 1 August 2018, Kevin was appointed Managing
Director of FWGR.
Henriette Hooijer (40)
(BCom (Hons), CA(SA)). Henriette Hooijer is the Financial
Director of FWGR. She joined DRDGOLD in May 2016 and was appointed as Financial
Director of FWGR in August 2018. Before joining DRDGOLD, she spent 11 years' in
the professional services industry at KPMG, performing, inter alia, audits of
listed companies in the mining industry, including SEC registrants.
Elise Beukes (43)
(BProc). Elise Beukes was appointed as Company Secretary of
DRDGOLD with effect from October 01, 2019. She has broad governance experience
in all aspects of commercial law, having spent several years in both litigation
and commercial practice as an admitted attorney and four years as corporate
legal counsel. She has dealt extensively with broad-based black economic
empowerment structures, employee ownership schemes, enterprise development and
share incentive schemes involving complex company restructuring for both
multi-nationals and large local entities. She has extensive knowledge on the
new Companies Act and has particular interests in company secretarial and
corporate governance matters.
There are no family relationships between any
of our non-executive directors, executive directors or members of the group
executive and senior management. There are no arrangements or understandings
between any of our directors or executive officers and any other person by
which any of our directors or executive officers has been so elected or
appointed. Furthermore, none of the non-executive directors, executive
directors, group executive and senior management members or other key
management personnel are elected or appointed under any undertaking by,
arrangement or understanding with any major shareholder, customer, supplier or
otherwise.
84
6B. COMPENSATION
Our
MOI provide that the directors' fees should be determined from time to time in
a general meeting or by a quorum of Non-Executive Directors. The total amount
of directors' remuneration paid and or accrued for the year ended June 30, 2020
was R34.3 million.
Non-Executive Directors received the following
fees for fiscal year 2020:
·
Base fee as Non-Executive Chairman of R1,388,518
per annum;
·
Base fee as Lead Independent Non-Executive
Director of R640,261 per annum;
·
Base fee as Non-Executive Directors of R617,119
per annum;
·
Annual fee for Audit and Risk Committee
Chairman of R30,856 (excluding fee received as a committee member);
·
Annual fee for Audit and Risk Committee
member of R30,856;
·
Annual fee for the chairman of Remuneration
and Nominations Committee and Social and Ethics Committee of R23,142 (excluding
fee received as a committee member);
·
Annual fee for members of Remuneration
Committee and Social and Ethics Committee of R23,142 each;
·
Daily fee of R23,142;
·
Hourly rate of R3,086;
·
Half-day fee for participating by telephone
in special board meetings of R11,571; and
·
The Chairman of the board, Lead Independent Non-Executive
Director and other Non-Executive Directors to receive committee fees.
The following table sets forth the
  compensation for our directors and prescribed officers for the year ended
  June 30, 2020.
The disclosure detailed in this table is
  consistent with the disclosure requirements of the Companies Act, 2008 (Act
  71 of 2008) and the JSE Listings Requirements.
Directors / Prescribed Officer
Total remuneration recognised during the
  year
Short-Term Incentives recognised related
  to this cycle
Long-term Incentives paid during this
  cycle
Total remuneration related to this cycle
R'000
R'000
R'000
R'000
Executive directors
D J Pretorius
6,904
6,597
5,094
18,595
A J Davel
3,890
3,706
2,862
10,458
10,794
10,303
7,956
29,053
Non-executive directors
G C Campbell
1,573
-
-
1,573
E A Jeneker
861
-
-
861
J Holtzhausen
714
-
-
714
T B V N Mnyango
728
-
-
728
J J Nel
685
-
-
685
P Lebina
705
-
-
705
5,266
-
-
5,266
Prescribed officers (1)
W J Schoeman
3,689
3,706
2,862
10,257
R Masemene
697
-
-
697
E Beukes
976
930
-
1,906
5,362
4,636
2,862
12,860
Total
21,422
14,939
10,818
47,179
(1)
The Companies Act, 2008 (Act
  71 of 2008), under section 30, requires the remuneration of prescribed
  officers, as defined in regulation 38 of Company Regulations 2008, to be
  disclosed with that of directors of the company. A person is a prescribed
  officer if they have general executive authority over the company, general
  responsibility for the financial management or management of legal affairs,
  general managerial authority over the operations of the company or directly
  or indirectly exercise or significantly influence the exercise of control
  over the general management and administration of the whole or a significant
  portion of the business and activities of the company.
See also Item 6E. Share Ownership for
  details of share options held by directors.
84
Compensation of key
management
Refer to
Item 18. ''Financial
Statements – Note 19.2 – Related party transactions'' for the total
compensation paid to key management (including executive and non-executive
directors as well as prescribed officers).
The Group applies a pool-based incentive scheme, based on modified
free cash flow, because it drives a strong teamwork culture with all
participants working primarily towards a single goal, maximising free cash flow
which is an easy measure to understand. Participants include the executives,
prescribed officers and permanently employed senior management.
On 28th August 2019, the Remuneration Committee approved certain
amendments to the Short-term incentive scheme effective from the 1st July 2019
for the financial year ending 30 June 2020. These amendments were as follows:
• The inclusion of the CEO and CFO in the Short-Term incentive
scheme for senior management effective July 1, 2019. This is to create
consistency and a more integrated team-based approach to the short-term
incentives of the management team;
• The Free Cash Flow threshold was increased from 10% to 15% to
accommodate the inclusion of the CEO and CFO;
• The discretionary element available to the executive committee
which provides the ability to recognise exceptional discretionary effort was
reintroduced;
• The production modifier was enhanced to maximise production, which
Group exercise strong control over. The STI pool can be modified upwards as
well as downwards, based on gold produced, measured against budget;
• An important addition to the STI modifiers, which already includes
a safety modifier, is a fatality modifier. This was introduced to support the
Company's strong commitment to its strategy of a renewed focus on employee
safety, development, values and wellbeing;
• The individual performance moderator model has been expanded to
include employee performance ratings between 2 and 3 to participants in the STI
scheme on a broader sliding scale.
Performance measures
The STI is funded out of a pool created from the Free Cash Flow ("
FCF
")
generated by DRDGOLD in the financial year:
• Free Cash Flow is defined as cash generated from operations,
less capital expenditure ("
Capex
"), and tax.. In the budgeting process,
if the Group believes that any Capex, Investment or other item/s should be
excluded or amortised or treated in any different way for determining FCF at
the end of the year, they may make representations to the Remuneration
Committee on the treatment of such item/s for the purposes of calculating FCF
for purposes of the STI pool. Remco has absolute discretion in approving the
treatment of such item/s;
• An STI Pool of up to 15% of FCF is created;
• The STI Pool is modified as per the Tables below;
Modifiers of the incentive pool
To drive strategic initiatives, the short-term incentive pool is
modified by up to 20% for isolated non-achievements of targets and up to 50%
for systemic or repetitive non-compliance. The modifiers are approved by the
Remuneration Committee. These strategic initiatives and their measures are
assessed at the beginning of each financial year to ensure that current
strategies are driven in that year. These strategic modifiers and their
weightings are communicated to participants at the beginning of each financial
year to ensure understanding and compliance.
The Group performance measures set out by the Remuneration
Committee and the weightings for FY2020 are as follows:
Strategic Initiatives Modifiers
Environmental:                       4%
Safety:                                     4%
Social development:               4%
Labour development:              4%
Transformation:                      4%
Fatality Modifier
• Up to 25% per fatality, depending on the degree of culpability
of the company, as assessed by the Remuneration Committee.
• If the fatality/ies is/are as a result of a breakdown in or
disregard for a safety culture, the STI Pool can be modified by up to 100% at
the Remuneration Committee's discretion.
Production Modifier
The calculated STI Pool may be modified, upwards or downwards,
based upon gold (kg) produced measured against budget, as follows:
Gold (Kg) Produced:
STI
% of Budget
Pool
Adjustment
< 93%                                                     -10%
93% to < 97%                                         -5%
97% to < 103%                                       0%
103% to < 107%                                     +5%
≥ 107%                                                   +10%
84
Distribution of the Incentive pool
The STI pool, after any moderation, will be distributed as
follows:
• 90% formulaically, pro-rata to each individual's "% of STI
Pool", as determined below and possibly moderated for individual performance as
follows:
Individual Performance Rating
Modifier
%
< 2                                                           -100%
2 to < 2.25                                               -80%
2.25 to < 2.5                                            -60%
2.5 to < 2.75                                            -40%
2.75 to < 3                                               -20%
≥ 3                                                           0%
• 10% on a discretionary basis.
Each participant's "% of STI Pool" will be determined, taking
inter alia the following factors into account:
A.            All-inclusive package of the individual for the
financial year;
B.            Market-related STI quanta applicable to the
Category;
C.            The level of accountability and responsibility of
the role of the individual.
Because there is likely to be a portion of the 90% formulaic pool
distribution unallocated, due to some individuals with performance ratings of
less than 3, this unallocated portion plus the 10% discretionary pool will be
allocated by the Executive Committee after recommendations from line
management. The Remuneration Committee will approve any allocations from the
10% discretionary pool to Executive Committee members.
In order to be able to reward exceptional individual performance
appropriately, the formulaic plus discretionary allocations may exceed this
amount, but these instances, if any, would be subject to the Executive
Committee's and ultimately the Remuneration Committee's approval.
Further considerations for the CEO and CFO
For the CEO and CFO ("executive directors") the formulaically
calculated STI amounts will be reviewed by the Remuneration Committee, who has
absolute discretion to further modify the STI amounts, upwards or downwards:
• If compelling, exceptional and objective circumstances warrant
such application of discretion; and
• To ensure that the STI amounts awarded are balanced and
equitable.
Executive Directors' STI amounts may be settled in a combination
of cash and DRDGOLD shares (deferred bonus shares), with Remco having discretion
to make up to 40% of the award in deferred bonus shares.
Deferred Bonus Shares will vest / be released to the Executive
Directors as follows:
• 50% after 9 months;
• 50% after 18 months.
The following provisions apply to the deferred bonus shares:
A.            The Executive Director needs to be in active service
and not under notice of resignation on the vesting dates in order to be
eligible to receive the deferred bonus shares and any dividends accrued
thereon; and
B.            The deferred bonus shares carry voting and dividend
rights; however, the dividends will accrue and will only be paid out upon the
vesting / release of the shares to which the dividends relate.
Service Agreements
Service contracts negotiated with each executive and non-executive
director incorporate their terms and conditions of employment and are approved
by our Remuneration Committee.
The Company's current executive directors, Mr. D.J. Pretorius and
Mr. A.J. Davel, entered into agreements of employment with us, on January 1,
2009 and January 1, 2015, respectively. These agreements regulated the
employment relationship with Messrs. D.J. Pretorius and A.J. Davel during the
year ended June 30, 2020.
On July 1, 2019 Mr. D.J. Pretorius entered into a new agreement of
employment for a period of 3 years and thereafter it continues indefinitely
until terminated by either party on not less than three months' written notice.
Under the employment agreement effective up to June 30, 2022 Mr. D.J. Pretorius
receives from us a guaranteed remuneration package of R6.2 million per annum.
Mr. D.J. Pretorius was eligible under his employment agreement, for an
incentive bonus of up to 100% of his annual remuneration package in respect of
one bonus cycle per annum over the duration of his appointment, on the condition
that DRDGOLD achieves certain key performance indicators. In addition, he is
eligible to participate in the cash-settled long-term incentive scheme and was
awarded 2,323,009 phantom shares in November 2015 and 1,069,321 equity-settled
share options in December 2019.
84
Mr. A.J. Davel entered into a new employment agreement effective
from July 1, 2019 for a period of 3 years and thereafter it continues
indefinitely until terminated by either party on not less than three months'
prior written notice. Mr. A.J. Davel receives from us a guaranteed remuneration
package of R3.4 million per annum. Mr. A.J. Davel is eligible under his
employment agreement, for a short term incentive of up to 100% of his annual
remuneration package in respect of one bonus cycle per annum over the duration
of his appointment, on the condition that DRDGOLD achieves certain key
performance indicators. He is eligible to participate in the long term
incentive scheme. He was issued 205,207 phantom shares under the cash-settled long-term
incentive scheme on his joining DRDGOLD and 1,305,033 phantom shares in
November 2015 and 517,522 equity-settled share options in December 2019.
Messrs. G.C. Campbell and E.A. Jeneker each have
service agreements which run for fixed periods until October 31, 2021. Mr. J
Turk service as director terminated on October 31, 2018. Mr. J.A Holtzhausen
has a service agreement which runs for a fixed period until April 25, 2022.
Mrs. TVBN Mnyango
has a service
agreement which runs until November 30, 2020. Mr. J Nel entered into a service
agreement which runs for a fixed period until November 30, 2020 and Ms. K.P
Lebina entered into a service agreement which runs until May 02, 2021.
Mr. T J Cumming and Ms Charmel Flemming entered into a
service agreement which runs for a fixed period until July 31, 2022. After
expiration of the initial two-year periods, the agreements continue
indefinitely until terminated by either party on not less than three months'
prior written notice.
The Company does not administer any pension,
retirement or other similar scheme in which the directors receive a benefit.
Each service agreement with our directors provides
for the provision of benefits to the director where the agreement is terminated
by us in the case of our executive officers, except where terminated as a
result of certain action on the part of the director, upon the director
reaching a certain age, or by the director upon the occurrence of a change of
control. A termination of a director's employment upon the occurrence of a change
of control is referred to as an "eligible termination." Upon an eligible
termination, the director is entitled to receive a payment equal to at least
one year's salary or fees, but not more than three years' salary for Executive
Directors or two years' fees for Non-Executive Directors, depending on the
period of time that the director has been employed.
6C. BOARD PRACTICES
Board of Directors
As at June 30, 2020, the
board of directors comprises two Executive Directors
(Mr. D.J. Pretorius and Mr. A.J. Davel), and six Non-Executive
Directors (Messrs. G.C. Campbell, J.J. Nel, E.A. Jeneker, J.A.
Holtzhausen and Mmes. K.P. Lebina and TVBN Mnyango). The Non-Executive
Directors are independent under the New York Stock Exchange, or NYSE,
requirements (as affirmatively determined by the Board of Directors) and the
South African King IV Report.
As at September 30, 2020, the Board of
Directors comprises ten directors. TJ Cumming and C Flemming
were appointed as non-executive director and
independent non-executive director, respectively, of the
Company, with effect from August 1, 2020.
In accordance with the King IV Report on corporate governance, as
encompassed in the JSE Listings Requirements, and in accordance with the United
Kingdom Combined Code, the responsibilities of Chairman and Chief Executive
Officer are separate. Mr. G.C. Campbell is the Non-Executive Chairman, Mr. D.J.
Pretorius is the Chief Executive Officer and Mr. A.J Davel is the Chief
Financial Officer. The board has established a Remuneration and Nominations
committee, and it is our policy for details of a prospective candidate to be
distributed to all directors for formal consideration at a full meeting of the
board. A prospective candidate would be invited to attend a meeting and be interviewed
before any decision is taken. In compliance with the NYSE rules a majority of
independent directors will select or recommend director nominees.
The board's main roles are to create value for shareholders, to
provide leadership of the Company, to approve the Company's strategic
objectives and to ensure that the necessary financial and other resources are
made available to management to enable them to meet those objectives. The board
retains full and effective control over the Company, meeting on a quarterly
basis with additional ad hoc meetings being arranged when necessary, to review
strategy and planning and operational and financial performance. The board
further authorizes acquisitions and disposals, major capital expenditure,
stakeholder communication and other material matters reserved for its
consideration and decision under its terms of reference. The board also
approves the annual budgets for the various operational units.
The board is responsible for monitoring the activities of
executive management within the company and ensuring that decisions on material
matters are referred to the board. The board approves all the terms of
reference for the various subcommittees of the board, including special
committees tasked to deal with specific issues. Only the executive directors
are involved with the day-to-day management of the Company.
To assist new directors, an induction program has been established
by the Company, which includes background materials, meetings with senior
management, presentations by the Company's advisors and site visits. The
directors are assessed annually, both individually and as a board, as part of
an evaluation process, which is driven by an independent consultant. In
addition, the Remuneration and Nominations Committees formally evaluate the
executive directors on an annual basis, based on objective criteria.
All directors, in accordance with the Company's MOI, are subject
to retirement by rotation and re-election by shareholders. In addition, all
directors are subject to election by shareholders at the first annual general
meeting following their appointment by directors. The appointment of new
directors is approved by the board as a whole. The names of the directors
submitted for re-election are accompanied by sufficient biographical details in
the notice of the forthcoming annual general meeting to enable shareholders to
make an informed decision in respect of their re-election.
84
All directors have access to the advice and services of the
Company Secretary, who is responsible to the board for ensuring compliance with
procedures and regulations of a statutory nature. Directors are entitled to
seek independent professional advice concerning the affairs of the Company at
the Company's expense, should they believe that course of action would be in
the best interest of the Company.
Board meetings are held quarterly in South Africa and occasionally
abroad. The structure and timing of the Company's board meetings, which are
scheduled over two days, allows adequate time for the Non-Executive Directors
to interact without the presence of the Executive Directors. The board meetings
include the meeting of the Audit & Risk Committee, Remuneration &
Nominations Committee as well as Social & Ethics Committee which act as
subcommittees to the board. Each subcommittee is chaired by one of the
Independent Non-Executive Directors, each of whom provides a formal report back
to the board. Each subcommittee meets for approximately half a day. Certain
senior personnel of the Company attend the subcommittee meetings as invitees.
The board sets the standards and values of the Company and much of
this has been embodied in the Company's Code of Conduct, which is available on
our website at www.drdgold.com. The Code of Conduct applies to all directors,
officers and employees, including the principal executive, financial and
accounting officers, in accordance with Section 406 of the US Sarbanes-Oxley
Act of 2002, the related US securities laws and the NYSE rules. The Code contains
provisions for employees to report violations of Company policy or any
applicable law, rule or regulation, including US securities laws.
A description of the significant ways in which our corporate
governance practices differ from practices followed by U.S. companies listed on
the NYSE can be found in Item 16G. Corporate Governance.
Directors' Terms of Service
The following table shows the date of appointment,
expiration of term and number of years of service with us of each of the
directors as at June 30, 2020:
Director
Title
Year first appointed
Term of current office
Unexpired term of current office
D.J. Pretorius
Chief Executive Officer
2008
3 years
24 months
A.J. Davel
Chief Financial Officer
2015
3 years
24 months
G.C. Campbell
Non-Executive Director
2002
2 years
16 months
E.A. Jeneker
Non-Executive Director
2007
2 years
16 months
J. Holtzhausen
Non-Executive Director
2014
2 years
21 months
T.V.B.N. Mnyango
Non-Executive Director
2016
2 years
5 months
J.J Nel
Non-Executive Director
2018
2 years
5 months
K.P Lebina
Non-Executive Director
2019
2 years
10 months
Executive Committee
As at June 30, 2020, the Executive Committee
consisted of Mr. D J Pretorius (Chairman), Mr. A J Davel, Mr. W.J. Schoeman and
Ms. E. Beukes.
The Executive Committee meets on a weekly
basis to review current operations, develop strategy and policy proposals for
consideration by the board of directors. Members of the Executive Committee,
who are unable to attend the meetings in person, are able to participate via
teleconference facilities, to allow participation in the discussion and
conclusions reached. The subsidiary companies' executives are permanent
participants on the Executive Committee.
Board Committees
The board has established a number of standing committees to
enable it to properly discharge its duties and responsibilities and to
effectively fulfill its decision-making process. Each committee acts within
written terms of reference which have been approved by the board and under
which specific functions of the board are delegated. The terms of reference for
all committees can be obtained by application to the Company Secretary at the
Company's registered office. Each committee has defined purposes, membership
requirements, duties and reporting procedures. Minutes of the meetings of these
committees are circulated to the members of the committees and made available
to the board. Remuneration of Non-Executive Directors for their services on the
committees concerned is determined by the board. The committees are subject to annual
evaluation by the board with respect to their performance and effectiveness. The
following information reflects the composition and activities of these
committees.
Committees of the Board of Directors
Remuneration and Nominations Committee
As at June 30, 2020 the Remuneration and
Nominations Committee consisted of G C Campbell (Chairman: nominations), T V B
N Mnyango (Chairwoman: remuneration), E A Jeneker and K P Lebina
.
The Remuneration and Nominations Committee meets on an
ad hoc
basis. All members of this committee are independent NEDs
84
who are independent according to the definition set out in the
NYSE Rules
. It is chaired by the board chairman when matters relating to
nominations are discussed and by an independent NED when matters relating to
remuneration are discussed.
The primary remuneration role of the committee is to execute the
following functions:
·
ensure the establishment of a formal process
for the appointment of directors;
·
ensure that inexperienced directors are
developed through a mentorship programme;
·
ensure that directors receive regular briefings
on changes in risks, laws and the appropriate contribution;
·
drive an annual process to evaluate the
board, board committees and individual directors;
·
ensure that succession plans for the board,
chief executive officer and senior management appointments are developed and
implemented.
The committee has a mandate to offer competitive packages that
will attract and retain executives of the highest caliber and encourage and
reward superior performance. Industry surveys are provided for comparative
purposes, and to assist the
committee
in the formulation of remuneration policies that are market related.
The key nominations responsibilities of the committee include the
following:
·
make recommendations to the board on the
appointment of new directors;
·
make recommendations on the composition of
the board and the balance between executive and NEDs appointed to the board;
·
review board structure, size and composition
on a regular basis;
·
make recommendations on directors eligible to
retire by rotation; and
·
apply the principles of good corporate
governance and best practice in respect of nominations matters.
Audit and Risk Committee
As at June 30, 2020 the
Audit and Risk Committee
consisted of
J A Holtzhausen (Chairman), J J Nel and K P Lebina.
All members of the Audit and Risk Committee are independent
according to the definition set out in the NYSE Rules. The committee's charter
deals with all the aspects relating to its functioning.
The
Audit and Risk Committee charter sets out the committee's terms of reference
which include responsibility for:
·
appointment and oversight of e
xternal auditors, audit process and financial
reporting;
·
oversight of i
nternal audit;
·
overseeing the
integrated reporting and assurance model;
·
overseeing the development and annual review
of a policy and plan for risk management;
·
ensuring that risk management assessments are
performed on a continuous basis;
·
ensuring that reporting on risk management
assessment is complete, timely, accurate and accessible;
·
ensuring that frameworks and methodologies
are implemented to increase the possibility of anticipating unpredictable
risks;
·
ensuring that continuous risk monitoring by
management takes place.
The Audit and Risk Committee meets each quarter with the external
auditors, the company's manager: risk and internal audit, and the CFO. The
committee reviews the audit plans of the internal auditors to ascertain the
extent to which the scope of the audits can be relied upon to detect weaknesses
in internal controls. It also reviews the annual and interim financial
statements prior to their approval by the board.
The committee is responsible for making recommendations to
appoint, reappoint or remove the external auditors, and the designated external
audit partner as well as determining their remuneration and terms of
engagement. In accordance with its policy, the committee preapproves all audit
and non-audit services provided by the external auditors. KPMG Inc. was
reappointed by shareholders at the
last
AGM on December 2, 2019 to perform DRDGOLD's external audit function,
such appointment was made by the shareholders in accordance with
the laws of South Africa and upon recommendation of the board following the
Audit and Risk Committee
.
The internal audit function is performed in-house, with the
assistance of Pro-Optima Audit Services Proprietary Limited. Internal audits
are performed at all DRDGOLD operating units and are aimed at reviewing,
evaluating and improving the effectiveness of risk management, internal
controls and corporate governance processes.
Significant deficiencies, material weaknesses, instances of
non-compliance and exposure to high risk and development needs are brought to
the attention of operational management for resolution
and
reported to the Audit and Risk Committee
. The
committee members have access to all the records of the internal audit team.
DRDGOLD's internal and external auditors have unrestricted access
to the chairman of the Audit and Risk Committee and, where necessary, to the
chairman of the board and the CEO. All significant findings arising from audit
procedures are brought to the attention of the committee and, if necessary, to
the board.
Section 404 of
the Sarbanes-Oxley Act of 2002
stipulates that management is required to assess the
effectiveness of the internal controls surrounding the financial reporting
process. The results of this assessment are reported in the form of a
management attestation report that is filed with the SEC as part of the Form
20-F. Additionally, DRDGOLD's external auditors are required to express an
opinion on the effectiveness of internal controls over financial reporting,
which is also contained in the Company's Form 20-F.
84
An important aspect of risk management is the transfer of risk to
third parties to protect the company from disaster. DRDGOLD's major assets and
potential business interruption and liability claims are therefore covered by
the group insurance policy, which encompasses all the operations. Most of these
policies are held through insurance companies operating in the United Kingdom,
Europe and South Africa. The various risk-management initiatives undertaken
within the group as well as the strategy to reduce costs without compromising
cover have been successful and resulted in substantial insurance cost savings
for the Group.
Social and Ethics Committee
As at June 30, 2020, the Social and Ethics Committee consisted of
Mr. E.A. Jeneker (Chairman), Mr. D.J. Pretorius and Mrs. TVBN Mnyango. Membership
thereof remains unchanged.
The
Social and Ethics Committee is a statutory body established in terms of section
72 of the Companies Act, 2008; the objectives of which are to facilitate
transformation and sustainable development by,
inter alia,
promoting
transformation within the Company and economic empowerment of previously
disadvantaged communities particularly within the areas where the Company
conducts business; striving towards achieving the goal of equality as the South
African Constitution and other legislation require within the context of the
demographics of the country at all levels of the Company and its subsidiaries;
and conducting business in a manner which is conducive to internationally
acceptable environmental and sustainability standards
.
The following terms of reference were approved by the board to
enable the committee to function effectively. These are to
be responsible for and
make recommendations to
the board
with respect to the following matters
:
·
monitor the Company's activities regarding
the 10 principles set out in the United Nations Global Compact Principles and
the OECD recommendations regarding Corruption, the Employment Equity Act and
the Broad Based Black Economic Empowerment Act;
·
maintaining records of sponsorship, donations
and charitable giving;
·
reviewing matters relating to
the environment, health and public safety,
including the impact of the company's activities and of its products or
services;
·
reviewing matters relating to
labor and employment
·
reviewing and recommending the company's code
of ethics;
·
reviewing and recommending any corporate
citizenship policies;
·
reviewing significant cases of employee
conflicts of interests, misconduct or fraud, or any other unethical activity by
employees or the Company
6D. EMPLOYEES
Employees
The
total number of employees at June 30, 2020, of 2,573 comprises 1,615
specialized service providers and 958 employees who are directly employed by us
and our subsidiary companies.
The total number of employees at June 30, 2019, of
2,617 comprises 1,591 specialized service providers and 1,026 employees who are
directly employed by us and our subsidiary companies.
The total number of employees at June 30, 2018, of
2,304 comprises 1,426 specialized service providers and 878 employees who are
directly employed by us and our subsidiary companies.
The total number of employees at September 30,
2020, of 2,454 comprises 1,495 specialized service providers and 959 employees
who are directly employed by us and our subsidiary companies.
All of our employees are based at our operations
that operate exclusively in South Africa.
Labor Relations
As at June 30, 2020, approximately
91.9% of our Ergo employees and 83.1% of our FWGR employees are members of
trade unions or employee associations. South Africa's labor relations
environment remains a platform for social reform. The National Union of
Mineworkers, ("
NUM
"), one of the main South African mining industry
unions, is influential in the tripartite alliance between the ruling African
National Congress, the Congress of South African Trade Unions, ("
COSATU
"),
and the South African Communist Party as it is the biggest affiliate of COSATU.
The relationship between management and labor unions remains cordial. The
organized labor coordinating forum meets regularly to discuss matters pertinent
to both parties.
On September 16, 2019, Ergo
signed a two-year wage agreement with the Majority Unions for an
average
increase of 5.9% per annum across our workforce
with individual increases
ranging from 5.5% to
7% per annum
, with the intention to extend this agreement
to a third year
. The next round of wages and conditions of
employment negotiations will commence in June 2021.
As part of the transitional arrangements at FWGR, a three-year
wage agreement is in place and is expected to conclude in June 2021
.
We recognize the need for transformation and have
put systems and structures in place to address this at both management and
board level. We aim to recruit in line with our transformational objectives. The
composition of the Board of Directors specifically, changed significantly
84
over the past two fiscal years and is more diverse and
reflective of transformation and South Africa's demographics.
84
Safety
statistics
Due to the importance of our
labor force, we continuously strive to create a safe and healthy working
environment. The following are our fiscal 2020 overall safety statistics for
our operations:
(Per million man hours)
Ergo
FWGR
Consolidated
Year ended June 30,
Year ended June 30,
Year ended June 30,
2020
2019
2020
2019
2020
2019
Lost time injury frequency
  rate (LTIFR)
1
1.25
2.37
1.3
2.37
1.27
2.37
Reportable incidence frequency
  rate (RIFR)
1
0.9
1.69
1.3
2.37
0.96
1.78
Fatalities
-
1
-
-
-
1
1 Calculated as follows: actual number of
  instances divided by the total number of man hours worked multiplied by one
  million.
6E. SHARE OWNERSHIP
To the best of our knowledge, we believe that
our ordinary shares held by prescribed officers and directors, in aggregate, do
not exceed one percent of the Company's issued ordinary share capital. For
details of share ownership of directors and prescribed officers see Item 7A.
Major Shareholders.
As of June 30, 2020, directors and prescribed
officers do not hold any options to purchase ordinary shares.
Closed
periods apply to share trading by directors, prescribed officers and other
employees, whenever persons become or could potentially become aware of
material price sensitive information, such as information relating to an
acquisition, bi-annual results etc., which is not in the public domain. When
these persons have access to this information an embargo is placed on share
trading for those individuals concerned. The embargo need not involve the
entire Company in the case of an acquisition and may only apply to the board of
directors, executive committee, and the financial and new business teams, but
in the case of interim and year-end results the closed-period is group-wide.
DRDGOLD Phantom Share Scheme (Amended November 2015)
Salient terms of the DRDGOLD Phantom Share Scheme are
disclosed in
Item 18.
''
Financial Statements - Note 19.1 Liability
for Long-Term Incentive Scheme
''
During fiscal year 2016, DRDGOLD's
Remuneration
and Nominations Committee
approved a revised long-term
incentive scheme. On November 4, 2015, the committee approved an allocation of
20,527,978 phantom shares which is driven by share price performance and
individual performance and is based on phantom share allocations. The vesting
of any shares allocated is staggered over a five-year period commencing in the
third year after the allocation is granted in line with King IV Report recommendations.
The objectives of the revised scheme are to drive the longer-term strategies of
DRDGOLD, to align participants' interests with shareholders' interest, to
incentivise and motivate participants, to attract and retain scarce human
resources and to reward superior performance by the Company and participants.
Remuneration and Nominations Committee
has
the authority to amend in part or in its entirety or withdraw the long-term
incentive scheme at any time.
No phantom shares were granted during fiscal year 2020 (2019:
388,547, 2018: nil). 9,845,638 phantom shares were outstanding June 30, 2020
(2019: 16,157,058).
New DRDGOLD
Management Long-Term Incentive Scheme
On December 2, 2019 shareholders approved a new Equity-Settled Long-Term
Incentive Scheme ("
Scheme
") for purposes of replacing the current Cash-Settled
Long-Term Incentive Scheme. The cash-settled long-term incentive scheme has a
finite life and comes to an end with the vesting of the last phantom shares
during fiscal year 2021. Certain key features of the Scheme are:
Equity settled
The Scheme
will be equity-settled.  Equity-settlement will be implemented by way of market
acquisition of DRDGOLD ordinary shares or through the issue of authorised but
unissued shares or treasury shares.
Participants
Persons
eligible to participate in the Scheme will be permanent employees (which, for
the avoidance of doubt, includes an executive director, but excludes a
non-executive director) of the Company and its subsidiaries, in Category 19 and
above ("
Participants
").
Award of Conditional Shares
Pursuant to the Scheme, the Company's Remuneration Committee will
resolve, on an annual basis, to award "Conditional Shares" ("
Award
")
which are comprised of:
·
"Performance Shares" which are subject to
conditions, as set out in the rules of the Scheme and performance conditions;
and
·
"Retention Shares" which are subject to conditions,
as set out in the rules of the Scheme.
Participants
are not required to pay for Awards or Shares Settled in terms of vested Awards.
Annual awards of Conditional Shares will be made, in two forms:
84
·
80% of the Award will be comprised of Performance
Shares
·
20% of the Award will be comprised of Retention
Shares
The target
award value will be referenced to market-related award quanta, and will be
adjusted based upon individual performance as follows:
Individual Rating
% of Target Value Awarded
< 2.75
0%
2.75 to < 3.00
50%
3.0 to < 3.75
100%
3.75 to < 4.5
133.33%
4.5 to < 5.0
166.67%
5.0
200%
Dividend and Voting Rights
The
Conditional Share Awards carry no dividend or voting rights, until Settled, and
therefore any transfer and other rights associated with the Conditional Shares
will only vest following settlement.
Vesting of the Conditional Shares
The first
grant was made on December 2, 2019 and will vest in two tranches, 50% on the
2nd anniversary and the remaining 50% on the 3rd anniversary of the grant date
respectively, provided the employee is still within the employment of the Group
until the respective vesting dates.
Retention shares:
100% of
the retention shares will vest if the employee remains in the employ of the
Company at vesting date and individual performance criteria are met.
Performance shares:
Total
shareholder's return ("
TSR
") measured against a hurdle rate of 15%
referencing DRDGOLD's Weighted Average Cost of Capital "WACC":
•  50% of the performance shares are linked to this condition; and
•  all of
these performance shares will vest if DRDGOLD's TSR exceeds the hurdle rate
over the vesting period
TSR
measured against a peer group of 3 peers (Sibanye-Stillwater, Harmony Limited
and Pan-African Resources Limited):
•  50% of the performance shares are linked to this condition; and
•  The number of performance shares which vest is
based on DRDGOLD's actual TSR performance in relation to percentiles of peer
group's performance as follows
Percentile of Peers
% of Conditional Shares Vesting
< 25th percentile
0%
25th to < 50th percentile
25%
50th to < 75th percentile
75%
≥ 75th percentile
100%
Awarded
Conditional Shares which do not Vest to the Participant, as a result of
forfeiture or which lapse, revert back to the Scheme.
Share Limits
Overall Company Limit
The
aggregate number of Shares at any one time which may be awarded for Settlements
under the Scheme shall not exceed 34,500,000 (thirty four million, five hundred
thousand) Shares (representing approximately 4.95% of the total issued share
capital of the Company at the date of this Notice).
Individual Limit
Subject to
certain dilution adjustments, the aggregate number of Shares at any one time
which may be awarded under the Scheme to any one Participant shall not exceed
14,500,000 Shares.
84
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
7A.
MAJOR SHAREHOLDERS
As of September 30, 2020, our issued capital consisted of:
·
864,588,711
ordinary shares of no par value; and
·
5,000,000 cumulative preference shares.
To our knowledge, as of June 30, 2020, we were not
directly or indirectly owned or controlled by another corporation or any person
or foreign government
, other than control
in the form of ownership of a significant amount of our shares and option to
acquire further shares, as is the case for Sibanye-Stillwater
.
On July 31, 2018, 265 million ordinary shares were
issued to Sibanye-Stillwater as settlement of the purchase consideration for
the acquisition of the WRTRP Assets. On January 8, 2020, Sibanye-Stillwater
exercised the option granted to it to subscribe for such number of new ordinary
shares in the share capital of DRDGOLD for cash resulting in Sibanye-Stillwater
holding in aggregate 50.1% of all DRDGOLD shares in issue (including treasury
shares). Sibanye-Stillwater subscribed for 168,158,944 Subscription Shares at
an aggregate subscription price of R1,086 million, on January 22, 2020. The
Subscription Shares were allotted and issued at a price of R6.46 per share,
being a 10% discount to the 30-day volume weighted average traded price.
Other than the above there are no arrangements, the operation of
which may at a subsequent date result in a change in control of us.
Based on information available to us, as of
September 30, 2020:
there were 10,468 record holders of our
ordinary shares in South Africa, who held 559,688,990 or approximately 64.7% of
our ordinary shares;
·
there was one record holder of our cumulative
preference shares in South Africa, who held 5,000,000 ordinary shares or 100%
of our cumulative preference shares;
·
there were 36 US record holders of our
ordinary shares, who held approximately 33,974,859 ordinary shares or
approximately 3.9% of our ordinary shares excluding those shares held as part
of our ADR program; and
·
there were 664 registered holders of our ADRs
in the United States, who held approximately 215,869,190 shares (21,586,919
ADRs) or approximately 25.0% of our ordinary shares.
The following table sets forth information
regarding the beneficial ownership of our ordinary shares as of September 30,
2020, by:
·
each of our directors and prescribed
officers; and
·
any person whom the directors are aware of as
at September 30, 2020 who is interested directly or indirectly in 1% or more of
our ordinary shares. There was significant change in the percentage ownership
of the major shareholders over the preceding three years.
Shares Beneficially owned
Holder
Number
Percent of outstanding ordinary shares
Directors/prescribed officers
D.J. Pretorius
500,255
*
A.J. Davel
200,000
*
G.C. Campbell
100,000
*
Other
Sibanye-Stillwater
433,158,944
50.10%
Van Eck Associates Corporation
49,058,680
5.67%
Government Employees Pension
  Fund
28,425,900
3.32%
Ruffer, LLP
20,333,440
2.35%
Renaissance Technologies, LLC
13,826,130
1.60%
BBH LUX FAST EMERGING MARKETS
  FUND
10,581,533
1.74%
DRDSA Empowerment Trust
10,500,000
1.46%
JPMC-VANGUARD BBH LENDING
  ACCOUNT
10,191,520
1.22%
BBH LUX FAST EMERGING MARKETS
  FUND
10,027,018
1.22%
Ergo Mining Operations
  Proprietary Limited
9,474,920
1.21%
CLEARSTREAM BANKING S.A
  LUXEMBOURG
8,881,647
1.20%
*     Indicates share ownership of less
  than 1% of our outstanding ordinary shares.
No shareholder has voting rights which differ from the voting
rights of any other shareholder.
84
Cumulative Preference
Shares
Randgold and Exploration Company Limited, or
Randgold, owns 5,000,000 (100%) of our cumulative preference shares. Randgold's
registered address is Suite 25, Katherine & West Building, Corner of
Katherine and West Streets, Sandown, Sandton, 2196.
The holders of cumulative preference shares do not
have voting rights unless any preference dividend is in arrears for more than
six months. The terms of issue of the cumulative preference shares are that
they carry the right, in priority to the Company's ordinary shares, to receive
a dividend equal to 3% of the gross future revenue generated by the
exploitation or the disposal of the Argonaut mineral rights acquired from
Randgold in September 1997. Additionally, holders of cumulative preference
shares may vote on resolutions which adversely affect their interests and on
the disposal of all, or substantially all, of our assets or mineral rights.
There is currently no active trading market for our cumulative preference
shares. Holders of cumulative preference shares will only obtain their
potential voting rights once the Argonaut Project becomes an operational gold
mine, and dividends accrue to them. The prospecting rights have since expired
and the Argonaut Project terminated.
The development of the
project is not expected to materialise and therefore no dividend is expected to
be paid.
7B.
RELATED PARTY TRANSACTIONS
Transactions with
related parties are disclosed in
Item 18.
''Financial Statements - Note 5.2 – Cost of sales''
Remuneration paid to key management is disclosed in
Item 18. ''Financial Statements - Note 19.3 –
Key management personnel remuneration''
7C. INTERESTS OF EXPERTS AND COUNSEL
Not applicable.
ITEM 8. FINANCIAL INFORMATION
8A. CONSOLIDATED STATEMENTS AND OTHER
FINANCIAL INFORMATION
1.
Please refer to Item 18. Financial
Statements.
2.
Please refer to Item 18. Financial
Statements.
3.
Please refer to Item 18. Financial
Statements.
4.
The last year of audited financial statements
is not older than 15 months.
5.
Not applicable.
6.
Not applicable.
7.
See under Item 4D. Property, plant and
equipment—Ongoing Legal Proceedings.
8.
Please see Item 10B. Memorandum of
Incorporation.
8B. SIGNIFICANT CHANGES
Significant
changes that have occurred since June 30, 2020, the date of the last audited
financial statements included in this Annual Report, are discussed in the
relevant notes to the financial statements under Item 18. Financial Statements.
84
ITEM 9. THE OFFER AND LISTING
9A.
OFFER AND LISTING DETAILS
The principal trading market for our equity securities is the JSE
(symbol: DRD) and our ADSs that trade on the New York Stock Exchange (symbol:
DRD). The ADRs are issued by The Bank of New York Mellon, as depositary. Each
ADR represents one ADS and each ADS represents ten of our ordinary shares.
Until July 23, 2007, each ADS represented one of our ordinary shares
.
The cumulative preference shares are not
traded on any exchange.
There have been no trading
suspensions with respect to our ordinary shares on the JSE during the past
three years ended June 30, 2020, nor have there been any trading suspensions
with respect to our ADRs on the New York Stock Exchange since our listing on
that market.
9B. PLAN OF DISTRIBUTION
Not
applicable.
9C. MARKETS
Nature of Trading Markets
See
"
Offer
and Listing Details
"
above
.
9D. SELLING SHAREHOLDERS
Not
applicable.
9E. DILUTION
Not
applicable.
9F. EXPENSES OF THE ISSUE
Not applicable.
ITEM 10. ADDITIONAL INFORMATION
10A.
SHARE CAPITAL
Not applicable.
10B. MEMORANDUM OF INCORPORATION
As
of June 30, 2020, we had authorized for issuance 1,500,000,000 ordinary shares
of no par value (as of September 30, 2020: 1,500,000,000), and 5,000,000
cumulative preference shares of R0.10 par value (as of September 30, 2020:
5,000,000). On this date, we had issued 864,588,711 ordinary shares (as of September
30, 2020: 864,588,711) and 5,000,000 cumulative preference shares (as of September
30, 2020: 5,000,000).
Set out below are brief summaries of certain
provisions of our Memorandum of Incorporation, or our MOI, the Companies Act of
South Africa and the JSE Listings Requirements, all as in effect on June 30,
2020 and September 30, 2020. The summary does not purport to be complete and is
subject to and qualified in its entirety by reference to the full text of the
MOI, the Companies Act, and the JSE Listings Requirements.
We are registered under the Companies Act of South
Africa under registration number 1895/000926/06. As set forth in our Memorandum
of Incorporation, the main object and business of our company is mining and
exploration for gold and other minerals.
Borrowing Powers
Our directors may from time to time borrow for the
purposes of the company, such sums as they think fit and secure the payment or
repayment of any such sums, or any other sum, as they think fit, whether by the
creation and issue of securities, mortgage or charge upon all or
84
any of the property or assets of the company. The
directors shall procure that the aggregate principal amount at any one time
outstanding in respect of monies so borrowed or raised by the company and all
the subsidiaries for the time being of the company shall not exceed the
aggregate amount at that time authorized to be borrowed or secured by the
company or the subsidiaries for the time being of the company (as the case may
be).
Share Ownership Requirements
Our directors are not required to hold any shares
to qualify or be appointed as a director.
Voting by Directors
A director may authorize any other director to
vote for him at any meeting at which neither he nor his alternate director
appointed by him is present. Any director so authorized shall, in addition to
his own vote, have a vote for each director by whom he is authorized.
The quorum necessary for the transaction of the
business of the directors is a majority of the directors present at a meeting
before a vote may be called at any meeting of directors.
Directors are required to notify our board of
directors of interests in companies and contracts. If a director has a personal
financial interest in respect of a matter to be considered at a meeting of the
board he or she must disclose the interest and its nature, any material
information relating to the matter and thereafter leave the meeting immediately
after making the disclosure. Such director must not take part in consideration
of the matter. He is not to be regarded as being present for the purpose of
determining whether a resolution has sufficient support to be adopted.
The King IV Report on Corporate Governance for
South Africa, 2016 (King IV) was published on 1 November 2016 and came into
effect on 1 April 2017 for companies with financial years commencing
thereafter. The application regime for King IV is "apply and
explain", requiring companies to substantially and meaningfully strive
towards good corporate governance. King IV is principles and outcomes based: a
departure from mere compliance-based mindset. King IV recognises that sound
governance outcomes, exemplified by integrity, competence, responsibility,
accountability, fairness and transparency, are the cardinal pillars of good
corporate citizenship. The JSE Limited has since made the adoption and
application of King IV mandatory for all listed companies.
The remuneration of non-executive directors is
typically determined by the board, but subject to approval by the shareholders
at the AGM of the Company. In terms of section 65(11)(h) of the Companies Act,
2008 read with sections 66(8) and 66(9) thereof, remuneration may only be paid
to directors for their services as directors in accordance with a special
resolution approved by the shareholders within the  previous 2 (two) years. A
special resolution was passed at the 2019 AGM on December 2, 2019 to increase
the NED remuneration.
Under South African common law, directors are
required to comply with certain fiduciary duties to the company and to exercise
proper care and skill in discharging their responsibilities. These common law
duties have now been codified by the Companies Act.
Age Restrictions
There is no age limit for directors.
Election of Directors
Each director shall be appointed by election by
way of an ordinary resolution of shareholders at a general or annual meeting of
company ("elected director (s)") and no appointment of a director by way of a
written circulated shareholders resolution in terms of section 60 of the
Companies Act shall be competent.
One third of our directors, on a rotating basis,
are subject to re-election at each annual general shareholder's meeting.
Retiring directors usually make themselves available for re-election. An
amendment to the MOI which also subjects executive directors to re-election by
rotation was approved by shareholders at the 2014 annual general meeting.
General Meetings
On the request of any shareholder or shareholders
holding not less than 10 percent of our share capital which carries the right
of voting at general meetings, we shall issue a notice to shareholders
convening a general meeting for a date not less than 15 days from the date
of the notice. Directors may convene general meetings at any time.
Our annual general meeting and a meeting of our
shareholders for the purpose of passing a special resolution may be called by
giving 15 days advance written notice of that meeting. For any other
general meeting of our shareholders, 15 days advance written notice is
required.
Our MOI provides that if at a meeting convened
upon request by our shareholders, a quorum is not present within fifteen
minutes after the time selected for the meeting, such meeting shall be
postponed for one week. However the chairman has the discretion to extend the
fifteen minutes for a reasonable period on certain grounds. The necessary
quorum is three members present with sufficient voting powers in person or by
proxy to exercise in aggregate 25% of the voting rights.
Voting Rights
The holders of our ordinary shares are generally
entitled to vote at general meetings and on a show of hands have one vote per
person
84
and on a poll have one vote for every share
held. The holders of our cumulative preference shares are not entitled to vote
at a general meeting unless any preference dividend is in arrears for more than
six months at the date on which the notice convening the general meeting
is posted to the shareholders. Additionally, holders of cumulative preference
shares may vote on resolutions which adversely affect their interests and on
resolutions regarding the disposal of all or substantially all of our assets or
mineral rights. When entitled to vote, holders of our cumulative preference
shares are entitled to one vote per person on a show of hands and that portion
of the total votes which the aggregate amount of the nominal value of the
shares held by the relevant shareholder bears to the aggregate amount of the
nominal value of all shares issued by us.
Dividends
We may, in certain
circumstances in a general meeting, or our directors may, from time to time,
declare a dividend to be paid to the shareholders in proportion to the number
of shares they each hold. No dividend shall be declared except out of our
profits. Dividends may be declared either free or subject to the deduction of
income tax or duty in respect of which we may be charged. Holders of ordinary
shares are entitled to receive dividends as and when declared by the directors.
Ownership Limitations
There are no limitations imposed by our MOI or
South African law on the rights of shareholders to hold or vote on our ordinary
shares or securities convertible into our ordinary shares.
Winding-up
If we are wound-up, then the assets remaining
after payment of all of our debts and liabilities, including the costs of
liquidation, shall be applied to repay to the shareholders the amount paid up
on our issued capital and thereafter the balance shall be distributed to the
shareholders in proportion to their respective shareholdings. On a winding up,
our cumulative preference shares rank, in regard to all arrears of preference
dividends, prior to the holders of ordinary shares. As of June 30, 2020 and
September 30, 2020, no such dividends have been declared. Except for the
preference dividend and as described in this Item our cumulative preference
shares are not entitled to any other participation in the distribution of our
surplus assets on winding-up.
Reduction of Capital
We may, by special
resolution, reduce the share capital authorized by our MOI, or reduce our
issued share capital including, without limitation, any stated capital, capital
redemption reserve fund and share premium account by making distributions and
buying back our shares.
Amendment of the
MOI
Our MOI may be altered by the
passing of a special resolution or in compliance with a court order. The
Company may also amend the MOI by increasing or decreasing the number of
authorized shares, classifying or reclassifying shares, or determining the
terms of shares in a class. A special resolution is passed when the
shareholders holding at least 25% of the total votes of all the members
entitled to vote are present or represented by proxy at a meeting and, if the
resolution was passed on a show of hands, at least 75% of those shareholders
voted in favor of the resolution and, if a poll was demanded, at least 75% of
the total votes to which those shareholders are entitled were cast in favor of
the resolution. An amendment to the MOI to increase the number of authorized
shares was approved by shareholders at the 2018 general meeting on March 28,
2018.
Consent of the Holders of Cumulative
Preference Shares
The rights and conditions attaching to the
cumulative preference shares may not be cancelled, varied or added, nor may we
issue shares ranking, regarding rights to dividends or on winding up, in
priority to or equal with our cumulative preference shares, or dispose of all
or part of the Argonaut mineral rights without the consent in writing of the
registered holders of our cumulative preference shares or the prior sanction of
a resolution passed at a separate class meeting of the holders of our
cumulative preference shares.
Distributions
We are authorized to make payments in cash or in
specie to our shareholders in accordance with the provisions of the Companies
Act and other consents required by law from time to time. We may, for example,
in a general meeting, upon recommendation of our directors, resolve that any
surplus funds representing capital profits arising from the sale of any capital
assets and not required for the payment of any fixed preferential dividend, be
distributed among our ordinary shareholders. However, no such profit shall be
distributed unless we have sufficient other assets to satisfy our liabilities
and to cover our paid up share capital. We also need to consider the solvency
and liquidity requirements stated in the Companies Act of South Africa.
Directors' power to vote compensation to
themselves
The remuneration of non-executive directors may
not exceed in any financial year the amount fixed by the Company in general
meeting. The Companies Act requires that remuneration to non-executive
directors may be paid only in accordance with a special resolution approved by
shareholders within the previous two years.
Time limit for dividend entitlement
84
All unclaimed monies that are
due to any shareholder/s shall be held by the company in trust for an
indefinite period until lawfully claimed by such shareholder/s, subject to the
Prescription Act, 1969 as amended or any other law which governs the law of
prescription.
Staggered director elections & cumulative
voting
At each annual general meeting of the Company
one-third of the directors shall retire and be eligible for re-election. No
provision is made for cumulative voting.
Sinking fund provisions and liability to
further capital calls
There are no sinking fund provisions in the MOI
attaching to any class of the company shares, and the company does not subject
shareholders to liability to further capital calls.
Provision that would delay/prevent change of
control
The Companies Act provides that companies which
propose to merge or amalgamate must enter into a written agreement setting out
the terms thereof. They must prove that upon implementation of the amalgamation
or merger each will satisfy the solvency and liquidity test. Companies involved
in disposals, amalgamations or mergers, or schemes of arrangement must obtain a
compliance certificate from the Takeover Regulation Panel, pass special
resolutions and in some instances they must obtain an independent expert
report.
10C. MATERIAL CONTRACTS
Amendment and extension to ZAR300 million
Revolving Credit Facility
On September 14, 2020, DRDGOLD Limited amended the initial R300
million Revolving Credit Facility ("
RCF
") secured with ABSA Bank Limited
(acting through its Corporate and Investment Banking division) to a R200
million RCF and simultaneously extended the final repayment date to September
14, 2022.
The RCF bears interest at JIBAR plus a margin of 275 basis points (initial
RCF: 325 basis points) nominal annual compounded quarterly. A commitment fee of
35% of the applicable margin per annum is due on the undrawn RCF. A debt
origination fee of 0.5% (initial RCF: 1%) is payable on the available
commitment of R200 million.
Relevant covenants include that, during any rolling 12
month period, (i) the interest cover
1
shall not be less than 4 times
and (ii) net debt
2
to adjusted EBITDA shall not exceed 2 times.
1 Interest cover means the ratio of Adjusted EBITDA to
Total Net Interest (interest charged on Financial Indebtedness after deducting
all interest received on Cash and cash equivalents (excluding interest received
on restricted cash)).
2 Means Total Debt after deducting Cash and cash
equivalents (excluding restricted cash)
The description of the
amended RCF is qualified by reference to the addendum to the RCF filed herewith
as an Exhibit.
Performance Guarantee
On December 10, 2018, ABSA Bank Limited (acting through its
Corporate and Investment Banking division) issued a performance guarantee ("
Guarantee
")
to Ekurhuleni Metropolitan Municipality (refer to Item 18. "Financial
Statements - Note 24 – Payments made under protest"). R125 million of the
initial R300 million RCF was committed to the Guarantee.
The amended R200 million RCF dated September 14, 2020 does not
include any commitment towards the Guarantee.
The description of the performance guarantee issued to the
Municipality is qualified by reference to the Addendum to the RCF and the
Performance Guarantee filed herewith as Exhibits to this report.
84
10D.
EXCHANGE CONTROLS
The following is a summary of the material South African exchange
control measures, which has been derived from publicly available documents. The
following summary is not a comprehensive description of all the exchange
control regulations. The discussion in this section is based on the current law
and positions of the South African Government. Changes in the law may alter the
exchange control provisions that apply, possibly on a retroactive basis.
Introduction
Dealings in foreign currency, the export of
capital and revenue, payments by residents to non-residents and various other
exchange control matters in South Africa are regulated by the South African
exchange control regulations, or the Regulations. The Regulations form part of
the general monetary policy of South Africa. The Regulations are issued under
Section 9 of the Currency and Exchanges Act, 1933 (as amended). In terms
of the Regulations, the control over South African capital and revenue
reserves, as well as the accruals and spending thereof, is vested in the
Treasury (Ministry of Finance), or the Treasury.
The Treasury has delegated the administration of
exchange controls to the Exchange Control Department of the South African Reserve
Bank, or SARB, which is responsible for the day to day administration and
functioning of exchange controls. SARB has a wide discretion. Certain banks
authorized by the Treasury to co-administer certain of the exchange controls,
are authorized by the Treasury to deal in foreign exchange. Such dealings in
foreign exchange by authorized dealers are undertaken in accordance with the
provisions and requirements of the exchange control rulings, or Rulings, and
contain certain administrative measures, as well as conditions and limits
applicable to transactions in foreign exchange, which may be undertaken by
authorized dealers. Non-residents have been granted general approval, in terms
of the Rulings, to deal in South African assets, to invest and disinvest in
South Africa.
The Regulations provide for restrictions on
exporting capital from the Common Monetary Area consisting of South Africa,
Namibia, and the Kingdoms of Lesotho and Swaziland. Transactions between
residents of the Common Monetary Area are not subject to these exchange control
regulations.
There are many inherent disadvantages to exchange
controls, including distortion of the price mechanism, problems encountered in
the application of monetary policy, detrimental effects on inward foreign
investment and administrative costs associated therewith. The South African
Finance Minister has indicated that all remaining exchange controls are likely
to be dismantled as soon as circumstances permit. Since 1998, there has been a
gradual relaxation of exchange controls. The gradual approach to the abolition
of exchange controls adopted by the Government of South Africa is designed to
allow the economy to adjust more smoothly to the removal of controls that have
been in place for a considerable period of time. The stated objective of the
authorities is equality of treatment between residents and non-residents with
respect to inflows and outflows of capital. The focus of regulation, subsequent
to the abolition of exchange controls, is expected to favor the positive
aspects of prudential financial supervision.
The present exchange control
system in South Africa is used principally to control capital movements. South
African companies are not permitted to maintain foreign bank accounts without
SARB approval and, without the approval of SARB, are generally not permitted to
export capital from South Africa or hold foreign currency. In addition, South
African companies are required to obtain the approval of the SARB prior to
raising foreign funding on the strength of their South African statements of
financial position, which would permit recourse to South Africa in the event of
defaults. Where 75% or more of a South African company's capital, voting power,
power of control or earnings is directly or indirectly controlled by non-residents,
such a corporation is designated an "affected person" by the SARB, and certain
restrictions are placed on its ability to obtain local financial assistance. We
are not, and have never been, designated an "affected person" by the SARB.
Foreign investment and outward loans by South
African companies are also restricted. In addition, without the approval of the
SARB, South African companies are generally required to repatriate to South
Africa profits of foreign operations and are limited in their ability to
utilize profits of one foreign business to finance operations of a different
foreign business. South African companies establishing subsidiaries, branches,
offices or joint ventures abroad are generally required to submit financial
statements on these operations as well as progress reports to the SARB on an
annual basis. As a result, a South African company's ability to raise and
deploy capital outside the Common Monetary Area is restricted.
Although exchange controls have been gradually
relaxed since 1998, unlimited outward transfers of capital are not permitted at
this stage. Some of the more salient changes to the South African exchange
control provisions over the past few years have been as follows:
·
corporations wishing to invest in countries
outside the Common Monetary Area, in addition to what is set out below, apply
for permission to enter into corporate asset/share swap and share placement
transactions to acquire foreign investments. The latter mechanism entails the
placement of the locally quoted corporation's shares with long-term overseas
holders who, in payment for the shares, provide the foreign currency abroad
which the corporation then uses to acquire the target investment;
·
corporations wishing to establish new
overseas ventures are permitted to transfer offshore up to R500 million to
finance approved investments abroad and up to R500 million to finance approved
new investments in African countries on an annual bases. Approval from the SARB
is required in advance for investments in excess of R500 million. On
application to the SARB, corporations are also allowed to use part of their
local cash holdings to finance up to 10% of approved new foreign investments
where the cost of these investments exceeds the current limits;
·
as a general rule, the SARB requires that
more than 10% of equity of the acquired off-shore venture is acquired within a
predetermined period of time, as a prerequisite to allowing the expatriation of
funds. If these requirements are not met, the SARB may instruct that the equity
be disposed of. In our experience the SARB has taken a commercial view on this,
and has on occasion extended the period of time for compliance; and
84
·
remittance of directors' fees payable to
persons permanently resident outside the Common Monetary Area may be approved
by authorized dealers, in terms of the Rulings.
Authorized dealers in foreign exchange may,
against the production of suitable documentary evidence, provide forward cover
to South African residents in respect of fixed and ascertained foreign exchange
commitments covering the movement of goods.
Persons who emigrate from South Africa are
entitled to take limited amounts of money out of South Africa as a settling-in
allowance. The balance of the emigrant's funds will be blocked and held under
the control of an authorized dealer. These blocked funds may only be invested
in:
·
blocked current, savings, interest bearing
deposit accounts in the books of an authorized dealer in the banking sector;
·
securities quoted on the JSE and financial
instruments listed on the Bond Exchange of South Africa which are deposited
with an authorized dealer and not released except temporarily for switching
purposes, without the approval of the SARB. Authorized dealers must at all
times be able to demonstrate that listed or quoted securities or financial
instruments which are dematerialized or immobilized in a central securities
depository are being held subject to the control of the authorized dealer
concerned; or
·
mutual funds.
Aside from the investments referred to above,
blocked rands may only be utilized for very limited purposes. Dividends
declared out of capital gains or out of income earned prior to emigration
remain subject to the blocking procedure. It is not possible to predict when
existing exchange controls will be abolished or whether they will be continued
or modified by the South African Government in the future.
Sale of Shares
Under present exchange control regulations in
South Africa, our ordinary shares and ADRs are freely transferable outside the
Common Monetary Area between non-residents of the Common Monetary Area. In
addition, the proceeds from the sale of ordinary shares on the JSE on behalf of
shareholders who are not residents of the Common Monetary Area are freely
remittable to such shareholders. Share certificates held by non-residents will
be endorsed with the words "non-resident," unless dematerialized.
Dividends
Dividends declared in respect of shares held by a
non-resident in a company whose shares are listed on the JSE are freely
remittable.
Any cash dividends paid by us are paid in rands.
Holders of ADRs on the relevant record date will be entitled to receive any
dividends payable in respect of the shares underlying the ADRs, subject to the
terms of the deposit agreement entered on August 12, 1996, and as amended and
restated, between the Company and The Bank of New York, as the depository.
Subject to exceptions provided in the deposit agreement, cash dividends paid in
rand will be converted by the depositary to dollars and paid by the depositary
to holders of ADRs, net of conversion expenses of the depositary, in accordance
with the deposit agreement. The depositary will charge holders of ADRs, to the
extent applicable, taxes and other governmental charges and specified fees and
other expenses.
Voting rights
There are no limitations
imposed by South African law or by our MOI on the right of non-South African
shareholders to hold or vote our ordinary shares.
84
10E.
TAXATION
Material South African Income Tax
Consequences
The following is a summary of
material income tax considerations under South African income tax law. No
representation with respect to the consequences to any particular purchaser of
our securities is made hereby. Prospective purchasers are urged to consult
their tax advisers with respect to their particular circumstances and the
effect of South African or other tax laws to which they may be subject.
South Africa imposes tax on worldwide income of
South African residents. Generally, individuals not resident in South Africa do
not pay tax in South Africa except in the following circumstances:
Income Tax and Withholding Tax on Dividends
Non-residents will pay income tax on any amounts
received by or accrued to them from a source within (or deemed to be within)
South Africa. Interest earned by a non-resident on a debt instrument issued by
a South African company will be regarded as being derived from a South African
source but will be regarded as exempt from taxation in terms of
Section 10(1)(i) of the South African Income Tax Act, 1962 (as amended),
or the Income Tax Act. This exemption applies to so much of any interest and
dividends (which are not otherwise exempt) received from a South African source
not exceeding (a) R34,500 if the taxpayer is 65 years of age or older or (b)
R23,800 if the taxpayer is younger than 65 years of age at the end of the
relevant tax year.
No withholding tax is deductible in respect of
interest payments made to non-resident investors.
Section 64F of the amendments to the Income Tax Act as set out in
Part VIII in Chapter II of the Income Tax Act sets out beneficial owners who
are exempt from the dividend tax which includes resident companies receiving a
dividend after the effective date, being April 1, 2012. The Convention between
the United States of America and the Republic of South Africa for the Avoidance
of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes
on Income and Capital Gains, or the Tax Treaty, would limit the rate of this
tax with respect to dividends paid on ordinary shares or ADRs to a U.S.
resident (within the meaning of the Tax Treaty) to 5% of the gross amount of
the dividends if such U.S. resident is a company which holds directly at least
10% of our voting stock and 20% of the gross amount of the dividends in all
other cases.
The above provisions shall not apply if the
beneficial owner of the dividends is resident in the United States, carries on
business in South Africa through a permanent establishment situated in South
Africa, or performs in South Africa independent personal services from a fixed
base situated in South Africa, and the dividends are attributable to such
permanent establishment or fixed base.
In fiscal years 2020 and 2019, the corporate tax
rates for taxable mining and non‑mining income, to which the Companies in
the Group is subject, were 34% and 28%, respectively.
The
formula for determining the South African gold mining tax rate for fiscal years
ended
2020
and
2019
is: Y = 34 – 170/X. Where Y is the percentage rate of tax
payable and X is the ratio of taxable income, net of any qualifying capital
expenditure that bears to mining income derived, expressed as a percentage.
With effect from
April 1, 2014,
Section 8F of the Income Tax Act results in
any amount of interest which is
incurred in respect of a "
hybrid debt instrument
" is
deemed
to be a dividend
in specie
declared by the payor and received by the recipient which is
exempt from income tax, as opposed to interest which is taxable. The terms of
some of our intercompany loans
cause the affected loans to be
deemed as
"
hybrid
debt instruments
" and the interest thereof to be deemed to be an exempt
dividend
in specie
. This characterization of the affected loans as a "
hybrid
debt instrument
" was not impacted by
subsequent amendments to Section 8F of the Income Tax Act that
became effective in fiscal year
2017
.
U.S. Federal Income Tax Considerations
The following discussion is a
summary of the U.S. federal income tax considerations to U.S. holders of the
ownership and disposition of ordinary shares or ADRs. It deals only with U.S. holders
who hold ordinary shares or ADRs as capital assets for U.S. federal income tax
purposes. This discussion is based upon the provisions of the Internal Revenue
Code of 1986, as amended, or the Code, published rulings, judicial decisions
and the Treasury regulations, all as currently in effect and all of which are
subject to change, possibly on a retroactive basis. This discussion has no
binding effect or official status of any kind; we cannot assure holders that
the conclusions reached below would be sustained by a court if challenged by
the Internal Revenue Service.
This discussion does not address all aspects of U.S.
federal income taxation that may be applicable to holders in light of their
particular circumstances and does not address special classes of U.S. holders
subject to special treatment (such as dealers in securities or currencies,
partnerships or other pass-through entities, banks and other financial
institutions, traders in securities that elect mark-to-market treatment, insurance
companies, tax-exempt organizations (including private foundations), certain
expatriates or former long-term residents of the United States, persons holding
ordinary shares or ADRs as part of a "hedge," "conversion transaction,"
"synthetic security," "straddle," "constructive sale" or other integrated
investment, persons who acquired the ordinary shares or ADRs upon the exercise
of employee stock options or otherwise as compensation, persons whose
functional currency is not the U.S. dollar, or persons that actually or
constructively own ten percent or more of the voting power or value of our
shares). This discussion addresses only U.S. federal income tax considerations
and does not address the effect of any state, local, or foreign tax laws that
may apply, the alternative minimum tax, the Medicare tax or the application of
the federal estate or gift tax.
84
For purposes of this discussion, a "U.S. holder"
is a beneficial owner of ordinary shares or ADRs who or that is, for U.S. federal
income tax purposes:
·
a citizen or individual resident of the United
States;
·
a corporation (or any entity treated as a
corporation for U.S. federal income tax purposes) created or organized under
the laws of the United States or any political subdivision thereof;
·
an estate, the income of which is subject to U.S.
federal income tax without regard to its source; or
·
a trust, if a court within the United States is
able to exercise primary supervision over the administration of the trust and
one or more U.S. persons have the authority to control all substantial
decisions of the trust or if the trust has made a valid election to be treated
as a U.S. person.
If a partnership (or an entity treated as a partnership
for U.S. federal income tax purposes) holds any ordinary shares or ADRs, the
tax treatment of a partner will generally depend on the status of the partner
and on the activities of the partnership. Partners in partnerships holding any
ordinary shares or ADRs are urged to consult their tax advisors.
Because individual circumstances may differ, U.S. holders
of ordinary shares or ADRs are urged to consult their tax advisors concerning
the U.S. federal income tax considerations applicable to their particular
situations as well as any considerations to them arising under the tax laws of
any foreign, state or local taxing jurisdiction.
Ownership of Ordinary Shares or ADRs
For purposes of the Code, a U.S. holder of ADRs
will be treated for U.S. federal income tax purposes as the owner of the
ordinary shares represented by those ADRs. Exchanges of ordinary shares for ADRs
and ADRs for ordinary shares generally will not be subject to U.S. federal
income tax.
Subject to the discussion below under the heading "Passive
Foreign Investment Company", distributions with respect to the ordinary shares
or ADRs, other than distributions in liquidation and distributions in
redemption of stock that are treated as exchanges, will be taxed to U.S. holders
as ordinary dividend income to the extent that the distributions do not exceed
our current and accumulated earnings and profits. For U.S. federal income tax
purposes, the amount of any distribution received by a U.S. holder will equal
the dollar value of the sum of the South African rand payments made (including
the amount of South African income taxes, if any, withheld with respect to such
payments), determined at the "spot rate" on the date the dividend distribution
is includable in such U.S. holder's income, regardless of whether the payment
is in fact converted into dollars. Generally, any gain or loss resulting from
currency exchange fluctuations during the period from the date a U.S. holder
includes the dividend payment in income to the date such holder converts the
payment into dollars will be treated as ordinary income or loss. Distributions,
if any, in excess of our current and accumulated earnings and profits will
constitute a non-taxable return of capital and will be applied against and
reduce the holder's basis in the ordinary shares or ADRs.
To the extent that these distributions exceed the U.S.
holder's tax basis in the ordinary shares or ADRs, as applicable, the excess
generally will be treated as capital gain, subject to the discussion below
under the heading "Passive Foreign Investment Company". We do not intend to
calculate our earnings or profits for U.S. federal income tax purposes. U.S. holders
should therefore assume that any distributions with respect to our ordinary
shares or ADRs will constitute dividend income.
"Qualified dividend income" received by individual
U.S. holders (as well as certain trusts and estates) generally will be taxed at
a maximum U.S. federal income tax rate applicable to capital gains
.
This reduced rate generally would apply to dividends paid by us if,
at the time such dividends are paid, either (i) we are eligible for
benefits under a qualifying income tax treaty with the United States or
(ii) our ordinary shares or ADRs with respect to which such dividends were
paid are readily tradable on an established securities market in the United
States. However, this reduced rate is subject to certain important requirements
and exceptions, including, without limitation, certain holding period
requirements and an exception applicable if we are treated as a passive foreign
investment company as discussed under the heading "Passive Foreign Investment
Company". U.S. holders are urged to consult their tax advisors regarding the U.S.
federal income tax rate that will be applicable to their receipt of any
dividends paid with respect to the ordinary shares and ADRs.
For purposes of this discussion, the "spot rate"
generally means a rate that reflects a fair market rate of exchange available
to the public for currency under a "spot contract" in a free market and
involving representative amounts. A "spot contract" is a contract to buy or
sell a currency on or before two business days following the date of the
execution of the contract. If such a spot rate cannot be demonstrated, the U.S.
Internal Revenue Service has the authority to determine the spot rate.
Dividend income derived with respect to the
ordinary shares or ADRs will not be eligible for the dividends received
deduction generally allowed to a U.S. corporation under Section 243 of the
Code. Dividend income will be treated as foreign source income for foreign tax
credit and other purposes. In computing the separate foreign tax credit
limitations, dividend income should generally constitute "passive category
income," or in the case of certain U.S. holders, "general category income."
84
Passive Foreign
Investment Company
A special and adverse set of U.S. federal income
tax rules apply to a U.S. holder that holds stock in a passive foreign
investment company, or PFIC. We would be a PFIC for U.S. federal income tax
purposes if for any taxable year either (i) 75% or more of our gross
income, including our pro rata share of the gross income of any company in
which we are considered to own 25% or more of the shares by value, were passive
income or (ii) 50% or more of our average total assets (by value),
including our pro rata share of the assets of any company in which we are considered
to own 25% or more of the shares by value, were assets that produced or were
held for the production of passive income. If we were a PFIC, U.S. holders of
the ordinary shares or ADRs would be subject to special rules with respect to
(i) any gain recognized upon the disposition of the ordinary shares or ADRs
and (ii) any receipt of an excess distribution (generally, any distributions to
a U.S. holder during a single taxable year that is greater than 125% of the
average amount of distributions received by such U.S. holder during the three
preceding taxable years in respect of the ordinary shares or ADRs or, if
shorter, such U.S. holder's holding period for the ordinary shares or ADRs).
Under these rules:
·
the gain or excess distribution will be
allocated ratably over a U.S. holder's holding period for the ordinary shares
or ADRs, as applicable;
·
the amount allocated to the taxable year in
which a U.S. holder realizes the gain or excess distribution will be taxed as
ordinary income;
·
the amount allocated to each prior year
(other than a pre-PFIC year), with certain exceptions, will be taxed at the
highest tax rate in effect for that year; and
·
the interest charge generally applicable to
underpayments of tax will be imposed in respect of the tax attributable to each
such year (other than a pre-PFIC year).
Although we generally will be treated as a PFIC as
to any U.S. holder if we are a PFIC for any year during a U.S. holder's holding
period, if we cease to satisfy the requirements for PFIC classification, the U.S.
holder may avoid PFIC classification for subsequent years if such holder elects
to recognize gain based on the unrealized appreciation in the ordinary shares
or ADRs through the close of the tax year in which we cease to be a PFIC.
A U.S. holder of a PFIC is required to file an
annual report with the Internal Revenue Service containing such information as
the U.S. Secretary of Treasury may require.
A U.S. holder of the ordinary shares or ADRs that
are treated as "marketable stock" under the PFIC rules may be able to avoid the
imposition of the special tax and interest charge described above by making a
mark-to-market election. Pursuant to this election, the U.S. holder would
include in ordinary income or loss for each taxable year an amount equal to the
difference as of the close of the taxable year between the fair market value of
the ordinary shares or ADRs and the U.S. holder's adjusted tax basis in such
ordinary shares or ADRs. Losses would be allowed only to the extent of net
mark-to-market gain previously included by the U.S. holder under the election
for prior taxable years. If a mark-to-market election with respect to ordinary
shares or ADRs is in effect on the date of a U.S. holder's death, the tax basis
of the ordinary shares or ADRs in the hands of a U.S. holder who acquired them
from a decedent will be the lesser of the decedent's tax basis or the fair
market value of the ordinary shares or ADRs. U.S. holders desiring to make the
mark-to-market election are urged to consult their tax advisors with respect to
the application and effect of making the election for the ordinary shares or ADRs.
In the case of a U.S. holder who holds ordinary
shares or ADRs and who does not make a mark-to-market election, the special tax
and interest charge described above will not apply if such holder makes an
election to treat us as a "qualified electing fund" in the first taxable year
in which such holder owns the ordinary shares or ADRs and if we comply with
certain reporting requirements. However, we do not intend to supply U.S. holders
with the information needed to report income and gain pursuant to a "qualified
electing fund" election in the event that we are classified as a PFIC.
We believe that we were not a PFIC for our
fiscal year ended June 30,
2020
. However, under the PFIC rules income and assets are require to be
measured and classified in accordance with U.S. federal income tax principles.
Our analysis is based on our financial statements as prepared in accordance
with IFRS, which may substantially differ from U.S. federal income tax
principles. Therefore, no assurance can be given that we were not a PFIC.
Furthermore, the tests for determining whether we would be a PFIC for any
taxable year are applied annually and it is difficult to make accurate
predictions of future income and assets, which are relevant to this
determination. In addition, certain factors in the PFIC determination, such as
reductions in the market value of our capital stock, are not within our control
and can cause us to become a PFIC. Accordingly, there can be no assurance that
we will not become a PFIC.
The rules relating to PFICs are very complex.
U.S. holders are urged to consult their tax advisors regarding the application
of the PFIC rules to their investments in our ordinary shares or ADRs.
Disposition of Ordinary Shares or ADRs
Subject to the discussion
above under the heading "Passive Foreign Investment Company", upon a sale,
exchange, or other taxable disposition of ordinary shares or ADRs, a U.S. holder
will recognize gain or loss in an amount equal to the difference between the U.S.
dollar value of the amount realized on the sale or exchange and such holder's
adjusted tax basis in the ordinary shares or ADRs. Subject to the application
of the "passive foreign investment company" rules discussed above, such gain or
loss generally will be capital gain or loss and will be long-term capital gain
or loss if the U.S. holder has held the ordinary shares or ADRs for more than
one year. The deductibility of capital losses is subject to limitations. Gain
or loss recognized by a U.S. holder on the taxable disposition of ordinary
shares or ADRs generally will be treated as U.S.‑source gain or loss for U.S.
foreign tax credit purposes.
84
In the case of a cash basis U.S.
holder who receives rands in connection with the taxable disposition of
ordinary shares or ADRs, the amount realized will be based on the spot rate as
determined on the settlement date of such exchange. A U.S. holder who receives
payment in rand and converts rand into U.S. dollars at a conversion rate other
than the rate in effect on the settlement date may have a foreign currency
exchange gain or loss that would be treated as ordinary income or loss.
An accrual basis U.S. holder
may elect the same treatment required of cash basis taxpayers with respect to a
taxable disposition of ordinary shares or ADRs, provided that the election is
applied consistently from year to year. Such election may not be changed
without the consent of the Internal Revenue Service. In the event that an
accrual basis holder does not elect to be treated as a cash basis taxpayer,
such U.S. holder may have a foreign currency gain or loss for U.S. federal
income tax purposes because of the differences between the U.S. dollar value of
the currency received prevailing on the trade date and the settlement date. Any
such currency gain or loss will be treated as ordinary income or loss and would
be in addition to gain or loss, if any, recognized by such U.S. holder on the
disposition of such ordinary shares or ADRs.
Information with respect to Foreign Financial
Assets
Certain U.S. holders may be required to report on
Internal Revenue Service Form 8938 information relating to an interest in
ordinary shares or ADRs, subject to certain exceptions (including an exception
for assets held in accounts maintained by certain financial institutions,
although the account itself may be reportable if held at a non-U.S. financial
institution). U.S. holders should consult their tax advisers regarding the
effect, if any, of this reporting requirement on their acquisition, ownership
and disposition of ordinary shares or ADRs. U.S. holders should consult their
tax advisors regarding application of the information reporting and backup
withholding rules.
10F. DIVIDENDS AND PAYING AGENTS
Not
applicable
10G. STATEMENT BY EXPERTS
Not
applicable.
10H. DOCUMENTS ON DISPLAY
DRDGOLD files annual reports on Form 20-F and reports on Form 6-K
with the SEC. You may access this information at the SEC's home page
(http://www.sec.gov). Copies of the documents referred to herein may be
inspected at DRDGOLD Limited's offices by contacting DRDGOLD Limited, P.O. Box
390, Maraisburg, Johannesburg, South Africa 1700. Attn: Company Secretary. Tel
No. +27-11-470-2600.
10I. SUBSIDIARY INFORMATION
Not
applicable.
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
MARKET RISK
General
In the normal course of our operations, we are
exposed to market risk, including commodity price, foreign currency, interest
and credit risks. Refer to Item 18. ''Financial Statements - Note 27 -
Financial instruments'' of the consolidated financial statements for a
qualitative and quantitative discussion of our exposure to these market risks.
Our long-term strategy is to remain unhedged
and to keep borrowings to a minimum. During fiscal 2020 we do not hold or issue
derivative financial instruments for speculative purposes, nor did we hedge
forward gold sales.
However, in instances where we need to incur medium-term borrowings
to finance growth projects that introduce some liquidity risk to the Group, we
may mitigate this liquidity risk by entering into an arrangement to provide
price protection against a possible decrease in the Rand gold price while
borrowings are in place.
For example in fiscal 2019 we entered into a
hedging instrument in the form of a collar in respect of 50,000 ounces of gold
that expired at the end of May 2019.
Commodity price risk
The rand market price of gold has a significant
effect on our results of operations, our ability and the ability of our
subsidiaries to pay dividends and undertake capital expenditures, and the
market price of our ordinary shares or ADSs. Historically, rand gold prices
have fluctuated widely and are affected by numerous industry factors over which
we have no control. The aggregate effect of these factors on the rand gold price
is impossible for us to predict. The rand price of gold may not remain at a
level allowing us to economically exploit our reserves.
84
It is our long-term policy
not to hedge this commodity price risk. However, in instances where we need to
incur medium-term borrowings to finance growth projects that introduce some
liquidity risk to the Group, we may mitigate this liquidity risk by entering
into an arrangement to provide price protection against a possible decrease in
the Rand gold price while borrowings are in place.
For example in fiscal
2019 we entered into a hedging instrument in the form of a collar in respect of
50,000 ounces of gold that expired at the end of May 2019.
Concentration of credit risk
Credit risk is the risk of financial loss to
us if a customer or counterparty to a financial instrument fails to meet its
contractual obligations, and arises principally from our receivables from
customers and investment securities
.
The Group manages its exposure to credit risk on
trade receivables by maintaining a short term cycle to settlement of 2 days.
The Group manages its exposure to credit risk on other receivables by dealing
with a number of counterparties, ensuring that these counterparties are of good
credit standing and transacting on a secured or cash basis where considered
required. Receivables are regularly monitored and assessed for recoverability.
Foreign currency risk
Our reporting currency is South African rand.
Although gold is sold in US dollars, the Company is obliged to convert this
into rands. We are thus exposed to fluctuations in the US dollar/rand exchange
rate. Foreign exchange fluctuations affect the cash flow that we will realize
from our operations as gold is sold in US dollars, while production costs are
incurred primarily in rands. Our results are positively affected when the US
dollar strengthens against the rand and adversely affected when the US dollar
weakens against the rand. Our cash and cash equivalent balances are mostly held
in South African rands. Holdings denominated in other currencies are
insignificant.
Long-term debt
Set out below is an analysis of our debt
  as at June 30, 2020 consisting of lease liabilities. All of our long-term
  debt is denominated in South African rand.
Interest rate
Total
8.8% - 10.3%
R'm
Repayment period
2021
14.0
2022
11.7
2023
11.7
2024
7
2025
4.7
2026
5
2027
1.3
Total
55.4
Based on our fiscal year 2020 financial
  results, a hypothetical 100 basis points (increase)/decrease in interest rate
  activity would (increase)/decrease our interest expense by R0.5 million.
ITEM 12. DESCRIPTION OF SECURITIES OTHER
THAN EQUITY SECURITIES
12A.
DEBT SECURITIES
Not applicable
.
12B. WARRANTS AND RIGHTS
Not applicable.
12C. OTHER SECURITIES
Not applicable.
84
12D. AMERICAN DEPOSITARY SHARES
Depositary Fees and Charges
DRDGOLD's American Depository Shares, or ADSs,
each representing ten of DRDGOLD's ordinary shares, are traded on the New York
Stock Exchange, or NYSE under the symbol "DRD" (until December 29, 2011 our
ADSs were traded on the Nasdaq Capital Market under the symbol "DROOY"). The
ADSs are evidenced by American Depository Receipts, or ADRs, issued by The Bank
of New York Mellon, as Depository under the Amended and Restated Deposit
Agreement dated as of August 12, 1996, as amended and restated as of October 2,
1996, as further amended and restated as of August 6, 1998, as further amended
and restated July 23, 2007, among DRDGOLD Limited, The Bank of New York Mellon and
owners and beneficial owners of ADRs from time to time. ADR holders may have to
pay the following service fees to the Depositary:
Service
Fees (USD)
Issuance of ADSs, including
  issuances resulting from a distribution of ordinary shares or rights
$5.00 (or less) per 100 ADSs (or portion
  thereof)
1
Cancellation of ADSs for the
  purpose of withdrawal, including if the Deposit Agreement terminates
$5.00 (or less) per 100 ADSs (or portion
  thereof)
1
Distribution of cash dividends
  or other cash distributions
2 cents (or less) per ADS (or portion
  thereof)
Distribution of securities
  distributed to holders of deposited securities which are distributed by the
  Depositary to ADS registered holders
$5.00 (or less) per 100 ADSs (or portion
  thereof)
In addition, ADR holders are
  responsible for certain fees and expenses incurred by the Depositary on their
  behalf including (1) taxes and other
governmental charges, (2) such
  registration fees as may from time to time be in effect for the registration
  of transfers of ordinary shares generally on the share register and
  applicable to transfers of ordinary shares to the name of the Depositary or
  its nominee or the Custodian or its nominee on the making of deposits or
  withdrawals, (3) such cable, telex and facsimile transmission expenses as are
  expressly provided in the Deposit Agreement, and (4) such expenses as are
  incurred by the Depositary in the conversion of foreign currency to U.S.
  Dollars.
[1]
These fees are typically paid to the
  Depositary by the brokers on behalf of their clients receiving the
  newly-issued ADSs from the Depositary or delivering the ADSs to the
  Depositary for cancellation. The brokers in turn charge these transaction
  fees to their clients.
The Depositary collects its fees for delivery
and surrender of ADSs directly from investors depositing or surrendering ADSs
for the purpose of withdrawal or from intermediaries acting for them. The
Depositary, collects fees for making distributions to investors by deducting
those fees from the amounts distributed or by selling a portion of
distributable property to pay the fees. The Depositary may collect its annual
fee for depositary services by deductions from cash distributions or by
directly billing investors or by charging the book-entry system accounts of
participants acting for them. The Depositary may generally refuse to provide
fee-attracting services until its fees for those services are paid.
Depositary Payments
The Bank of New York Mellon, as Depositary,
has agreed to reimburse DRDGOLD an annual amount of $75,000 mainly consisting
of accumulated contributions towards the Company's investor relations
activities (including investor meetings, conferences and fees of investor
relations service vendors). After the deduction of other fees, the annual
reimbursement for the year ended June 30, 2020 amounts to approximately $51,944
(June 30, 2019: $16,237, June 30, 2018: $5,974). DRDGOLD is also entitled to a
25% share of the dividend fees which amounts to approximately $65,551 for the
year ended June 30, 2020 (June 30, 2019: $nil, June 30, 2018: $20,195).
84
PART II
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND
DELINQUENCIES
There
have been no material defaults in the payment of principal, interest, a sinking
or purchase fund installment, or any other material defaults with respect to
any indebtedness of ours.
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF
SECURITY HOLDERS AND USE OF PROCEEDS
Not
applicable.
ITEM
15. CONTROLS AND PROCEDURES
15A.
Disclosure Controls and Procedures
As of June 30, 2020, our management, with the participation of our
Chief Executive Officer and Chief Financial Officer have evaluated the
effectiveness of our disclosure controls and procedures (as this term is
defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act). Our management,
including the Chief Executive Officer and Chief Financial Officer, concluded
that our disclosure controls and procedures were effective as of June 30, 2020.
Our disclosure controls and procedures are designed to provide
reasonable assurance that information required to be disclosed by us in the
reports that we file or submit under the Securities Exchange Act of 1934 is recorded,
processed, summarized and reported, within the time periods specified in the
applicable rules and forms and that such information required to be disclosed
by us in the reports we file or submit under the Securities Exchange Act is
accumulated and communicated to our management, including our Chief Executive
Officer and Chief Financial Officer, as appropriate to allow timely decisions
regarding required disclosures.
There are inherent limitations in the effectiveness of any system
of disclosure controls and procedures. These limitations include the
possibility of human error and the circumvention or overriding of the controls
and procedures. Accordingly, any such system can only provide reasonable
assurance of achieving the desired control objectives
.
15B.
Management's Annual Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining
adequate internal control over financial reporting. Internal control over
financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under
the Securities Exchange Act of 1934 as a process designed by, or under the
supervision of, our Chief Executive Officer and Chief Financial Officer and
effected by our board, management and other personnel to provide reasonable
assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with IFRS. Under
Section 404 of the Sarbanes Oxley Act of 2002, management is required to assess
our internal controls surrounding the financial reporting process as at the end
of each fiscal year. Based on that assessment, management is to determine
whether or not our internal controls over financial reporting are effective.
Internal control over financial reporting includes those policies
and procedures that:
·
pertain to the maintenance of records that in reasonable detail
accurately and fairly reflect the transactions and dispositions of our assets;
·
provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance with
IFRS, and that our receipts and expenditures are being made only in accordance
with authorizations of our management and board; and
·
provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of our assets that
could have a material effect on our financial statements.
Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements. Instead, it must
be noted that even those systems that management deems to be effective can only
provide reasonable assurance with respect to the preparation and presentation
of our financial statements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may
become inadequate because of changes in conditions, or the degree of compliance
with the policies and procedures.
Our management assessed the effectiveness of our internal control
over financial reporting as of June 30, 2020. In making this assessment,
our management used the criteria set forth by the
Internal
Control-Integrated Framework (2013)
issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO). Based on our assessment and
those criteria, our management concluded that as of June 30, 2020 our internal
control over financial reporting was effective.
15C. Attestation Report of the independent registered
public accounting firm
The effectiveness of internal control over financial reporting as
of June 30, 2020 was audited by KPMG Inc., independent registered public
accounting firm, as stated in their report on page F-1 of this Form 20-F.
84
15D. Changes in Internal Control Over
Financial Reporting
Changes that have materially affected, or are reasonably likely to
materially affect, our internal control over financial reporting during the
period covered by the annual report, need to be identified and reported as
required by paragraph (d) of Rule 13a-15.
During the year ended June 30, 2020, there have not been any
changes in our internal control over financial reporting that have materially
affected, or are reasonably likely to materially affect, our internal control
over financial reporting.
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT
Mr. J.A.
Holtzhausen
, Chairman of the Audit and Risk Committee, has been determined by
our board to be an audit committee financial expert within the meaning of the
Sarbanes-Oxley Act, in accordance with the Rules of the New York Stock Exchange
, or NYSE,
and rules promulgated by the SEC
and
independent both under the New York
Stock Exchange Rules and the South African Johannesburg Stock Exchange Rules
.
The board is satisfied that the skills, experience and attributes of the
members of the audit and risk committee are sufficient to enable those members
to discharge the responsibilities of the audit and risk committee.
ITEM 16B. CODE OF ETHICS
We have adopted a Code of Conduct that applies to all senior
executives including our Non-Executive Chairman, the Chief Executive Officer,
Chief Financial Officer, Chief Operating Officer and the Financial Director at
our mining operation as well as all other employees. The Code of Conduct can be
accessed on the Company's website at the following web address: www.drdgold.com/about-us/governance.
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND
SERVICES
KPMG Inc. has served as our independently registered public
accountant for the fiscal years ended June 30, 2020, 2019 and 2018, for which
audited financial statements appear in this Annual Report. The Annual General
Meeting elects the auditors annually.
The following table presents the aggregate fees
for professional audit services and other services rendered by KPMG Inc. to us
in fiscal year 2020 and 2019:
Audit
Fees
Audit fees billed for the annual audit
services engagement, which are those services that the external auditor reasonably
can provide, include the company audit; statutory audits; comfort letters and
consents; attest services; and assistance with and review of documents filed
with the SEC.
Auditors' remuneration
Year ended June 30,
2020
2019
R m
R m
Audit fees
8.4
8.3
All other fees
0.4
1.0
Total
8.8
9.3
All Other Fees
The
all other fees during fiscal year 2020 consist of the following:
·
R0.2 million with respect to limited assurance provided by KPMG on
specified items contained in our Integrated Report for fiscal year 2019; and
·
R0.2 million with respect to limited assurance provided by KPMG on
specified items contained in our Integrated Report for fiscal year 2020;
The
all other fees during fiscal year 2019 consist of the following:
·
R0.4 million with respect to limited assurance provided by KPMG on
specified items contained in our Integrated Report for fiscal year 2018;
·
R0.1 million with respect to limited assurance provided by KPMG on
specified items contained in our Integrated Report for fiscal year 2019; and
·
R0.5 million with respect to agreed-upon procedures performed by
KPMG on the eXtensible Business Reporting Language (XBRL) interactive data file
related to the form 20-F for fiscal year 2018;
The
Audit and Risk Committee is directly responsible for recommending the
appointment, re-appointment and removal of the external auditors as well as the
remuneration and terms of engagement of the external auditors. The committee
pre-approves, and has pre-approved, all non-audit services provided by the
external auditors. The
Audit and Risk
Committee considered all of the fees mentioned above and determined that such
fees are compatible with maintaining KPMG Inc.'s independence.
84
ITEM
16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Not
applicable.
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND
AFFILIATED PURCHASERS
Not applicable
ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
Not
applicable.
ITEM 16G. CORPORATE GOVERNANCE
As
a foreign private issuer with shares listed on the NYSE, we are subject to
corporate governance requirements imposed by NYSE. Under section 303A.11 of the
NYSE Listing Standards, a foreign private issuer such as us may follow its home
country corporate governance practices in lieu of certain of the NYSE Listing
Standards on corporate governance. We are also exempt from certain NYSE
corporate governance requirements as a "controlled company". The
following paragraphs summarize the significant differences between these
various requirements and how it is implemented by DRDGOLD:
Shareholder meeting quorum requirements
Section 310.00 of the NYSE Listing Standards
provides that the quorum required for any meeting of holders of common stock
should be sufficiently high to insure a representative vote. Consistent with
the practice of companies incorporated in South Africa, our Memorandum of
Incorporation requires a quorum of three members present with sufficient voting
powers in person or by proxy to exercise in aggregate 25% of the voting rights
and we have elected to follow our home country rule.
ITEM 16H. MI
NE SAFETY DISCLOSURES
Not applicable.
84
PART III
ITEM 17. FINANCIAL STATEMENTS
Not
applicable.
ITEM 18 FINANCIAL STATEMENTS
The following annual financial statements
  and related auditor's reports are filed as part of this Annual Report
Page
Report of the Independent Registered
  Public Accounting Firm
F‑1
Consolidated statement of profit or loss
  and other comprehensive income for the years ended June 30, 2020, 2019 and
  2018
F-3
Consolidated statement of financial
  position at June 30, 2020 and 2019
F‑4
Consolidated statement of changes in
  equity for the years ended June 30, 2020, 2019 and 2018
F‑5
Consolidated statement of cash flows for
  the years ended June 30, 2020, 2019 and 2018
F‑4
Notes to the consolidated financial
  statements
F‑1 to F‑29
About these consolidated financial
  statements
1
Use of accounting assumptions, estimates
  and judgements
2
New standards, amendments to standards
  and interpretations not yet adopted
3
Performance
Revenue
4
Results from operating activities
5
Cost of sales
5.1
Other income
5.2
Administration expenses and other costs
5.3
Finance income
6
Finance expense
7
Earnings per share
8
Resource assets and related liabilities
Property, plant and equipment
9
Right of use assets and leases
10
Provision for environmental
  rehabilitation
11
Investment in rehabilitation obligation
  funds
12
Working capital
Cash and cash equivalents
13
Cash generated by operations
14
Trade and other receivables
15
Trade and other payables
16
Inventories
17
Tax
Income tax
18
Income tax expense
18.1
Deferred tax
18.2
Employee matters
Employee benefits
19
Cash-settled tong-term incentive scheme
19.1
Equity-settled tong-term incentive scheme
19.2
Transactions with key management
  personnel
19.3
Capital and equity
Capital management
20
Equity
21
Disclosure items
Interest in subsidiaries
22
Operating segments
23
Payments made under protest
24
Other investments
25
Contingencies
26
Financial instruments
27
Related parties
28
Subsequent events
29
84
Report
of Independent Registered Public Accounting Firm
To the Shareholders and Board
of Directors
DRDGOLD Limited:
Opinions on the Consolidated Financial Statements and Internal
Control over Financial Reporting
We have audited the accompanying consolidated statements of
financial position of DRDGOLD Limited and subsidiaries (the Company) as of June
30, 2020 and 2019, the related consolidated statements of profit or loss and
other comprehensive income, changes in equity, and cash flows for each of the
years in the three-year period ended June 30, 2020, and the related notes
(collectively, the consolidated financial statements). We also have audited the
Company's internal control over financial reporting as of June 30, 2020, based
on criteria established in Internal Control – Integrated Framework (2013) issued
by the Committee of Sponsoring Organizations of the Treadway Commission.
In our opinion, the consolidated financial statements referred to
above present fairly, in all material respects, the financial position of the
Company as of June 30, 2020 and 2019, and the results of its operations and its
cash flows for each of the years in the three-year period ended June 30, 2020,
in conformity with International Financial Reporting Standards as issued by the
International Accounting Standards Board. Also in our opinion, the Company
maintained, in all material respects, effective internal control over financial
reporting as of June 30, 2020 based on criteria established in Internal Control
– Integrated Framework (2013) issued by the Committee of Sponsoring
Organizations of the Treadway Commission.
Basis for Opinions
The Company's management is responsible for these consolidated
financial statements, for maintaining effective internal control over financial
reporting, and for its assessment of the effectiveness of internal control over
financial reporting, included in the accompanying Management's Annual Report on
Internal Control over Financial Reporting. Our responsibility is to express an
opinion on the Company's consolidated financial statements and an opinion on
the Company's internal control over financial reporting based on our audits. We
are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) (PCAOB) and are required to be independent with
respect to the Company in accordance with the U.S. federal securities laws and
the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.
We conducted our audits in accordance with the standards of the
PCAOB. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the consolidated financial statements are
free of material misstatement, whether due to error or fraud, and whether
effective internal control over financial reporting was maintained in all
material respects.
Our audits of the consolidated financial statements included
performing procedures to assess the risks of material misstatement of the
consolidated financial statements, whether due to error or fraud, and
performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in
the consolidated financial statements. Our audits also included evaluating the
accounting principles used and significant estimates made by management, as
well as evaluating the overall presentation of the consolidated financial
statements. Our audit of internal control over financial reporting included
obtaining an understanding of internal control over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating
the design and operating effectiveness of internal control based on the
assessed risk. Our audits also included performing such other procedures as we
considered necessary in the circumstances. We believe that our audits provide a
reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial
Reporting
A company's internal control over financial reporting is a process
designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company's internal
control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets
of the company; (2) provide reasonable assurance that transactions are recorded
as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of
the company are being made only in accordance with authorizations of management
and directors of the company; and (3) provide
84
reasonable
assurance regarding prevention or timely detection of unauthorized acquisition,
use, or disposition of the company's assets that could have a material effect
on the financial statements.
Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
/s/ KPMG Inc.
We have
served as the Company's auditor since 2003.
Johannesburg, Republic of
South Africa
October
29, 2020
84
Amounts in
  R million
Note
2020
2019
2018
Revenue
4
4,185.0
2,762.1
2,490.4
Cost of
  sales
5.1
(2,937.9)
(2,553.9)
(2,347.7)
Gross profit
  from operating activities
1,247.1
208.2
142.7
Other
  income
5.2
0.7
7.9
-
Administration
  expenses and other costs
5.3
(309.9)
(90.9)
(90.7)
Results
  from operating activities
937.9
125.2
52.0
Finance
  income
6
109.8
58.3
38.8
Finance
  expense
7
(68.8)
(78.4)
(58.4)
Profit
  before tax
978.9
105.1
32.4
Income tax
18.1
(343.9)
(26.6)
(25.9)
Profit for
  the year
635.0
78.5
6.5
Other
  comprehensive income
Items that
  will not be reclassified to profit or loss, net of tax
Net fair
  value adjustment on equity investments at fair value through other
  comprehensive income
190.6
(5.9)
-
Fair value
  adjustment on equity investments at fair value through other comprehensive
  income
25
191.8
(5.9)
-
Deferred
  tax thereon
18.2
(1.2)
-
-
Items that
  will be reclassified subsequently to profit or loss, net of tax
Net fair
  value adjustment on available-for-sale investments
-
-
0.6
Total
  other comprehensive income for the year
190.6
(5.9)
0.6
Total
  comprehensive income for the year
825.6
72.6
7.1
Earnings
  per share
Basic
  earnings per share (SA cents per share)
8
82.5
11.8
1.5
Diluted
  earnings per share (SA cents per share)
8
81.0
11.5
1.5
The
  accompanying notes are an integral part of these consolidated financial
  statements.
84
Amounts in
  R million
Note
2020
2019
ASSETS
Non-current
  assets
3,485.4
3,403.9
Property,
  plant and equipment
9
2,621.1
2,775.3
Investments
  in rehabilitation obligation funds
12
626.0
587.5
Payments
  made under protest
24
35.0
27.6
1
Other
  investments
25
195.3
3.5
1
Deferred
  tax asset
18.2
8.0
10.0
Current
  assets
2,189.8
656.1
Inventories
17
323.4
304.6
Current
  tax receivable
4.9
4.1
Trade and
  other receivables
15
146.4
67.9
Cash and
  cash equivalents
13
1,715.1
279.5
TOTAL
  ASSETS
5,675.2
4,060.0
EQUITY
  AND LIABILITIES
Equity
4,040.2
2,688.6
Stated
  share capital
21.1
6,157.9
5,072.8
Other
  reserves
-
453.6
Retained
  earnings
(2,117.7)
(2,837.8)
Non-current
  liabilities
889.1
913.2
Provision
  for environmental rehabilitation
11
568.9
682.6
Deferred
  tax liability
18.2
273.1
193.2
Employee
  benefits
19
10.1
37.4
Lease
  liabilities (2019: finance lease obligation)
10.2
37.0
-
Current
  liabilities
745.9
458.2
Trade and
  other payables
16
478.8
419.2
Employee
  benefits
19
227.6
22.6
Current
  portion of lease liabilities (2019: current portion of finance lease
  obligation)
10.2
10.1
11.0
Current
  tax liability
29.4
5.4
TOTAL
  LIABILITIES
1,635.0
1,371.4
TOTAL
  EQUITY AND LIABILITIES
5,675.2
4,060.0
1 During 2020,
  the Group disaggregated "other assets" into "payments made under protest" and
  "other investments" respectively to reflect different types of material
  assets more appropriately. Comparative amounts in the statement of financial
  position were reclassified for consistency. As a result, R27.6 million was
  reclassified from "other assets" into "payments made under protest" and R3.5
  million was reclassified from "other assets" into "other investments
The
  accompanying notes are an integral part of these consolidated financial
  statements.
84
Stated
share
Other
Retained
Total
Amounts in
  R million
Note
capital
reserves
earnings
equity
Balance at
  June 30, 2017
4,177.7
-
(2,875.3)
1,302.4
Total comprehensive
  income
Profit for
  the year
6.5
6.5
Other
  comprehensive income
0.6
0.6
Total
  comprehensive income
-
-
7.1
7.1
Transactions
  with the owners of the parent
Contributions
  and distributions
Dividend
  on ordinary share capital
21.2
(42.2)
(42.2)
Total
  contributions and distributions
-
-
(42.2)
(42.2)
Balance at
  June 30, 2018
4,177.7
-
(2,910.4)
1,267.3
Total
  comprehensive income
Profit for
  the year
78.5
78.5
Other comprehensive
  income
(5.9)
(5.9)
Total
  comprehensive income
-
-
72.6
72.6
Transactions
  with the owners of the parent
Contributions
  and distributions
Equity
  instruments issued as purchase consideration for the acquisition of Far West
  Gold Recoveries ("
FWGR
")
895.7
453.6
1,349.3
Expenses
  incurred on issue of ordinary shares
(0.3)
(0.3)
Treasury
  shares acquired through subsidiary
21.1
(0.3)
(0.3)
Total
  contributions and distributions
895.1
453.6
-
1,348.7
Balance at
  June 30, 2019
5,072.8
453.6
(2,837.8)
2,688.6
Total
  comprehensive income
Profit for
  the year
635.0
635.0
Other
  comprehensive income
190.6
190.6
Total
  comprehensive income
-
-
825.6
825.6
Transactions
  with the owners of the parent
Contributions
  and distributions
Issue of
  ordinary shares
21.1
1,085.6
1,085.6
Expenses
  incurred on issue of ordinary shares
(0.5)
(0.5)
Reallocation
  of the equity instruments on exercise of the Sibanye-Stillwater option
-
(453.6)
453.6
-
Dividend
  on ordinary share capital
21.2
(565.1)
(565.1)
Equity-settled
  share-based payment
19.2
6.0
6.0
Total
  contributions and distributions
1,085.1
(453.6)
(105.5)
526.0
Balance at
  June 30, 2020
21.1
6,157.9
-
(2,117.7)
4,040.2
The
  accompanying notes are an integral part of these consolidated financial
  statements.
84
Amounts in
  R million
Note
2020
2019
2018
CASH FLOWS
  FROM OPERATING ACTIVITIES
Cash
  generated from operations
14
1,309.6
282.0
222.9
Finance
  income received
63.8
16.8
21.9
Dividends
  received
4.3
-
-
Finance
  expenses paid
(8.7)
(9.3)
(3.5)
Income tax
  paid
(240.1)
(1.2)
(7.5)
Net cash inflow
  from operating activities
1,128.9
288.3
233.8
CASH FLOWS
  FROM INVESTING ACTIVITIES
Acquisition
  of property, plant and equipment
(181.1)
(347.4)
(125.9)
Environmental
  rehabilitation payments to reduce decommissioning liabilities
11
(22.1)
(16.6)
(21.5)
Proceeds
  on disposal of property, plant and equipment
5.2
0.7
5.8
7.0
Funds
  received from environmental obligation funds
12
-
55.2
-
Net cash
  outflow from investing activities
(202.5)
(303.0)
(140.4)
CASH FLOWS
  FROM FINANCING ACTIVITIES
Proceeds
  from the issue of ordinary shares
21.1
1,085.6
-
-
Share
  issue expenses
(0.5)
(0.3)
-
Acquisition
  of treasury shares
21.1
-
(0.3)
-
Dividends
  paid on ordinary shares
(564.5)
-
(42.2)
Borrowings
  raised
-
192.0
-
Borrowings
  paid
-
(192.0)
-
Initial
  fees incurred on borrowings
-
(3.6)
-
Repayment
  of lease liabilities (2019: repayment of finance lease obligations)
10.2
(11.4)
(3.7)
(2.8)
Net cash inflow/(outflow)
  from financing activities
509.2
(7.9)
(45.0)
NET
  INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
1,435.6
(22.6)
48.4
Cash and
  cash equivalents at the beginning of the year
279.5
302.1
253.7
CASH AND
  CASH EQUIVALENTS AT THE END OF THE YEAR
13
1,715.1
279.5
302.1
The
  accompanying notes are an integral part of these consolidated financial
  statements.
84
1        ABOUT THESE CONSOLIDATED FINANCIAL STATEMENTS
Reporting
entity
The DRDGOLD Group is primarily involved in the retreatment of
surface gold. The consolidated financial statements comprise DRDGOLD Limited (the
"
Company
") and its subsidiaries who are all wholly owned subsidiaries
and solely operate in South Africa (collectively the "
Group
" and
individually "
Group Companies
"). The Company is domiciled in South
Africa with a registration number of 1895/000926/06. The registered address of
the Company is Constantia Office Park, Cnr 14th Avenue and Hendrik Potgieter
Road, Cycad House, Building 17, Ground Floor, Weltevreden Park, 1709.
The DRDGOLD Group is
50.1
% held by Sibanye Gold
Limited, which in turn is a wholly owned subsidiary of
Sibanye Stillwater
Limited
("
Sibanye-Stillwater
").
Basis
of accounting
The consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRS) and its
interpretations adopted by the International Accounting Standards Board (IASB).
The consolidated financial statements were approved by the board for issuance
on October 29, 2020.
Functional
and presentation currency
The functional and presentation currency of DRDGOLD
and its subsidiaries is South African rand. The amounts in these consolidated
financial statements are rounded to the nearest million unless stated
otherwise. Significant exchange rates applied during the year are set out in
the table below:
South
  African rand / US dollar
2020
2019
2018
Spot rate
  at year end
17.32
14.07
13.72
Average
  rate for the financial year
15.66
14.18
12.85
Basis
of measurement
The consolidated financial statements are prepared on the
historical cost basis, unless otherwise stated.
Basis
of consolidation
Subsidiaries
Subsidiaries are entities controlled by the Group. The Group
controls an entity when it is exposed to, or has rights to, variable returns
from its involvement with the entity and has the ability to affect those
returns through its power over the entity. The financial statements of
subsidiaries are included in the consolidated financial statements from the
date that control commences until the date that control ceases.
Transactions eliminated on
consolidation
Intra-group balances, transactions and any unrealised gains and
losses or income and expenses arising from intra-group transactions, are
eliminated in preparing the consolidated financial statements.
2
USE OF ACCOUNTING ASSUMPTIONS,
ESTIMATES AND JUDGEMENTS
The preparation
of the consolidated financial statements requires management to make accounting
assumptions, estimates and judgements that affect the application of the
Group's accounting policies and reported amounts of assets and liabilities,
income and expenses.
Accounting assumptions, estimates and judgements are reviewed on
an ongoing basis. Revisions to reported amounts are recognised in the period in
which the revision is made and in any future periods affected. Actual results
may differ from these estimates.
Information about assumptions and estimates in
applying accounting policies that have the most significant effect on the
amounts recognised in the consolidated financial statements are included in the
notes:
NOTE 9        PROPERTY, PLANT AND EQUIPMENT
NOTE 11      PROVISION FOR ENVIRONMENTAL REHABILITATION
NOTE 18      INCOME TAX
NOTE 24      PAYMENTS MADE UNDER PROTEST
NOTE
25      OTHER INVESTMENTS
Information about significant judgements in applying
accounting policies that have the most significant effect on the amounts
recognised in the consolidated financial statements are included in the notes:
NOTE 24      PAYMENTS MADE UNDER PROTEST
NOTE 26      CONTINGENCIES
84
3
NEW STANDARDS, AMENDMENTS TO STANDARDS AND INTERPRETATIONS
New
standards, amendments to standards and interpretations effective for the year
ended June 30, 2020
During the financial period, the following new and revised
accounting standards, amendments to standards and new interpretation were
adopted by the Group:
IFRS
16
Leases
(Effective date July 1, 2019)
The Group adopted IFRS 16 Leases ("
IFRS 16
") on July 1,
2019, using the modified retrospective method.
The Group elected to measure the right of use asset at an amount
equal to the lease liabilities for leases previously expensed as operating
leases.
The nature of the leases include property rentals, vehicle rentals,
and equipment hire.
The equipment hire includes the rental of an electricity generator
which was previously classified as a finance lease under IAS 17
Leases
("
IAS 17
"). The carrying amount of the right-of-use asset and the lease
liability at the date of initial application was measured using the carrying
amount of the lease asset and lease liability immediately before under IAS 17.
The Group applied the following practical expedients:
·
the Group elected not to separate non-lease components
and account for the lease and non-lease component as a single lease component;
·
leases for which the underlying asset is of low value;
and
·
short-term leases defined as less than 12 months.
The Group applied the following judgements:
·
assessing whether an arrangement contains a lease;
·
where the Group has the option to terminate a contract
with no more than an insignificant penalty, the lease is no longer deemed to be
enforceable. However, in making this assessment management will in addition,
take into account the nature of the asset, the alternative procurement of the
asset and the general economics of the contract in assessing its enforceability;
·
where a lease is on a month to month basis, the lease
term is limited to one month's enforceable period, therefore that lease is
excluded from the lease population;
·
where a contract includes an option to renew,
management will consider whether it is reasonably certain that the option will
be exercised. In making this assessment, the historical renewal behaviour will
be considered, considering the strategic nature of that asset;
·
the determination of the right of use asset to be
equal to the lease liability, adjusted for prepaid or accrued lease payments
immediately before the date of initial application. This resulted in there
being no impact on retained earnings at adoption date; and
·
to use the Group's incremental borrowing rate in
discounting the future payments. The weighted average discount rate applied was
10.31
% per annum.
There
have been no significant changes under IFRS 16 for lessors.
The impact of the adoption of IFRS 16 on the Group's
financial statements is as follows
:
Amounts in
  R million
2020
Operating
  lease commitments at June 30, 2019
37.6
Operating
  lease commitments at July 1, 2019 discounted using the weighted average incremental
  borrowing rate at July 1, 2019
(6.7)
Operating
  lease commitments recognised as lease liabilities on the statement of
  financial position at July 1, 2019 (not previously recognised)
30.9
Finance
  lease liabilities previously recognised under IAS 17 at June 30, 2019
11.0
Total
  lease liabilities recognised at July 1, 2019
41.9
IFRIC
23 Uncertainty over Income Tax Treatments (Effective date July 1, 2019)
IFRIC 23
Uncertainty over Income
Tax Treatments ("
IFRIC 23
") clarifies the accounting for income tax
treatments that have yet to be accepted by tax authorities. Specifically, IFRIC
23 provides clarity on how to incorporate this uncertainty into the measurement
of tax as reported in the financial statements.
IFRIC 23 does not introduce any new disclosures but
reinforces the need to comply with existing disclosure requirements about:
·
judgements made;
·
assumptions and other estimates used; and
·
the potential impact of uncertainties that are not
reflected.
Information about significant judgements, assumptions
and estimates related to uncertainties with regard to the measurement of tax as
reported in the financial statements are included in the following note:
NOTE 18      INCOME TAX
Annual
Improvements to IFRS Standards 2015/2017 Cycle various standards (effective
July 1, 2019
)
As part of its process to make non-urgent but necessary amendments
to IFRS, the IASB has issued the Annual Improvements to IFRS Standards
2015–2017 Cycle. This did not have a material impact on the Group.
84
3        NEW STANDARDS, AMENDMENTS TO STANDARDS AND
INTERPRETATIONS
continued
New standards, amendments to standards
and interpretations not yet effective
At the date of authorisation of these consolidated financial
statements, the following relevant standards, amendments to standards and
interpretations that may be applicable to the business of the Group were in
issue but not yet effective and may therefore have an impact on future
consolidated financial statements. These new standards, amendments to standards
and interpretations will be adopted at their effective dates.
Definition of Material (Amendments
to IAS 1 and IAS 8) (Effective July 1, 2020)
The amendment clarifies the definition of material to
make it easier to understand and provides guidance on how the definition should
be applied. The changes in the definition now ensures that the definition is
consistent across all IFRS standards and the Conceptual Framework.
·
old definition (IAS 1): Omissions or misstatements of
items are material if they could, individually or collectively, influence the
economic decisions that users make on the basis of the financial statements;
·
new definition
(IAS 1)
: Information is material if omitting, misstating or obscuring it
could reasonably be expected to influence the decisions that the primary users
of general-purpose financial statements make on the basis of those financial
statements, which provide financial information about a specific reporting
entity.
The definition of material omissions or misstatements from IAS 8
Accounting
Policies, Changes in Accounting Estimates
and Errors
has been
removed.
Management has performed a preliminary assessment of the new definition
of materiality and has assessed that it is not expected that significant
changes will result from the adoption of the new definition of materiality.
Amendments to References to
Conceptual Framework in IFRS (Effective July 1, 2020)
The IASB decided to revise the Conceptual Framework
because certain important issues were not covered and certain guidance was
unclear or out of date. The revised Conceptual Framework, issued by the IASB in
March 2018, includes:
·
new concepts on measurement including factors to be
considered when selecting the measurement basis;
·
new concepts on presentation and disclosure, including
when to classify income and expenses in other comprehensive income;
·
new guidance on when assets and liabilities are
removed from financial statements;
·
updated definitions of an asset and liability;
·
updated recognition criteria for including assets and
liabilities in financial statements;
·
the revised framework clarified the concepts of
prudence, stewardship, measurement uncertainty and substance over form; and
·
the IASB also updated references to the Conceptual Framework in
IFRS by issuing Amendments to References to the Conceptual Framework in IFRS.
Management has performed a preliminary assessment of the amendments
to the References to the Conceptual Framework and has assessed that it is not
expected that significant changes will result from the new references to the
Conceptual Framework.
84
4
REVENUE
ACCOUNTING POLICIES
Revenue comprises the sale of gold bullion and silver bullion
  (produced as a by-product).
Revenue is measured based on the consideration specified in a contract
  with the customer, which is
based on the London
  Bullion Market fixing price on the date when it transfers control over the
  goods to the customer.
The Group recognises revenue at a point in time when Rand Refinery,
  acting as an agent for the sale of all gold produced by the Group, delivers
  the Gold to the buyer and the sales price is fixed, as evidenced by the
  certificate of sale. It is at this point that the revenue can be measured
  reliably and the recovery of the consideration is probable. Rand Refinery is
  contractually obliged to make payment to the Group within two business days
  after the sale of the gold and silver
and therefore no significant financing component exists.
Amounts in
  R million
2020
2019
2018
Gold
  revenue
4,179.3
2,758.8
2,486.4
Silver
  revenue
5.7
3.3
4.0
Total
  revenue
4,185.0
2,762.1
2,490.4
A
disaggregation of revenue by operating segment is presented in note 23
OPERATING SEGMENTS.
MARKET
RISK
Commodity
price sensitivity
The Group's
profitability and the cash flows are significantly affected by changes in the
market price of gold and silver which are sold in US Dollars. The Group did not
enter into forward sales of gold production, derivatives or other hedging
arrangements to establish a commodity price in advance for the sale of future
gold production during the year.
A change of 20%
in the average US Dollar gold price received during the financial year would
have increased/(decreased) equity and profit/(loss) by the amounts shown below.
This analysis assumes that all other variables remain constant and specifically
excludes the impact on income tax
.
Amounts in
  R million
2020
2019
2018
20%
  increase in the US Dollar gold price
837.0
552.4
498.1
20%
  decrease in the US Dollar gold price
(837.0)
(552.4)
(498.1)
Exchange rate
sensitivity
The Group's
profitability and the cash flows are significantly affected by changes in the Rand
to the US Dollar exchange rate. The Group did not enter into forward sales of US
Dollars, derivatives or other hedging arrangements to establish an exchange
rate in advance for the sale of US Dollars to be received in the future.
A change of 10%
in the average Rand to US Dollar exchange rate received during the financial
year would have increased/(decreased) equity and profit/(loss) by the amounts
shown below. This analysis assumes that all other variables remain constant and
specifically excludes the impact on income tax
.
Amounts in
  R million
2020
2019
2018
10%
  increase in the Rand to US Dollar exchange rate
418.5
276.2
249.0
10%
  decrease in the Rand to US Dollar exchange rate
(418.5)
(276.2)
(249.0)
84
5
RESULTS FROM OPERATING ACTIVITIES
5.1
COST OF SALES
Amounts in
  R million
Note
2020
2019
2018
Cost of
  sales
(2,937.9)
(2,553.9)
(2,347.7)
Operating
  costs (a)
(2,692.1)
(2,471.1)
(2,207.1)
Movement
  in gold in process and finished inventories - Gold Bullion
3.1
32.6
24.5
Depreciation
9
(270.8)
(169.1)
(168.0)
Change in
  estimate of environmental rehabilitation
11
21.9
60.0
2.9
Retrenchment
  costs (b)
-
(6.3)
-
(a)
  Operating costs
The most
  significant components of operating costs include:
Consumable
  stores
(801.0)
(866.5)
(784.6)
Labour
  including short term incentives
(573.0)
(476.7)
(417.4)
Electricity
(420.9)
(399.4)
(369.0)
Specialist
  service providers
(447.5)
(437.1)
(326.9)
Water
(47.0)
(44.1)
(49.9)
Pre-production
  costs capitalised
-
93.7
-
(b)
  Retrenchment costs
Voluntary
  staff retrenchments
-
(6.3)
-
RELATED
PARTY TRANSACTIONS
FWGR entered into a
smelting agreement with Sibanye-Stillwater on July 31, 2018 to smelt and
recover gold from gold loaded carbon produced at FWGR, and deliver the gold to
Rand Refinery. As consideration for this service, Sibanye-Stillwater receives a
fee based on the smelting costs plus
10
% of the smelting
costs.
Rand Refinery
performs the final refinement and marketing of all gold and silver produced by
the Group. As consideration for this service, Rand Refinery receives a variable
refining fee plus fixed marketing and administration fees.
All transactions and
outstanding balances with related parties are to be settled in cash within 30
days of the invoice date. None of the balances are secured. No expense has been
recognised in the current year as a credit loss allowance in respect of amounts
charged to related parties.
Amounts in
  R million
2020
2019
Services
  rendered by related parties and included in operating costs:
Supply of
  water and electricity
1
50.0
16.9
Gold
  smelting and related charges
1
19.8
12.9
Other
  charges
1
1.6
-
Charges to
  Sibanye-Stillwater
2
(0.2)
(6.5)
Gold
  refining and related charges
3
4.9
3.6
76.1
26.9
1
Paid to Sibanye-Stillwater by FWGR
2
2019 charges relate to material processed on behalf of Sibanye-Stillwater in
  terms of a toll treatment agreement and recovered the related costs from
  Sibanye-Stillwater. 2020 charges relate to miscellaneous items
3
Paid to Rand Refinery subsequent to July 31, 2018
5.2
OTHER INCOME
ACCOUNTING POLICIES
Other income is recognised where it is probable that the
  economic benefits associated with a transaction will flow to the Group and it
  can be reliably measured.
Other income is generally income earned from transactions outside the
  course of the Group's ordinary activities and may include gains on disposal
  of property, plant and equipment and gains on financial instruments at fair
  value through profit or loss.
Amounts in
  R million
2020
2019
2018
Gain on
  disposal of property, plant and equipment
0.7
5.8
-
Gain on
  financial asset at fair value through profit or loss
-
2.1
-
0.7
7.9
-
84
5
RESULTS FROM OPERATING ACTIVITIES
continued
5.3
ADMINISTRATION EXPENSES
AND OTHER COSTS
Amounts in
  R million
Note
2020
2019
2018
Included
  in administration expenses and other costs are the following:
Share
  based payment expenses
(224.1)
(21.4)
(17.2)
Cash
  settled Long-Term Incentive ("
LTI
") scheme
19.1
(218.1)
(21.4)
(17.2)
Equity
  settled Long-Term Incentive ("
LTI
") scheme
19.2
(6.0)
-
-
Transactions
  costs
(1.4)
-
(9.0)
Loss on
  disposal of property, plant and equipment
-
-
(0.6)
6
FINANCE INCOME
ACCOUNTING POLICY
Finance income includes interest received, growth in cash and
  cash equivalents in environmental rehabilitation trust funds, growth in the
  reimbursive right for environmental rehabilitation guarantees, dividends
  received and the unwinding of the Payments made under protest.
Amounts in
  R million
Note
2020
2019
2018
Interest
  on financial assets measured at amortised cost
13
63.1
17.0
21.8
Growth in
  cash and cash equivalents in environmental rehabilitation trust funds
12
33.3
30.5
7.5
Growth in reimbursive
  right for environmental rehabilitation guarantees
12
5.2
7.8
8.8
Dividends
  received
25
4.3
-
-
Unwinding
  of Payments made under protest
24
3.9
3.0
0.7
109.8
58.3
38.8
7
FINANCE EXPENSE
ACCOUNTING POLICY
Finance expenses comprise interest payable on financial instruments
  measured at amortised cost calculated using the effective interest method,
  unwinding of the provision for environmental rehabilitation, interest on lease
  liabilities and the discount recognised on
Payments made under protest
.
Amounts in
  R million
Note
2020
2019
2018
Interest
  on financial liabilities measured at amortised cost
(2.0)
(10.2)
-
Interest
  on financial liabilities measured at amortised cost capitalised
9
-
9.4
-
Unwinding
  of provision for environmental rehabilitation
11
(52.0)
(66.3)
(45.6)
Discount
  recognised on Payments made under protest
24
(7.1)
(6.5)
(8.8)
Interest
  on lease liabilities
10.2
(5.1)
(2.0)
(2.5)
Other
  finance expenses
(2.6)
(2.8)
(1.5)
(68.8)
(78.4)
(58.4)
8
EARNINGS PER SHARE
Amounts in
  R million
2020
2019
2018
The
  calculations of basic and diluted earnings per ordinary share are
based on
  the following:
Profit for
  the year
635.0
78.5
6.5
Reconciliation
  of weighted average number of ordinary shares to diluted weighted average
  number of ordinary shares
Note
2020
2019
2018
Weighted
  average number of ordinary shares in issue
769,941,874
664,553,283
422,068,696
Effect of
  Sibanye-Stillwater Option
21.1
9,464,684
15,387,695
-
Effect of
  equity-settled share-based payment expense
19.2
4,283,001
-
-
Diluted
  weighted average number of ordinary shares
783,689,559
679,940,978
422,068,696
SA cents
  per share
2020
2019
2018
Basic
  earnings per share
82.5
11.8
1.5
Diluted
  earnings per share
81.0
11.5
1.5
84
9
PROPERTY, PLANT AND EQUIPMENT
SIGNIFICANT ACCOUNTING ASSUMPTIONS AND ESTIMATES
Mineral reserves and resources estimates
The Group is required to determine and report mineral reserves
  and resources in accordance with the South African Code for the Reporting of
  Exploration Results, Mineral Resources and Mineral Reserves (SAMREC Code). In
  order to calculate mineral reserves and resources, estimates and assumptions
  are required about a range of geological, technical and economic factors,
  including but not limited to quantities, grades, production techniques,
  recovery rates, production costs, transport costs, commodity demand,
  commodity prices and exchange rates. Estimating the quantity and/or grade of
  mineral reserves and resources requires the size, shape and depth of
  reclamation sites to be determined by analysing geological data such as the
  logging and assaying of drill samples. This process may require complex and
  difficult geological judgements and calculations to interpret the data. Because
  the assumptions used to estimate mineral reserves and resources change from
  period to period and because additional geological data is generated during
  the course of operations, estimates of mineral reserves and resources may
  change from period to period. Mineral reserves and resource estimates
  prepared by management are reviewed by an independent mineral resources expert.
Changes in reported mineral reserves and resources may affect the
  Group's life-of-mine plan, financial results and financial position in a
  number of ways including the following:
• asset carrying values may be affected due to changes in estimated
  future cash flows;
• depreciation charged to profit or loss may change where such charges
  are determined by the units-of-production method, or where the useful lives
  of assets change;
• decommissioning, site restoration and environmental provisions may
  change where changes in estimated mineral reserves and resources affect
  expectations about the timing or cost of these activities; and
• the carrying value
  of deferred tax assets and liabilities may change due to changes in estimates
  of the likely recovery of the tax benefits and charges.
Depreciation
The calculation of the units-of-production rate of depreciation could
  be affected if actual production in the future varies significantly from
  current forecast production. This would generally arise when there are
  significant changes in any of the factors or assumptions used in estimating
  mineral reserves and resources. These factors could include:
• changes in mineral reserves and resources;
• the grade of mineral reserves and resources may vary from time to
  time;
• differences between actual commodity prices and commodity price
  assumptions;
• unforeseen operational issues at mine sites including planned
  extraction efficiencies; and
• changes in capital, operating, mining processing and
  reclamation costs, discount rates and foreign exchange rates.
ACCOUNTING POLICIES
Recognition and measurement
Property, plant and equipment comprise mine plant facilities and
  equipment, mine property and development (including mineral rights) and
  exploration assets. These assets (excluding exploration assets) are initially
  measured at cost, whereafter they are measured at cost less accumulated
  depreciation and accumulated impairment losses. Exploration assets are
  initially measured at cost, whereafter they are measured at cost less accumulated
  impairment losses.
Cost includes expenditure that is directly attributable to the
  acquisition or construction of the asset, borrowing costs capitalised, as
  well as the costs of dismantling and removing an asset and restoring the site
  on which it is located. Subsequent costs are included in the asset's carrying
  amount or recognised as a separate asset, as appropriate, only when it is
  probable that future economic benefits associated with the item will flow to
  the Group and the cost of the item can be measured reliably. Exploration and
  evaluation costs are capitalised as exploration assets on a
  project-by-project basis, pending determination of the technical feasibility
  and commercial viability of the project.
Exploration assets consists of costs of acquiring rights,
  activities associated with converting a mineral resource to a mineral reserve
  - the process thereof includes drilling, sampling and other processes
  necessary to evaluate the technical feasibility and commercial viability of a
  mineral resource to prove whether a mineral reserve exists. Exploration
  assets also include geological, geochemical and geophysical studies associated
  with prospective projects and tangible assets which comprise of property,
  plant and equipment used for exploratory activities. Costs are capitalised to
  the extent that they are a directly attributable exploration expenditure and
  classified as a separate class of assets on a project by project basis. Once
  a mineral reserve is determined or the project ready for development, the
  asset attributable to the mineral reserve or project is tested for impairment
  and then reclassified to the appropriate class of assets. Depreciation
  commences when the assets are available for use
.
Depreciation
Depreciation of
  mine plant facilities and equipment, as well as mining property and
  development (including mineral rights) are calculated using the units of
  production method which is based on the life-of-mine of each site. The
  life-of-mine is primarily based on proved and probable mineral reserves. It
  reflects the estimated quantities of economically recoverable gold that can
  be recovered from reclamation sites based on the estimated gold price.
  Changes in the life-of-mine will impact depreciation on a prospective basis.
  The life-of-mine is prepared using a methodology that takes account of
  current information to assess the economically recoverable gold from specific
  reclamation sites and includes the consideration of historical experience.
The depreciation method, estimated useful lives and residual values are
  reassessed annually and adjusted if appropriate. Any changes to useful lives
  may affect prospective depreciation rates and asset carrying values. The
  current estimated useful lives are based on the life-of-mine of each site,
  currently between four (2019: three; 2018: four) and 13 (2019: 11; 2018: 12)
  years for Ergo mining assets and between four (2019: five) and 20 (2019: 15)
  years for FWGR mining assets.
84
9
PROPERTY, PLANT AND EQUIPMENT
continued
ACCOUNTING POLICIES
Impairment
The carrying amounts of property, plant and equipment are
  reviewed at each reporting date to determine whether there is any indication
  of impairment, or whenever events or changes in circumstances indicate that
  the carrying amount may not be recoverable. If any such indication exists,
  the asset's recoverable amount is estimated. For the purposes of assessing
  impairment, assets are grouped at the lowest levels for which there are
  separately identifiable cash flows (CGUs). The key assets of a surface
  retreatment operation which constitutes a CGU are a reclamation site, a
  metallurgical plant and a tailings storage facility. These key assets operate
  interdependently to produce gold. The Ergo and FWGR operations each have
  separately managed and monitored reclamation sites, metallurgical plants and
  tailings storage facilities and are therefore separate CGUs.
The recoverable amount of an asset or CGU is the greater of its value
  in use and its fair value less costs to sell. The recoverable amount was
  determined by estimating the value in use. The estimated future cash flows
  are discounted to their present value using a pre-tax discount rate that
  reflects current market assessments of the time value of money and the risks
  specific to the asset. An impairment loss is recognised in profit or loss if
  the carrying amount of an asset or CGU exceeds its recoverable amount.
Amounts in
  R million
Note
Mine plant
  facilities and equipment
Mine
  property and development
Exploration
  assets
Total
June 30,
  2020
Cost
2,203.5
2,147.0
266.3
4,616.8
Balance at
  the beginning of the year
2,156.2
2,106.8
256.7
4,519.7
Impact of
  adopting IFRS 16 on July 1, 2019
10.1
7.5
23.4
-
30.9
Additions
  - property, plant and equipment owned
121.2
46.5
15.0
182.7
Additions
  - right-of-use assets
10.1
3.8
14.2
-
18.0
Lease
  modifications
10.1
-
7.5
-
7.5
Lease
  derecognitions
10.1
(26.7)
(0.1)
-
(26.8)
Disposals
(1.6)
-
-
(1.6)
Change in
  estimate of decommissioning asset
11
(56.7)
(51.5)
(5.4)
(113.6)
Transfers
  between classes of property, plant and
equipment
(0.2)
0.2
-
-
Accumulated
  depreciation and impairment
(1,017.5)
(968.5)
(9.7)
(1,995.7)
Balance at
  the beginning of the year
(909.9)
(824.8)
(9.7)
(1,744.4)
Depreciation
5.1
(127.1)
(143.7)
-
(270.8)
Lease
  derecognitions
17.9
-
-
17.9
Disposals
1.6
-
-
1.6
Carrying
  value at end of the year
1,186.0
1,178.5
256.6
2,621.1
Comprising:
Property,
  plant and equipment owned
1,177.8
1,141.8
256.6
2,576.2
Right-of-use
  assets
10.1
8.2
36.7
-
44.9
Carrying
  value at end of the year
1,186.0
1,178.5
256.6
2,621.1
June 30,
  2019
Cost
2,156.2
2,106.8
256.7
4,519.7
Balance at
  the beginning of the year
1,689.5
1,264.5
77.3
3,031.3
Acquisition
  of FWGR
198.4
849.9
177.3
1,225.6
Additions
  - property, plant and equipment owned
284.5
66.7
2.5
353.7
Borrowing
  costs capitalised
9.4
-
-
9.4
Disposals
(1.6)
(1.7)
-
(3.3)
Change in
  estimate of decommissioning asset
11
(24.0)
(75.3)
2.3
(97.0)
Transfers
  between classes of property, plant and
equipment
-
2.7
(2.7)
-
Accumulated
  depreciation and impairment
(909.9)
(824.8)
(9.7)
(1,744.4)
Balance at
  the beginning of the year
(815.4)
(753.5)
(9.7)
(1,578.6)
Depreciation
5.1
(96.1)
(73.0)
-
(169.1)
Disposals
1.6
1.7
-
3.3
Carrying
  value at end of the year
1,246.3
1,282.0
247.0
2,775.3
CONTRACTUAL
COMMITMENTS
Contractual
commitments not provided for in the consolidated financial statements at June
30, 2020 amounted to R
130.6
million (2019: R
18.6
million)
.
Capital
expenditure related to specific growth projects are financed on a
project-by-project basis.
Other capital expenditure is
financed from existing cash resources and cash generated from operations.
84
10      RIGHT
OF USE ASSETS AND
LEASES
ACCOUNTING JUDGEMENTS
At inception of a contract, the Group assesses whether a
  contract is, or contains, a lease. A contract is, or contains a lease if the
  contract conveys the right to control the use of an identified asset for a
  period of time in exchange for consideration. The contract must also be
  enforceable. To assess whether a contract conveys the right to control the
  use of an identified asset, requires judgement particularly on contracts with
  service contractors, which may contain embedded leases.
The Group assesses whether:
·
the contract involves the use of an identified asset;
·
the Group has the right to obtain substantially all the economic
  benefits from use of the asset throughout the period of use; and
·
the Group has the right to direct the use of the
  asset.
At inception or on reassessment of a contract that contains a lease
  component, the Group allocates the consideration in the contract to each
  lease component on the basis of their relevant stand-alone prices. However,
  for the lease of land and buildings in which it is a lessee, the Group has
  elected not to separate non-lease components and account for the lease and
  non-lease component as a single lease component.
Some property leases contain options to renew under the
  contract. Judgement is applied in whether the renewable option periods must
  be included in the lease term i.e. it is reasonably certain that the options
  to renew will be exercised. In applying judgement, the Group also considers
  whether the lease term is commensurate with estimated future mine plans
  requirements and environmental rehabilitation obligations associated with the
  property post reclamation
.
ACCOUNTING POLICIES
The Group has applied IFRS 16 using the modified retrospective approach
  and therefore the comparative information has not been restated and continues
  to be reported under IAS 17 and IFRIC 4. The impact of the adoption of the
  standard is disclosed in Note 3
.
Accounting policy before July 1, 2019
Leased assets
Upon initial recognition, the leased asset is measured at an amount
  equal to the lower of the fair value of the leased asset and the present
  value of the minimum lease payments. Subsequent to initial recognition, the
  asset is accounted for in the same manner as owned property, plant and
  equipment.
Finance lease payments
Minimum lease payments are apportioned between the finance charge and
  the reduction of the outstanding liability. The finance charge is allocated
  to each period during the lease term so as to produce a constant periodic
  rate of interest on the remaining balance of the liability.
Accounting policy after July 1, 2019
Right of use asset
The right of use asset is initially measured at cost, which comprises
  the initial amount of the lease liability and is adjusted by any lease
  payments made at or before the commencement date, plus any initial direct
  costs incurred and an estimate of costs to dismantle and remove the
  underlying asset or to restore the underlying asset or the site on which it is
  located, less any lease incentives received. The Group recognises a right of
  use asset and lease liability at the lease commencement date.
The right of use asset is subsequently depreciated using the
  straightline method from the commencement date to the earlier of the end of
  the useful life of the right of use asset or the end of the lease term. The
  estimated useful lives of the right of use assets are determined on the same
  basis as those of property, plant and equipment. In addition, the right of
  use asset carrying value is allocated to the CGU it belongs to and the CGU is
  reviewed at each reporting date to determine whether there is any indication
  of impairment. The carrying value is reduced by impairment losses, if any,
  and adjusted for certain remeasurements of the lease liability.
Lease liability
The lease liability is initially measured at the present value of the
  outstanding lease payments at commencement date over the lease term,
  discounted using the interest rate implicit in the lease or if that rate is
  undeterminable, the Group's incremental borrowing rate. The lease term
  includes the non-cancellable period for which the lessee has the right to use
  an underlying asset including optional periods when the Group is reasonably
  certain to exercise an option to extend a lease.
Lease payments comprise fixed payments, variable lease payments that
  depend on an index or rate, initially measured using the index or rate as at
  the commencement date, and the exercise price under a purchase option that
  the Group is reasonably certain to exercise.
The lease liability is measured using the effective interest rate
  method and is remeasured when there is a change in future lease payments.
  Upon remeasurement, a corresponding adjustment is made to the carrying amount
  of the right of use asset or is recorded in profit or loss if the carrying
  amount of the right of use asset has been reduced to zero.
Right of use assets are presented in "property, plant and
  equipment" and lease liabilities are separately disclosed in the statement of
  financial position.
84
10      RIGHT
OF USE ASSETS AND
LEASES
continued
ACCOUNTING POLICIES
continued
Accounting policy after July 1, 2019
continued
Short term leases and leases of low value assets
The Group has elected not to recognise right of use assets and
  lease liabilities for short-term leases of machinery and equipment that have
  a lease term of 12 months or less and leases of low value assets which
  include IT equipment, security equipment and administration equipment.
10.1
RIGHT OF USE ASSETS
Included in
property, plant and equipment are the following leased assets:
Amounts in
  R million
Note
Mine plant
  facilities and equipment
Mine
  property and development
Total
June 30,
  2020
Cost
11.1
45.0
56.1
Impact of
  adopting IFRS 16 on July 1, 2019
Right-of-use
  assets recognised on July 1, 2019
7.5
23.4
30.9
Transfers
  and other movements
1
26.5
-
26.5
Additions
3.8
14.2
18.0
Lease
  modifications
-
7.5
7.5
Lease
  derecognitions
(26.7)
(0.1)
(26.8)
Accumulated
  depreciation
(2.9)
(8.3)
(11.2)
Impact of
  adopting IFRS 16 on July 1, 2019
Transfers
  and other movements
1
(15.9)
-
(15.9)
Depreciation
(4.9)
(8.3)
(13.2)
Lease
  derecognitions
17.9
-
17.9
Carrying
  value
8.2
36.7
44.9
1
Relates to contracts previously classified as leases under IAS 17 and
  presented as property, plant and equipment which the Group has reassessed as
  right-of-use assets upon adoption of IFRS 16 as of July 1, 2019
10.2
LEASE LIABILITIES (2019: FINANCE LEASE OBLIGATION)
Included in property, plant and
equipment are the following leased assets:
Amounts in
  R million
Note
2020
2019
Reconciliation
  of the lease liabilities balance:
Balance at
  the beginning of the year
11.0
14.7
Impact of
  adopting IFRS 16 on July 1, 2019
9
30.9
-
New leases
9
18.0
-
Lease
  modifications
7.5
-
Leases
  derecognised
(8.9)
-
Interest
  charge on lease liabilities
7
5.1
2.0
Repayment
  of lease liabilities (2019: repayment of finance lease obligations)
(11.4)
(3.7)
Interest
  repaid
(5.1)
(2.0)
Balance at
  the end of the year
47.1
11.0
Current
  portion of lease liabilities
(10.1)
(11.0)
Non-current
  lease liabilities
37.0
-
Maturity
  analysis of undiscounted contractual cash flows:
Less than
  a year
13.0
-
One to
  five years
37.0
-
More than
  5 years
9.0
-
Total
  undiscounted lease liabilities at June 30, 2020
59.0
-
Lease
  payments not recognised as a liability but expensed during the year:
Short-term
  leases
2.4
-
Leases of
  low value assets
5.0
-
Cash flows
  included in cash generated from operating activities
7.4
-
84
11
PROVISION FOR ENVIRONMENTAL REHABILITATION
SIGNIFICANT ACCOUNTING ASSUMPTIONS AND ESTIMATES
Estimates of future environmental rehabilitation costs are
  determined with the assistance of an independent expert and are based on the
  Group's environmental management plans which are developed in accordance with
  regulatory requirements, the life-of-mine plan and the planned method of
  rehabilitation which is influenced by developments in trends and technology.
An average discount rate ranging between
8.1
% and
9.5
% (2019: between
7.6
% and
8.0
%), average inflation
  rate of
5.1
% (2019:
5.5
%) and the discount
  periods as per the expected life-of-mine were used in the calculation of the
  estimated net present value of the rehabilitation liability.
ACCOUNTING POLICIES
The net present value of the estimated rehabilitation cost as at
  reporting date is provided for in full. These estimates are reviewed annually
  and are discounted using a pre-tax risk-free rate that is adjusted to reflect
  the current market assessments of the time value of money and the risks
  specific to the obligation.
Annual changes in the provision consist of financing expenses
  relating to the change in the present value of the provision and inflationary
  increases in the provision, as well as changes in estimates.
The present value of dismantling and removing the asset created
  (decommissioning liabilities) are capitalised to property, plant and
  equipment against an increase in the rehabilitation provision. If a decrease
  in the liability exceeds the carrying amount of the asset, the excess is
  recognised in profit or loss. If the asset value is increased and there is an
  indication that the revised carrying value is not recoverable, an impairment
  test is performed in accordance with the accounting policy dealing with
  impairments of property, plant and equipment. Over time, the liability is
  increased to reflect an interest element, and the capitalised cost is
  depreciated over the life of the related asset. Cash costs incurred to
  rehabilitate these disturbances are charged to the provision and are
  presented as investing activities in the statement of cash flows.
The present value of environmental rehabilitation costs relating to the
  production of inventories and sites without related assets (restoration
  liabilities) as well as changes therein are expensed as incurred and
  presented as operating costs. Cash costs incurred to rehabilitate these
  disturbances are presented as operating activities in the statement of cash
  flows. The cost of ongoing rehabilitation is recognised in profit or loss as
  incurred.
Amounts in
  R million
Note
2020
2019
Opening
  balance
682.6
553.4
Acquisition
  of FWGR
-
247.4
Unwinding
  of provision
7
52.0
66.3
Change in
  estimate of environmental rehabilitation recognised in profit or loss (a)
5.1
(21.9)
(60.0)
Change in
  estimate of environmental rehabilitation recognised to decommissioning asset
  (b)
9
(113.6)
(97.0)
Environmental
  rehabilitation payments (c)
(30.2)
(27.5)
To reduce
  decommissioning liabilities
(22.1)
(16.6)
To reduce
  restoration liabilities
14
(8.1)
(10.9)
Closing
  balance
568.9
682.6
Environmental
  rehabilitation payments to reduce the liability
(30.2)
(27.5)
Ongoing
  rehabilitation expenditure
1
23
(24.3)
(18.3)
Total cash
  spent on environmental rehabilitation
(54.5)
(45.8)
1
The Group also performs ongoing environmental rehabilitation arising from its
  current activities concurrently with production. These costs do not represent
  a reduction of the above liability and are expensed as operating costs
(a)
Change
in estimate of environmental rehabilitation recognised in profit or loss
The
change in estimate of environmental rehabilitation recognised in profit or loss
is mainly as a result of updated vegetation and machine hire rates to recent service
level agreements and actual rates incurred and the discount rate (real rate) which
was higher as a result of higher long-term SA government bond rates and lower
inflation rates than in the prior year.
(b)
Change
in estimate of environmental rehabilitation recognised to property, plant and
equipment
The
change in estimate of environmental rehabilitation recognised to property, plant
and equipment is mainly as a result of a change in the current life of mine plan
which influenced the method of rehabilitation. The decrease is also as a result
of an increase in the discount rate (real rate) which was higher as a result of
higher long-term SA government bond rates and lower inflation rates than in the
prior year.
(c)
Environmental
rehabilitation payments
The payments made
against the provision for environmental rehabilitation consist mainly of
rehabilitation work performed on the Brakpan/Withok Tailings Storage Facility
and on the Crown Complex.
GROSS COST
TO REHABILITATE
The
Group estimates that, based on current environmental and regulatory
requirements, the total undiscounted rehabilitation cost is approximately R
752.5
million (2019: R
824.3
million).
84
12
INVESTMENTS IN REHABILITATION OBLIGATION FUNDS
ACCOUNTING POLICIES
Cash and cash equivalents in environmental rehabilitation trust
  funds
Cash and cash equivalents included in environmental
  rehabilitation trust funds comprise low-risk, interest-bearing cash and cash
  equivalents and are non-derivative financial assets categorised as financial
  assets measured at amortised cost.
Cash and cash equivalents are initially measured at fair value.
  Subsequent to initial recognition, cash and cash equivalents are measured at
  amortised cost, which is equivalent to their fair value.
Reimbursive right for environmental rehabilitation guarantees
Funds held in the cell captive that secure the environmental
  rehabilitation guarantees issued are recognised as a right to receive a
  reimbursement and are measured at the lower of the amount of the consolidated
  environmental rehabilitation liability recognised and the consolidated fair
  value of the fund assets.
Changes in the carrying value of the fund assets, other than those
  resulting from contributions and payments, are recognised in finance income.
Funding of environmental rehabilitation activities
(refer
note 11)
Ongoing
rehabilitation expenditure and environmental rehabilitation payments to reduce
the environmental rehabilitation obligations are mostly funded by cash
generated from operations. In addition, contributions have been made to an
environmental rehabilitation trust and a cell captive for the sole use of
future environmental rehabilitation payments.
Guardrisk
Insurance Company Limited ("
Guardrisk
")
has guarantees in issue amounting to R
427.3
million (2019: R
427.3
million) to the Department
of Mineral Resources ("
DMR
")
on behalf of DRDGOLD related to the environmental obligations. The funds in the
cell captive serve as collateral for these guarantees.
Amounts in
  R million
Note
2020
2019
Cash and cash
  equivalents in environmental rehabilitation trust funds
542.2
508.9
Opening
  balance
508.9
118.0
Acquisition
  of FWGR
-
360.4
Growth
6
33.3
30.5
Reimbursive
  right for environmental rehabilitation guarantees
83.8
78.6
Opening
  balance
78.6
126.0
Funds
  received
-
(55.2)
Growth
6
5.2
7.8
626.0
587.5
CREDIT RISK
The
Group is exposed to credit risk on the total carrying value of the investments
held in the environmental rehabilitation trust funds.
The
Group manages its exposure to credit risk by diversifying these investments
across a number of major financial institutions, as well as investing funds in
low-risk, interest-bearing cash and cash equivalents.
MARKET
RISK
Interest rate risk
A change of
100
basis points
(bp) in interest rates at the reporting date would have increased/(decreased)
equity and profit/(loss) by the amounts shown below. This analysis assumes that
all other variables, in particular the balance of the funds, remain constant.
The analysis excludes income tax
.
Amounts in
  R million
2020
2019
100bp
  increase
5.4
5.1
100bp
  (decrease)
(5.4)
(5.1)
FAIR
VALUE OF FINANCIAL INSTRUMENTS
The fair value of
the cash and cash equivalents in the environmental rehabilitation trust funds approximate
their carrying value due to their short-term maturities.
84
13
CASH AND CASH EQUIVALENTS
ACCOUNTING POLICIES
Cash and cash equivalents are short-term, highly liquid
  investments that are readily convertible to cash without significant risk of
  changes in value and comprise cash on hand, demand deposits, and highly
  liquid investments which are readily convertible to known amounts of cash.
Cash and cash equivalents are non-derivative financial assets
  categorised as financial assets measured at amortised cost. Cash and cash
  equivalents are initially measured at fair value. Subsequent to initial
  recognition, cash and cash equivalents are measured at amortised cost, which
  is equivalent to their fair value.
Amounts in
  R million
Note
2020
2019
Cash on
  hand
63.5
125.2
Access
  deposits and income funds
1
1,632.3
136.0
Restricted
  cash
2
19.3
18.3
1,715.1
279.5
Interest
  earned on cash and cash equivalents
6
63.1
17.0
1
These consist of access deposit notes and conservatively managed income funds
  that are diversified across the major financial institutions in South Africa.
  At reporting date all of these instruments had same day or next day liquidity
  and effective annual yields of between 5.5% and 7%
2
These consist of cash held on call to fund environmental and other guarantees
  issued by the Standard Bank of South Africa Limited.
CREDIT RISK
The Group is exposed
to credit risk on the total carrying value of its cash and cash equivalents. The
Group manages its exposure to credit risk by investing cash and cash
equivalents across several major financial institutions, considering the credit
ratings of the respective financial institutions, funds and underlying
instruments.
Impairment on
cash and cash equivalents, if any, are measured on a 12-month expected loss
basis and reflects the short maturities of the exposures. The Group considers
that its cash and cash equivalents have low credit risk based on the external
credit ratings of the counterparties.
MARKET
RISK
Interest rate risk
A change of
100
basis points (bp) in the interest
rates would have increased/(decreased) equity and profit/(loss) by the amounts
shown below. This analysis is performed on the average balance of cash and cash
equivalents for the year and assumes that all other variables remain constant.
The analysis excludes income tax
.
Amounts in
  R million
2020
2019
100bp
  increase
10.0
2.8
100bp
  (decrease)
(10.0)
(2.8)
Foreign denominated
cash is held in a foreign currency bank account accruing negligible interest
and is usually converted to South African Rand on the day of receipt. Foreign
cash is therefore not exposed to significant interest rate risk.
Foreign currency risk
US
Dollars received on settlement of the trade receivables are exposed to
fluctuations in the US Dollar/South African Rand exchange rate until it is converted
to South African Rands.
The
Group was not exposed to any fluctuations in the US Dollar/South African Rand
exchange rate on any US Dollars at the current or previous reporting date as
all the US Dollars held were converted to South African Rands.
FAIR VALUE OF FINANCIAL
INSTRUMENTS
The fair value of cash and cash equivalents
approximates their carrying value due to their short-term maturities.
84
14
CASH GENERATED FROM OPERATIONS
Amounts in
  R million
Note
2020
2019
2018
Profit for
  the year
635.0
78.5
6.5
Adjusted
  for
Income tax
18
343.9
26.6
25.9
Depreciation
9
270.8
169.1
168.0
Movement
  in gold in process and finished inventories - Gold Bullion
5.1
(3.1)
(32.6)
(24.5)
Change in estimate
  of environmental rehabilitation
11
(21.9)
(60.0)
(2.9)
Environmental
  rehabilitation payments
11
(8.1)
(10.9)
(3.4)
Share-based
  payment expense
5.3
224.1
21.4
17.2
(Gain)/loss
  on disposal of property, plant and equipment
5.2
(0.7)
(5.8)
0.6
Finance
  income
6
(109.8)
(58.3)
(38.8)
Finance
  expense
7
68.8
78.4
58.4
Other
  non-cash items
2.6
1.8
1.3
Operating
  cash flows before other changes
1,401.6
208.2
208.3
Changes in
(92.0)
73.8
14.6
Trade and
  other receivables
(79.0)
22.5
22.2
Consumable
  stores and stockpiles
(26.4)
(24.8)
(28.2)
Payments
  made under protest
24
(10.6)
(11.7)
(27.4)
Trade and
  other payables and employee benefits
24.0
87.8
48.0
Cash
  generated from operations
1,309.6
282.0
222.9
15
TRADE AND OTHER RECEIVABLES
ACCOUNTING POLICIES
Recognition and measurement
Trade and other receivables, excluding Value Added Tax and
  prepayments, are non-derivative financial assets categorised as financial
  assets at amortised cost.
These assets are initially measured at fair value plus directly
  attributable transaction costs. Subsequent to initial recognition, they are
  measured at amortised cost using the effective interest method less any
  expected credit losses using the Group's business model for managing its
  financial assets.
The Group derecognises a financial asset when the contractual
  rights to the cash flows from the asset expire, or it transfers the rights to
  receive the contractual cash flows in a transaction in which substantially
  all of the risks and rewards of ownership of the financial asset are
  transferred, or it neither transfers nor retains substantially all of the
  risks and rewards of ownership and does not retain control over the
  transferred asset. Any interest in such derecognised financial assets that is
  created or retained by the Group is recognised as a separate asset or
  liability.
Impairment
The Group recognises loss allowances for trade and other
  receivables at an amount equal to expected credit losses ("ECLs"). The Group
  uses the simplified ECL approach. When determining whether the credit risk of
  a financial asset has increased since initial recognition and when estimating
  ECLs, the Group considers reasonable and supportable information that is
  relevant and available without undue cost or effort. This includes both
  quantitative and qualitative information and analysis, based on informed credit
  assessments and including forward-looking information. The maximum period
  considered when estimating ECLs is the maximum contractual period over which
  the Group is exposed to credit risk.
ECLs are a probability weighted estimate of credit losses.
  Credit losses are measured as the present value of all cash shortfalls (i.e.
  the difference between the cash flows due to the entity in accordance with
  the contract and the cash flows that the Group expects to receive). The Group
  assesses whether the financial asset is credit impaired at each reporting
  date. A financial asset is credit impaired when one or more events that have
  a detrimental impact on the estimated future cash flows of the financial
  asset have occurred, including but not limited to financial difficulty or
  default of payment. The Group will write off a financial asset when there is
  no reasonable expectation of recovering it after considering whether all
  means to recovery the asset have been exhausted, or the counterparty has been
  liquidated and the Group has assessed that no recovery is possible.
Any impairment losses are recognised in the statement of profit or loss
.
Trade
receivables relate to gold sold on the bullion market by Rand Refinery in its
capacity as an agent. Settlement is
usually received two working
days from gold sold date.
84
15
TRADE AND OTHER RECEIVABLES
continued
Amounts in
  R million
2020
2019
Trade
  receivables
23.1
-
Value
  Added Tax
83.5
42.0
Other
  receivables
1
17.3
25.3
Prepayments
25.1
5.5
Allowance
  for impairment
(2.6)
(4.9)
146.4
67.9
1
Other receivables consist of a number of individually insignificant amounts
  receivable
CREDIT
RISK
The
Group is exposed to credit risk on the total carrying value of its trade receivables
and other receivables
excluding Value Added Tax and
prepayments
.
The
Group manages its exposure to credit risk on trade receivables by maintaining a
short term cycle to settlement of
2
working days. The Group
manages its exposure to credit risk on other receivables by establishing a maximum
payment period of
30
days, and ensuring that
counterparties are of good credit standing and transacting on a secured or cash
basis where considered necessary.
The majority of
other receivables comprises of balances with counterparties who have been
transacting with the Group for over 5 years and in some of these cases, the
counterparties are also suppliers of the Group.
Receivables are
regularly monitored and assessed for recoverability.
The
balances of counterparties who have been assessed as being credit impaired at
reporting date are as follows:
2020
2019
Amounts in
  R million
Non-credit
  impaired
Credit
  impaired
Non-credit
  impaired
Credit
  impaired
Trade
  receivables
23.1
-
-
-
Other
  receivables
14.7
2.6
23.2
2.1
37.8
2.6
23.2
2.1
Loss
  allowance
-
(2.6)
(2.8)
(2.1)
Movement
in the allowance for impairment in respect of trade and other receivables
during the year was as follows:
Amounts in
  R million
2020
2019
Balance at
  the beginning of the year
(4.9)
(9.2)
Impact of
  adopting IFRS 9 on July 1, 2018
Impairment
  recognised on other receivables included in operating costs
-
(3.2)
Balance at
  the beginning of the year after adoption of IFRS 9
Financial Instruments
(4.9)
(12.4)
Credit
  loss allowance/impairments recognised included in operating costs
(0.2)
(3.1)
Credit
  loss allowance/impairments reversed included in operating costs
0.4
5.3
Credit
  loss allowance written off against related receivable
2.1
5.3
Balance at
  the end of the year
(2.6)
(4.9)
MARKET RISK
Interest rate risk
Trade
and other receivables do not earn interest and are therefore not subject to
interest rate risk.
Foreign currency risk
Gold
is sold at spot rates and is denominated in US Dollars. Gold sales and thus
trade receivables, are therefore exposed to fluctuations in the US Dollar/South
African Rand exchange rate. All foreign currency transactions are entered into during
the year ended June 30, 2020 were at spot rates and no hedges are entered into.
Figures in
  USD million
2020
2019
Foreign
  denomination of trade receivables at June 30
1.3
-
A 10%
  strengthening of the Rand against the US Dollar at 30 June would have
  increased/(decreased) equity and profit/(loss) by the amounts shown below.
  This analysis assumes that all other variables remain constant.
Amounts in
  R million
2020
2019
Strengthening
  of the Rand against the US Dollar
(2.3)
-
Weakening
  of the Rand against the US Dollar
2.3
-
FAIR VALUE OF FINANCIAL
INSTRUMENTS
The fair value of trade and other receivables
approximate their carrying value due to their short-term maturities.
84
16
TRADE AND OTHER PAYABLES
ACCOUNTING POLICIES
Trade and other payables, excluding payroll accruals, accrued
  leave pay and provision for performance based incentives, are non-derivative
  financial liabilities categorised as financial liabilities measured at
  amortised cost.
These liabilities are initially measured at fair value plus
  directly attributable transaction costs. Subsequent to initial recognition,
  they are measured at amortised cost using the effective interest method. The
  Group derecognises a financial liability when its contractual rights are
  discharged, or cancelled or expire.
Short-term employee benefits are expensed as the related service is
  provided. A liability is recognised for the amount expected to be paid if the
  Group has a present legal or constructive obligation to pay this amount as a
  result of past service provided by the employee and the obligation can be
  estimated reliably.
Amounts in
  R million
Note
2020
2019
Trade payables
  and accruals
348.0
324.4
Accrued
  leave pay
46.9
39.0
Provision
  for short term performance based incentives
50.5
32.5
Payroll
  accruals
33.4
23.3
478.8
419.2
Interest
  relating to trade payables and accruals included in profit or loss
(1.9)
(2.0)
RELATED
  PARTY BALANCES
Trade
  payables and accruals include the following amounts payable to related
  parties:
Sibanye-Stillwater
14.0
4.1
Rand
  Refinery
0.2
0.2
LIQUIDITY
RISK
Trade payables and accruals are all expected to be settled within
12 months from reporting date.
FAIR VALUE OF FINANCIAL INSTRUMENTS
The fair value of trade payables and accruals approximate their
carrying value due to their short-term maturities.
17
INVENTORIES
ACCOUNTING POLICIES
Gold in process is stated at the lower of cost and net realisable
  value. Costs are assigned to gold in process on a weighted average cost
  basis. Costs comprise all costs incurred to the stage immediately prior to
  smelting, including costs of extraction and processing as they are reliably
  measurable at that point. Gold bullion is stated at the lower of cost and net
  realisable value. Selling and general administration costs are excluded from
  inventory valuation.
Consumable stores are stated at cost less allowances for obsolescence.
  Cost of consumables and stockpile material is based on the weighted average
  cost principle and includes expenditure incurred in acquiring inventories and
  bringing them to their existing location and condition.
Net realisable value is the estimated selling price in the ordinary
  course of business, less the estimated cost of completion and selling
  expenses.
Amounts in
  R million
2020
2019
Consumable
  stores
165.6
145.2
Gold in
  process (a)
95.6
99.6
Finished
  inventories - Gold Bullion
62.2
59.8
Total
  inventories
323.4
304.6
(a)
Gold in process
Gold in process at June 30,
2020 includes stockpiles of sand material trucked to the City Plant amounting
to R
13.7
million (June 30, 2019: R
20.3
million).
84
18
INCOME TAX
SIGNIFICANT ACCOUNTING ASSUMPTIONS AND ESTIMATES
Management periodically evaluates positions taken where tax
  regulations are subject to interpretation. This includes the treatment of both
  Ergo and FWGR as single mining operations respectively, pursuant to the
  relevant ring-fencing legislation.
The deferred tax liability is calculated by applying a forecast
  weighted average tax rate that is based on a prescribed formula. The
  calculation of the forecast weighted average tax rate requires the use of
  assumptions and estimates and are inherently uncertain and could change
  materially over time. These assumptions and estimates include expected future
  profitability and timing of the reversal of the temporary differences. Due to
  the forecast weighted average tax rate being based on a prescribed formula
  that increases the effective tax rate with an increase in forecast future
  profitability, and
vice versa
, the tax rate can vary significantly
  year on year and can move contrary to current period financial performance.
A
100
basis points increase in
  the effective tax rate will result in an increase in the net deferred tax
  liability at June 30, 2020 of approximately R
10.3
million (2019: R
8.6
million; 2018: R
8.0
million).
The assessment of the probability that future taxable profits
  will be available against which the tax losses and unredeemed capital
  expenditure can be utilised requires the use of assumptions and estimates and
  are inherently uncertain and could change materially over time.
Capital expenditure is assessed by the South African Revenue Service
  ("
SARS
") when it is redeemed against taxable mining income rather than
  when it is incurred. A different interpretation by SARS regarding the deductibility
  of these capital allowances may therefore become evident subsequent to the
  year of assessment when the capital expenditure is incurred.
ACCOUNTING POLICIES
Income tax expense comprises current and deferred tax. Each
  company is taxed as a separate entity and tax is not set-off between the
  companies.
Current tax
Current tax comprises the expected tax payable or receivable on
  the taxable income or loss for the year and any adjustment on tax payable or
  receivable in respect of the previous year. Amounts are recognised in profit
  or loss except to the extent that it relates to items recognised directly in
  equity or OCI. The current tax charge is calculated on the basis of the tax
  laws enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of temporary differences
  between the carrying amounts and the tax bases of assets and liabilities.
  Deferred tax is not recognised on the initial recognition of assets or
  liabilities in a transaction that is not a business combination and that
  affects neither accounting nor taxable profit.
Deferred tax assets relating to unutilised tax losses and
  unutilised capital allowances are recognised to the extent that it is
  probable that future taxable profits will be available against which the
  unutilised tax losses and unutilised capital allowances can be utilised. The
  recoverability of these assets is reviewed at each reporting date and
  adjusted if recovery is no longer probable.
Deferred tax related to gold mining income is measured at a forecast
  weighted average tax rate that is expected to be applied to temporary
  differences when they reverse, using tax rates enacted or substantially
  enacted at the reporting date.
Tax on gold mining
income is determined based on a formula: Y = 34 - 170/X where Y is the
percentage rate of tax payable and X is the ratio of taxable income, net of any
qualifying capital expenditure that bears to gold mining income derived,
expressed as
a percentage. Non-mining income, which consists primarily of
interest accrued, is taxed at a standard rate of
28
% for all periods presented.
All mining
capital expenditure is deducted in the year it is incurred to the extent that
it does not result in an assessed loss. Capital expenditure not deducted from
mining income is carried forward as unutilised capital allowances to be
deducted from future mining income
.
84
18
INCOME TAX
continued
18.1
INCOME TAX EXPENSE
Amounts in
  R million
2020
2019
2018
Current
  tax
(263.2)
1.6
(6.4)
Mining tax
(263.2)
-
-
Non-Mining,
  company and capital gains tax
-
1.6
(6.4)
Deferred
  tax
(80.7)
(28.2)
(19.5)
Deferred
  tax charge - Mining tax
(59.1)
(14.8)
(10.4)
Deferred
  tax charge - Non-mining, company and capital gains tax
(2.1)
1.6
3.7
Deferred
  tax rate adjustment
(20.7)
(15.0)
(12.8)
Recognition
  of previously unrecognised tax losses of a capital nature
1.2
-
-
(343.9)
(26.6)
(25.9)
Tax
  reconciliation
Major
  items causing the Group's income tax expense to differ from the statutory
  rate were:
Tax on net
  profit before tax at the South African corporate tax rate of 28%
(274.1)
(30.2)
(9.0)
Rate
  adjustment to reflect the actual realised company tax rates applying the
gold
  mining formula
(0.9)
7.4
3.5
Deferred
  tax rate adjustment (a)
(20.7)
(15.0)
(12.8)
Non-deductible
  expenditure (b)
(29.3)
(11.9)
(9.8)
Utilisation
  of tax losses for which deferred tax assets were previously unrecognised
-
-
2.6
Current
  year tax losses for which no deferred tax was recognised (c)
(23.5)
(2.7)
(0.8)
Exempt income
  and other non-taxable income
2.4
4.4
-
Other
  items
0.4
16.8
-
Tax
  incentives
0.6
1.7
0.4
Recognition
  of previously unrecognised tax losses of a capital nature
1.2
-
-
Over
  provided in prior periods
-
2.9
-
Income tax
(343.9)
(26.6)
(25.9)
(a) Deferred tax rate adjustment
The forecast weighted average
deferred tax rate increased from
22.0
% to
25.0
% as a result of an increase
in forecast taxable income of Ergo
(2019:
increased
from
20.3
% to
22.0
% due to the increase in forecast
taxable
income
of Ergo; 2018: increased from
18.6
% to
20.3
% due to an increase in
forecast
taxable income
of Ergo).
(b)
Non-deductible expenditure
The most
significant non-deductible expenditure incurred by the Group during the year
includes:
·
R
73.2
million depreciation on
fair value of property, plant and equipment of FWGR to which the
initial
recognition exemption applies in terms of IAS 12
Income Taxes
(2019: R
16.6
million)
;
·
R
7.1
million discount recognised
on Payments made under protest
(2019: R
6.5
million; 2018: R
8.8
million)
;
·
R
14.6
million net operating cost
related to Ergo Business Development Academy Not for Profit Company that is not
deductible as it is exempt from income tax
(2019: R
11.3
million; 2018: R
7.5
million)
; and
·
R
2.7
million expenditure not
incurred in generation of taxable income
(2019: R
6.0
million; 2018: R
15.0
million).
(c) Current year tax losses for which no
deferred tax was recognised
DRDGOLD
is not expected to generate adequate future taxable profits against which all
of its anticipated future expenses can be deducted
.
84
18
INCOME TAX
continued
18.2
DEFERRED TAX
Amounts in
  R million
2020
2019
Included
  in the statement of financial position as follows:
Deferred
  tax assets
8.0
10.0
Deferred
  tax liabilities
(273.1)
(193.2)
Net
  deferred tax liabilities
(265.1)
(183.2)
Reconciliation
  of the deferred tax balance:
Balance at
  the beginning of the year
(183.2)
(155.0)
Recognised
  in profit or loss
(80.7)
(28.2)
Recognised
  in other comprehensive income
(1.2)
-
Balance at
  the end of the year
(265.1)
(183.2)
The
  detailed components of the net deferred tax liabilities which result from the
  differences between the amounts of assets and liabilities recognised for
  financial reporting and tax purposes are:
Amounts in
  R million
2020
2019
Deferred
  tax liabilities
Property,
  plant and equipment (excluding unredeemed capital allowances)
(422.4)
(380.2)
Environmental
  rehabilitation obligation funds
(51.4)
(32.0)
Other
  temporary differences
1
-
(0.6)
Investments
(1.2)
-
Gross
  deferred tax liabilities
(475.0)
(412.8)
Deferred
  tax assets
Environmental
  rehabilitation obligation
126.5
112.6
Other
  provisions
72.6
33.8
Other
  temporary differences
1
8.5
-
Estimated
  capital losses
1.2
-
Estimated
  unredeemed capital allowances
1.1
83.2
Gross
  deferred tax assets
209.9
229.6
Net
  deferred tax liabilities
(265.1)
(183.2)
1
Includes the temporary differences on the lease liability
Deferred
  tax assets have not been recognised in respect of the following:
Amounts in
  R million
2020
2019
Provisions
20.3
-
Estimated
  tax losses
22.0
19.4
Estimated
  tax losses - Capital nature
324.0
329.9
Unredeemed
  capital expenditure
254.7
254.8
Deferred
  tax assets have not been recognised for Group entities that are not expected
  to generate future taxable profits against which the tax losses, unredeemed
  capital expenditure and capital losses can be utilised.
84
19
EMPLOYEE BENEFITS
ACCOUNTING POLICIES
Cash settled share-based payments ("outgoing long-term
  incentive)
Cash settled share-based payments are measured at fair value and
  remeasured at each reporting date to reflect the potential outflow of cash
  resources to settle the liability, with a corresponding adjustment in profit
  or loss. Vesting assumptions for non-market conditions are reviewed at each
  reporting date to ensure they reflect current expectations.
Equity settled share-based payments ("new long-term incentive)
The grant date fair value of equity settled share-based payment
  arrangements is recognised as an expense, with a corresponding increase in
  equity, over the vesting period of the awards. The expense is adjusted to reflect
  the number of awards for which the related service and non-market performance
  conditions are expected to be met, such that the amount ultimately recognised
  is based on the number of awards that meet the related service and non-market
  performance conditions at vesting date.
Post-retirement medical benefit
The Group's net obligation in respect of long-term employee benefits is
  the amount of future benefit that employees have earned in return for their
  service in the current and prior periods. That benefit is discounted to
  determine the present value. Remeasurements are recognised in profit or loss
  in the period in which they arise.
Amounts in
  R million
Note
2020
2019
Non-current
  employee benefits
10.1
37.4
Liability
  for long-term incentive scheme
19.1
-
28.4
Liability
  for post-retirement medical benefits
1
10.1
9.0
Current
  employee benefits
227.6
22.6
Liability
  for long-term incentive scheme
19.1
227.6
22.6
Total
  employee benefits
237.7
60.0
1
Unfunded medical aid benefit plan
19.1   CASH SETTLED LONG-TERM INCENTIVE SCHEME ("outgoing LTI
scheme")
Terms of the November 2015 grant
made under the DRDGOLD Group's outgoing LTI scheme are:
•  The scheme has a finite term of
5 years
and thus no top-up awards
are made when the shares vest;
•
The phantom shares are issued at an exercise price of nil and will
vest in 3 tranches:
20
%,
30
% and
50
% on the 3
rd,
4
th
and 5
th
anniversaries respectively, subject to individual service
and performance conditions being met; and
•  The
phantom shares will be settled at the 7 day volume weighted average price
("VWAP") of the DRDGOLD share.
The last tranche of the
November 2015 grant will vest during November 2020. The outgoing LTI scheme is
replaced by a new equity settled long-term incentive scheme (refer note 19.2).
Amounts in
  R million
Note
2020
2019
Movements
  in the total liability for long-term incentive scheme is as follows:
Opening
  balance
51.0
45.1
Increase
  in long-term incentive liability
5.3
218.1
21.4
Vested and
  paid
(41.5)
(15.5)
Total
  liability for long-term incentive scheme
227.6
51.0
The total
  liability for long-term incentive scheme is expected to be settled as
  follows:
227.6
51.0
Within 12
  months after reporting date
227.6
22.6
After 12
  months after reporting date
-
28.4
Reconciliation
  of outstanding phantom shares
2020
2019
Weighted
Weighted
average
average
Shares
price
Shares
price
Number
R per
  share
Number
R per
  share
Opening
  balance
16,157,058
20,189,467
Granted
-
-
388,547
3.37
Vested and
  paid
(5,674,252)
7.31
(4,037,883)
3.82
Forfeited
(637,168)
7.08
(383,073)
4.37
Closing
  balance
9,845,638
16,157,058
84
19      EMPLOYEE BENEFITS
continued
19.1   CASH
SETTLED LONG-TERM INCENTIVE SCHEME ("outgoing LTI scheme")
continued
Fair value
The fair value of
the liability for the long-term incentive scheme is mostly influenced by the
DRDGOLD Limited share price. Other inputs influencing the fair value are the
forward dividend yield and estimates of staff retention and performance
conditions. The inputs most significantly influencing the measurement of the
fair values are as follows
:
2020
2019
Grant date
7-day VWAP
  of the DRDGOLD Limited share
25.14
4.37
2.26
Annualised
  forward dividend yield
1.0%
4.3%
4.3%
19.2   EQUITY SETTLED LONG-TERM INCENTIVE SCHEME
("new LTI scheme")
Amounts in
  R million
2020
2019
2018
Equity
  settled Long-Term Incentive ("LTI") scheme
6.0
-
-
On December
2, 2019, the shareholders approved a new equity settled long-term incentive
scheme to replace the cash settled long-term incentive scheme established in
November 2015. Under the new LTI scheme, qualifying employees are awarded
conditional shares on an annual basis, comprising performance shares (
80
% of the total conditional
shares awarded) and retention shares (
20
% of the total conditional
shares awarded). Conditional shares will vest 3 years after grant date and will
be settled in the form of DRDGOLD shares at a zero-exercise price.
The first grant was made on December
2, 2019 and will vest in two tranches,
50
% on the 2
nd
anniversary and the remaining
50
% on the 3
rd
anniversary of the grant date respectively, provided the employee is still
within the employment of the Group until the respective vesting dates.
The key conditions of the
December 2019 grant made under the long-term incentive scheme are:
Retention
shares:
100
% of the retention shares
will vest if the employee remains in the employ of the Company at vesting date
and individual performance criteria are met.
Performance
shares:
Total
shareholder's return (TSR) measured against a hurdle rate of
15
% referencing DRDGOLD's
Weighted Average Cost of Capital "WACC":
•
50
% of the performance shares
are linked to this condition; and
•  all of these performance
shares will vest if DRDGOLD's TSR exceeds the hurdle rate over the vesting
period
TSR measured
against a peer group of 3 peers (Sibanye-Stillwater, Harmony Limited and
Pan-African Resources Limited):
•
50
% of the performance shares
are linked to this condition; and
•  The
number of performance shares which vest is based on DRDGOLD's actual TSR
performance in relation to percentiles of peer group's performance as follows:
Percentile
  of peers
% of
  performance shares vesting
< 25th
  percentile
0%
25th to
  < 50th percentile
25%
50th to
  < 75th percentile
75%
≥
  75th percentile
100%
Movement
  in the number of conditional shares for the reporting period are as follows:
Conditional
  shares
Grant date
December
  2, 2019
Vesting
  date
Total
December
  2, 2021
December
  2, 2022
Opening
  balance
-
-
-
Granted
5,860,760
2,930,380
2,930,380
Closing
  balance
5,860,760
2,930,380
2,930,380
84
19      EMPLOYEE
BENEFITS
continued
19.2  
EQUITY-SETTLED LONG-TERM INCENTIVE SCHEME
continued
Fair value
The weighted
average fair value of the performance and retention shares at grant date were
determined using the Monte Carlo simulation pricing model applying the
following key inputs:
Conditional
  shares
Grant date
December
  2, 2019
Vesting
  date
December
  2, 2021
December
  2, 2022
Weighted
  average fair value of 80% performance shares
1
4.26
4.12
Weighted
  average fair value of 20% retention shares
5.69
5.49
Expected
  term (years)
2
3
Grant date
  share price of a DRDGOLD share
6.15
6.15
Expected
  dividend yield
3.86%
3.81%
Expected
  volatility
2
53.80%
53.80%
Expected
  risk free rate
6.68%
6.80%
1
The performance conditions are included in the measurement of the grant date
  fair value as they are classified as market-based performance conditions
2
Expected volatility has been based on an evaluation of the historical
  volatility of DRDGOLD's share price, commensurate with the expected term of
  the options
19.3   TRANSACTIONS
WITH KEY MANAGEMENT PERSONNEL
Interests in
contracts
None of the directors,
officers or major shareholders of DRDGOLD or, to the knowledge of DRDGOLD's
management, their families, had any interest, direct or indirect, in any
transaction entered into during the year ended June 30, 2020 or the preceding
financial years, or in any proposed transaction which has affected or will
materially affect DRDGOLD or its subsidiaries other than disclosed in these
financial statements. None of the directors or officers of DRDGOLD or any
associate of such director or officer is currently or has been at any time
during the past financial year materially indebted to DRDGOLD.
Key
  management personnel remuneration
Amounts in
  R million
Note
2020
2019
2018
- Board
  fees paid
6.2
5.8
5.6
- Salaries
  paid
67.3
61.7
53.6
- Short
  term incentives relating to this cycle
63.6
31.5
22.5
- Long
  term incentives paid during the cycle
19.1
41.5
15.5
2.8
- Retrenchments
-
1.6
-
178.6
116.1
84.5
20      CAPITAL MANAGEMENT
The primary
objective of the Group's capital management policy is to ensure that adequate
capital is available to meet the requirements of the Group from time to time,
including capital expenditure. The Group considers the appropriate capital
management strategy for specific growth projects as and when required. Lease
liabilities are not considered to be debt
.
Liquidity management
At
June 30, 2020 and June 30, 2019 the Group's facilities included an undrawn R
300
million Revolving Credit
Facility ("
RCF
") which was initially secured to
finance the development of Phase 1 of FWGR as well as the general working
capital requirements of the Group. In December 2018, R
125
million of the RCF was
committed to issue a guarantee to Ekurhuleni Local Municipality (refer note
24).
In
September 2020, the RCF was amended to a R
200
million uncommitted
facility and extended for an additional term of 2 years with a final repayment
date of September 14, 2022.
The
initial and amended RCF permits a consolidated debt ratio (net debt to adjusted
EBITDA) of at most 2:1 and a consolidated interest coverage ratio (net interest
to adjusted EBITDA) of at least 4:1 calculated on a twelve-month rolling basis
respectively. Management monitors the covenant ratio levels to ensure
compliance with the covenants, as well as maintain sufficient uncommitted
facilities to ensure satisfactory liquidity for the Group. The covenant ratios
were not breached during the year ended June 30, 2020.
The
amendment included the reduction of the initial interest rate margin of
3.25
% to
2.75
%. A pledge and cession of
DRDGOLD's shares in and shareholder claims against Ergo Mining Proprietary
Limited and Far West Gold Recoveries Proprietary limited remains in place as
security for the RCF.
84
21
EQUITY
ACCOUNTING POLICIES
Stated share capital
Ordinary shares and the cumulative preference shares are classified as
  equity. Incremental costs directly attributable to the issue of ordinary
  shares are recognised as a deduction from equity, net of any tax effect.
Repurchase and reissue of share capital (treasury shares)
When shares recognised as equity are repurchased, the amount of
  the consideration paid, which includes directly attributable costs is
  recognised as a deduction from equity. Repurchased shares are classified as
  treasury shares and are presented as a deduction from stated share capital.
Dividends
Dividends are
  recognised as a liability on the date on which they are declared which is the
  date when the shareholders' right to the dividends vests.
21.1
STATED SHARE CAPITAL
All ordinary shares
rank equally regarding the Company's residual assets. Holders of ordinary
shares are entitled to dividends as declared from time to time and are entitled
to one vote per share at general meetings of the Company. All rights attached
to the Company's shares held by the Group are suspended until those shares are
reissued.
In
terms of an ordinary resolution passed at the previous annual general meeting,
the remaining unissued ordinary shares in the company are under the control of
the directors until the next general meeting.
Amounts in
  R million
2020
2019
2018
Authorised
  share capital
1,500,000,000
  (2019 and 2018: 1,500,000,000) ordinary shares of no par value
5,000,000
  (2019 and 2018: 5,000,000) cumulative preference shares of 10 cents each
0.5
0.5
0.5
Issued
  share capital
864,588,711
  (2019: 696,429,767, 2018: 431,429,767) ordinary shares of no par value (a)
6,208.4
5,123.3
4,227.9
9,474,920
  (2019: 9,474,920, 2018: 9,361,071) treasury shares held within the Group (b)
(51.0)
(51.0)
(50.7)
5,000,000
  (2019 and 2018: 5,000,000) cumulative preference shares of 10 cents each
0.5
0.5
0.5
6,157.9
5,072.8
4,177.7
RELATED PARTY RELATIONSHIPS AND
TRANSACTIONS
(a)
Ordinary shares issued
Sibanye-Stillwater
and its subsidiaries and associates became related parties to the Group on July
31, 2018 when the acquisition of FWGR became unconditional. DRDGOLD issued
265
million new ordinary
shares (
38.05
% of its outstanding
shares) and an option to subscribe for new ordinary shares up to a total of
50.1
% of the total issued
ordinary shares of DRDGOLD ("
Option
") as purchase consideration for
these assets
.
On
January 8, 2020 Sibanye-Stillwater exercised the Option and on January 22, 2020
it subscribed for
168,158,944
Shares ("
Subscription
Shares
") at an aggregate subscription price of R
1,085.6
million. The Subscription
Shares were allotted and issued at a price of R
6.46
per Share, being a
10
% discount to the 30-day
volume weighted average traded price of a Share on the day immediately prior to
the date of exercise of the Option.
(b)
Treasury shares
Shares
in DRDGOLD Limited are held in treasury by Ergo Mining Operations Proprietary
Limited ("
EMO
").
No
shares
were acquired in the market during the year ended June 30, 2020 (June 30, 2019
113,849
shares were acquired at an
average price of R
2.68
;
2018:
nil
shares acquired).
Dividends
amounting to R
6.6
million were received on
these shares
during the current year
(2019:
nil
; 2018: R
0.9
million).
84
21
EQUITY
continued
21.2
DIVIDENDS
Amounts in
  R million
2020
2019
2018
Dividends
  paid during the year net of treasury shares:
Final
  dividend declared relating to prior year: 20 SA cents per share (2019: nil SA
  cents per share; 2018: 5 SA cents per share)
137.5
-
21.1
First
  interim dividend: 25 SA cents per share (2019: nil SA cents per share; 2018:
  5 SA cents per share)
213.8
-
21.1
Second
  interim dividend 25 SA cents per share (2019: nil SA cents per share; 2018:
  nil SA cents per share)
213.8
-
-
Total
565.1
-
42.2
After June 30, 2020, a dividend
of
35
cents per qualifying share
amounting to R
299.3
million was approved by the
directors as a final dividend for the year ended June 30, 2020. The dividend
has not been provided for and does not have any tax impact on the Company.
22
INTEREST IN SUBSIDIARIES
ACCOUNTING POLICIES
Significant subsidiaries of the Group are those subsidiaries with the
  most significant contribution to the Group's profit or loss or assets.
Ergo Mining Proprietary
Limited and Far West Gold Recoveries Proprietary Limited are the only
significant subsidiaries of the Group. They are both wholly owned subsidiaries
and are incorporated in South Africa, are primarily involved in the retreatment
of surface gold and all their operations are based in South Africa.
23
OPERATING SEGMENTS
ACCOUNTING POLICIES
Operating segments are reported in a manner consistent with
  internal reports that the Group's chief operating decision maker (CODM)
  reviews regularly in allocating resources and assessing performance of
  operating segments. The CODM has been identified as the Group's Executive
  Committee. The Group has one revenue stream, the sale of gold. To identify
  operating segments, management reviewed various factors, including
  operational structure and mining infrastructure. It was determined that an
  operating segment consists of a single or multiple metallurgical plants and
  reclamation sites that, together with its tailings storage facility, is
  capable of operating independently.
When assessing profitability, the CODM considers
, inter alia
,
  the revenue and production costs of each segment. The net of these amounts is
  the operating profit or loss. Therefore, operating profit has been disclosed
  in the segment report as the primary measure of profit or loss. The CODM also
  considered other costs that, in addition to the operating profit or loss, result
  in the working profit or loss.
Ergo
is
a surface gold retreatment operation which treats old slime dams and sand dumps
to the south of Johannesburg's central business district as well as the East
and Central Rand goldfields. The operation comprises three plants. The Ergo and
Knights plants continue to operate as metallurgical plants. The City Deep plant
continues to operate as a pump/milling station feeding the metallurgical plants.
FWGR
is a surface gold retreatment operation and treats old slime dams in the West
Rand goldfields. Phase 1, which entails the reconfiguration of the Driefontein
2 plant and relevant infrastructure to process tailings from the Driefontein 5
slimes dam and deposit residues on the Driefontein 4 Tailings Storage Facility,
was commissioned on 1 April 2019.
Corporate
office and other reconciling items
(collectively referred to as
"Other reconciling items"
) are taken into consideration in the
strategic decision-making process of the chief operating decision maker and are
therefore included in the disclosure here, even though they do not earn
revenue. This includes taking into consideration the Group's adjusted EBITDA
for the purpose of the covenants imposed by the Company's borrowings that was initially
entered into to finance the development of Phase 1 of FWGR and working capital
requirements of the Group (refer note 20).
84
23
OPERATING SEGMENTS
continued
Other
2020
reconciling
Amounts in
  R million
Ergo
FWGR
items
Total
Financial
  performance
Revenue
  (External)
3,064.3
1,120.7
-
4,185.0
Cash operating
  costs
(2,274.0)
(352.0)
-
(2,626.0)
Movement
  in gold in process and finished inventories - Gold Bullion
1.8
1.3
-
3.1
Operating
  profit
792.1
770.0
-
1,562.1
Administration
  expenses and other costs
(131.6)
(20.7)
(157.6)
(309.9)
Interest
  income
1
13.9
2.9
50.6
67.4
Interest
  expense
2
(5.2)
-
(4.5)
(9.7)
Current
  tax
(145.8)
(117.4)
-
(263.2)
Working
  profit/(loss) before additions to property, plant and equipment
523.4
634.8
(111.5)
1,046.7
Additions
  to property, plant and equipment
(114.4)
(68.0)
(0.3)
(182.7)
Working
  profit/(loss) after additions to property, plant and equipment
409.0
566.8
(111.8)
864.0
1
Interest income excludes the unwinding of the Payments made under protest
2
Interest expense excludes the discount recognised on the initial recognition
  of the Payments made under protest
Reconciliation
  of profit/(loss) for the year to working profit/(loss) before additions to
  property, plant and equipment
Profit/(loss)
  for the year
297.1
424.9
(87.0)
635.0
- Deferred
  tax
(6.6)
86.5
0.8
80.7
- Net
  other operating costs/(income)
51.5
14.8
(24.5)
41.8
- Ongoing
  rehabilitation expenditure
22.3
2.0
-
24.3
- Discount
  recognised on Payments made under protest including
subsequent
  unwinding
3.2
-
-
3.2
-
  Unwinding of provision for environmental rehabilitation
36.5
14.3
1.2
52.0
- Growth
  in investment in environmental obligation funds
(11.2)
(25.2)
(2.1)
(38.5)
- Other
  income
(0.7)
-
-
(0.7)
- Change
  in estimate of environmental rehabilitation recognised in
profit or
  loss
(19.1)
(2.1)
(0.7)
(21.9)
-
  Depreciation
150.4
119.6
0.8
270.8
Working
  profit/(loss) before additions to property, plant and equipment
523.4
634.8
(111.5)
1,046.7
Statement
  of cash flows
Cash
  inflows from operating activities
546.1
563.1
19.7
1,128.9
Cash
  outflows from investing activities
(135.7)
(60.1)
(6.7)
(202.5)
Cash
  (outflows)/inflows from financing activities
(405.5)
(500.8)
1,415.5
509.2
Reconciliation
  of adjusted EBITDA
Profit for
  the year
635.0
Income tax
343.9
Profit
  before tax
978.9
Finance
  expense
68.8
Finance
  income
(109.8)
Results
  from operating activities
937.9
Depreciation
270.8
Share-based
  payment expense
224.1
Change in
  estimate of environmental rehabilitation recognised in profit or loss
(21.9)
Gain on
  disposal of property, plant and equipment
(0.7)
Transaction
  costs
1.4
Adjusted
  EBITDA
1
1,411.6
1
Adjusted EBITDA (that was considered from the year ended 30 June 2019
  following the initial RCF agreement) may not be comparable to similarly
  titled measures of other companies. Adjusted EBITDA is not a measure of
  performance under IFRS and should be considered in addition to, and not as a
  substitute for, other measures of financial performance and liquidity.
84
23
OPERATING SEGMENTS
continued
Other
2019
reconciling
Amounts in
  R million
Ergo
FWGR
items
Total
Financial
  performance
Revenue
  (External)
2,577.5
184.6
-
2,762.1
Cash
  operating costs
(2,311.1)
(111.8)
-
(2,422.9)
Movement
  in gold in process and finished inventories - Gold Bullion
16.4
16.2
-
32.6
Operating
  profit
282.8
89.0
-
371.8
Retrenchment
  costs
(1.6)
(4.7)
-
(6.3)
Administration
  expenses and other costs
(12.0)
(2.3)
(76.6)
(90.9)
Interest
  income
1
6.5
-
10.4
16.9
Interest
  expense
2
(2.4)
-
(3.2)
(5.6)
Current
  tax
1.6
-
-
1.6
Working profit/(loss)
  before additions to property, plant and equipment
274.9
82.0
(69.4)
287.5
Additions
  to property, plant and equipment
(22.8)
(330.7)
(0.2)
(353.7)
Working
  profit/(loss) after additions to property, plant and equipment
252.1
(248.7)
(69.6)
(66.2)
1
Interest income excludes the unwinding of the Payments made under protest
2
Interest expense excludes the discount recognised on the initial recognition
  of the Payments made under protest
Reconciliation
  of profit/(loss) for the year to working profit/(loss) before additions to
  property, plant and equipment
Profit/(loss)
  for the year
82.3
28.7
(32.5)
78.5
-
-
-
-
- Deferred
  tax
16.2
13.4
(1.4)
28.2
- Net
  other operating costs/(income)
40.2
15.4
(25.7)
29.9
- Ongoing
  rehabilitation expenditure
16.6
1.7
-
18.3
- Discount
  recognised on Payments made under protest including
subsequent
  unwinding
3.5
-
-
3.5
-
  Unwinding of provision for environmental rehabilitation
45.4
19.6
1.3
66.3
- Growth
  in investment in environmental obligation funds
(11.3)
(22.5)
(4.6)
(38.4)
- Other income
(2.2)
-
(5.7)
(7.9)
- Change
  in estimate of environmental rehabilitation recognised in
profit or
  loss
(58.6)
-
(1.4)
(60.0)
-
  Depreciation
142.8
25.7
0.6
169.1
-
-
-
-
Working
  profit/(loss) before additions to property, plant and equipment
274.9
82.0
(69.4)
287.5
Statement
  of cash flows
Cash
  inflows/(outflows) from operating activities
221.7
89.3
(22.7)
288.3
Cash
  (outflows)/inflows from investing activities
(39.4)
(324.4)
60.8
(303.0)
Cash (outflows)/inflows
  from financing activities
(291.7)
236.7
47.1
(7.9)
Reconciliation
  of adjusted EBITDA
Profit for
  the year
78.5
Income tax
26.6
Profit
  before tax
105.1
Finance
  expense
78.4
Finance
  income
(58.3)
Results
  from operating activities
125.2
Depreciation
169.1
Share-based
  payment expense
21.4
Change in
  estimate of environmental rehabilitation recognised in
profit or
  loss
(60.0)
Gain on
  financial instruments at fair value through profit or loss
(2.1)
Gain on
  disposal of property, plant and equipment
(5.8)
Retrenchment
  costs
6.3
-
-
-
-
Adjusted
  EBITDA
1
254.1
1
Adjusted
  EBITDA (that was considered from the year ended 30 June 2019 following the
  initial RCF agreement) may not be comparable to similarly titled measures of
  other companies. Adjusted EBITDA is not a measure of performance under IFRS
  and should be considered in addition to, and not as a substitute for, other
  measures of financial performance and liquidity.
84
23
OPERATING SEGMENTS
continued
Other
2018
reconciling
Amounts in
  R million
Ergo
items
Total
Financial
  performance
Revenue
  (External)
2,490.4
-
2,490.4
Cash
  operating costs
(2,159.7)
-
(2,159.7)
Movement
  in gold in process and finished inventories - Gold Bullion
24.5
-
24.5
Operating
  profit
355.2
-
355.2
Administration expenses
  and other costs
1
(11.5)
(78.6)
(90.1)
Interest income
2
9.5
12.3
21.8
Interest
  expense
3
(3.1)
(1.0)
(4.1)
Current
  tax
(2.9)
(3.5)
(6.4)
Working
  profit/(loss) before additions to property, plant and equipment
347.2
(70.8)
276.4
Additions
  to property, plant and equipment
(125.2)
(0.9)
(126.1)
-
-
-
Working
  profit/(loss) after additions to property, plant and equipment
222.0
(71.7)
150.3
1
Administration
  expenses and general costs excludes loss on disposal of property, plant and
  equipment
2
Interest
  income excludes the unwinding of the Payments made under protest
3
Interest
  expense excludes the discount recognised on the initial recognition of the
  Payments made under protest
Reconciliation
  of profit/(loss) for the year to working profit/(loss) before additions to property,
  plant and equipment
Profit/(loss)
  for the year
53.3
(46.8)
6.5
- Deferred
  tax
23.2
(3.7)
19.5
- Net
  other operating (costs)/income
36.2
(15.6)
20.6
- Ongoing
  rehabilitation expenditure
26.7
-
26.7
- Discount
  recognised on Payments made under protest including subsequent unwinding
8.1
-
8.1
-
  Unwinding of provision for environmental rehabilitation
44.3
1.3
45.6
- Loss on
  disposal of property, plant and equipment
0.6
-
0.6
- Growth
  in environmental rehabilitation obligation funds
(10.1)
(6.2)
(16.3)
- Change
  in estimate of provision for environmental rehabilitation recognised in
  profit or loss
(2.5)
(0.4)
(2.9)
-
  Depreciation
167.4
0.6
168.0
Working profit/(loss)
  before additions to property, plant and equipment
347.2
(70.8)
276.4
Statement
  of cash flows
Cash
  inflows/(outflows) from operating activities
285.3
(51.5)
233.8
Cash
  outflows from investing activities
(140.2)
(0.2)
(140.4)
Cash
  outflows from financing activities
(2.8)
(42.2)
(45.0)
84
24
PAYMENTS MADE UNDER PROTEST
SIGNIFICANT ACCOUNTING JUDGEMENTS
Payments made under protest
The determination of whether the payments made under protest
  give rise to an asset or a contingent asset or neither, required the use of
  significant judgement. The definition of an asset in the conceptual framework
  was applied, with the consideration of the facts and circumstances
  surrounding the payments made under protest. In applying the definition of an
  asset management considered the following:
·
payments were made under protest and without prejudice or admission
  of liability. Such payments were not made as a settlement of debt or
  recognition of expenditure;
·
the Group therefore retains a right to recover the payments from
  the City of Ekurhuleni Metropolitan Municipality ("
Municipality
") if
  the Group is successful in the Main Application;
·
if the Group is not successful in the Main Application, the
  payments will be used to settle the resultant liability to the Municipality;
  and
·
these two possible outcomes (i.e. success in the
  Main Application or not) therefore, will lead to economic benefits to the
  Group.
Therefore, the right to recover the payments made under protest
  is not a contingent asset because it meets the definition and recognition
  criteria of an asset.
No specific guidance exists in developing an accounting policy
  for such asset. Therefore management applied judgement in developing an
  accounting policy that would lead to information that is relevant to the
  users of these financial statements and information that can be relied upon.
Contingent liabilities
The assessment of whether an obligating event results in a
  liability or a contingent liability requires the exercise of significant
  judgement of the outcome of future events that are not wholly within the
  control of the Group.
Litigation and other judicial proceedings inherently
  entail complex legal issues that are subject to uncertainties and
  complexities and are subject to interpretation.
SIGNIFICANT ACCOUNTING ASSUMPTIONS AND ESTIMATES
The discounted amount of the Payments made under protest is
  determined using assumptions about the future that are inherently uncertain
  and can change materially over time and includes the discount rate and
  discount period.
These assumptions about the future include
  estimating the timing of concluding on the main application, i.e. the
  discount period, the ultimate settlement terms, the discount rate applied and
  the assessment of recoverability.
ACCOUNTING POLICIES
Payments made under protest
Recognition and measurement
The asset that arises from the Municipality Electricity Tariff
  Dispute and that are payments made under protest is initially measured at a
  discounted amount and any difference between the face value of payments made
  under protest and the discounted amount on initial recognition is recognised
  in profit or loss as a finance expense. Subsequent to initial recognition,
  the Payments made under protest is measured using the effective interest
  method to unwind the discounted amount to the original face value less any
  write downs for recovery. Unwinding of the carrying value and changes in the
  discount period are recognised in profit or loss.
Assessment of recoverability
The discounted amount of the payments under protest is assessed
  at each reporting date to determine whether there is any objective evidence
  that the full amount is no longer expected to be recovered. The Group
  considers the reasonable and supportable information related to the
  creditworthiness of Ekurhuleni Metropolitan Municipality and events
  surrounding the outcome of the Main Application.  Any write down is
  recognised in profit or loss.
Contingent liabilities
A contingent liability is a possible obligation arising from past
  events and whose existence will be confirmed only by occurrence or
  non-occurrence of one or more uncertain future events not wholly within the
  control of the Group. A contingent liability may also be a present obligation
  arising from past events but is not recognised on the basis that an outflow
  of economic resources to settle the obligation is not viewed as probable, or
  the amount of the obligation cannot be reliably measured. When the Group has
  a present obligation, an outflow of economic resources is assessed as
  probable and the Group can reliably measure the obligation, a provision is
  recognised.
84
24
PAYMENTS MADE UNDER PROTEST
continued
Ekurhuleni
Metropolitan Municipality ("Municipality") Electricity Tariff Dispute
There are
primarily 3 (three) legal proceedings for which relief has been sought in the
appropriate legal fora and all of which fall within the jurisdiction of the
High Court of South Africa, Gauteng Local Division, Johannesburg. These
comprise of an application brought by Ergo and actions brought under two
summonses by the Municipality.
In order to
operate the Ergo Plant and conduct its business operations, Ergo requires a
reliable and steady feed of electricity which it draws from the Ergo Central
Substation.
Over the
past several years the Municipality has charged Ergo for such electricity, at
the Megaflex tariff at which ESKOM Holdings SOC Limited ("
ESKOM
") charges
its large power users plus an additional surcharge, as it still does; and Ergo
paid therefor.
Pursuant to
its own investigations, and after having sought legal advice on the matter, Ergo
determined that only ESKOM may legitimately charge it for the electricity so
drawn and consumed at the Ergo Plant, specifically from the Ergo Central
Substation.  Despite this, ESKOM refused to either accept payment from Ergo in
respect of such electricity consumption or to conclude a consumer agreement
with it.
In December
2014, Ergo instituted legal proceedings by way of an application ("
Main
Application
") against the Municipality and ESKOM as well as the National
Energy Regulator of South Africa ("
NERSA
"), the Minister of Energy, the
Minister of Co-operative Governance & Traditional Affairs and the South
African Local Government Association, the latter 4 (four) respondents against
whom Ergo does not seek any relief.
Ergo
seeks the undermentioned relief:
·
declaring that the Municipality does not supply electricity to it
at the Ergo Plant;
·
declaring that the Municipality is in breach of its temporary
Distribution Licence (issued by NERSA) by purporting to supply electricity to Ergo
at the Ergo Plant;
·
declaring that neither the Municipality nor ESKOM may lawfully
insist that only the Municipality may supply electricity to Ergo at the Ergo
Plant;
·
declaring that ESKOM presently supplies electricity to Ergo at the
Ergo Plant; and
·
directing
ESKOM to conclude a consumer agreement with Ergo for the supply of electricity
at the Ergo Plant at its Megaflex tariff.
The Municipality
has since issued two summonses ("
Summonses
") for the recovery of arrears
it alleges it is owed amounting to R
74.0
million and R
31.6
million, respectively.
In the
interest of the proper administration of justice, the Main Application was
postponed by agreement between the parties and a case manager was appointed to
determine a collaborative process to facilitate the effective and efficient
court scheduling and coordination of both the Main Application and the
Summonses.
In order to
secure uninterrupted supply of electricity, Ergo has made payment and continues
to pay for consumption at the amended and lower "J-Tariff", albeit under protest
and without prejudice and/or admission of liability. Whilst still deemed to be
disproportionate, the J-Tarif is significantly lower than the previously
imposed "D-Tariff". The Group recognised an asset for these payments that are
made "under protest".
Ergo has
also brought an application for the consolidation of both the Main Application
and the actions brought under the Summonses.
The
group supported by the external legal team is confident that there is a high
probability that Ergo will be successful in the Main Application and defending
the Summonses. Therefore, there is no present obligation as a result of a past
event to pay the amounts claimed by the Municipality
.
Amounts in
  R million
Note
2020
2019
Balance at
  the beginning of the year
27.6
19.4
Payments
  made under protest
10.6
11.7
Discount
  on initial payment made under protest
7
(7.1)
(6.5)
Unwinding
6
3.9
3.0
Balance at
  the end of the year
35.0
27.6
The balance at the end of the
year was based on the following assumptions
:
·
discount
rate:
11.68
%
(2019:
11.68
%)
representing
the Municipality maximum cost of borrowing on bank loans as disclosed in their June
30, 2019 annual report; and
·
discount
period:
June 30, 2022
(2019:
June 30, 2021
)
representing management's best estimate of the date of conclusion of the Main
Application.
84
25      OTHER
INVESTMENTS
SIGNIFICANT ACCOUNTING ASSUMPTIONS AND ESTIMATES
The fair value of the listed equity instrument is determined
  based on quoted prices on an active market. Equity instruments which are not
  listed on an active market are measured using other applicable valuation techniques
  depending on the extent to which the technique maximises the use of relevant
  observable inputs and minimizes the use of unobservable inputs. Where
  discounted cash flows are used, the estimated cash flows are based on
  management's best estimate based on readily available information at
  measurement date. The discounted cash flows contain assumptions about the
  future that are inherently uncertain and can change materially over time.
ACCOUNTING POLICIES
On initial recognition of an equity investment that is not held
  for trading, the Group may make an irrevocable election to present subsequent
  changes in the investment's fair value in other comprehensive income. This
  election is made on an investment-by-investment basis.
These assets are initially recognised at fair value plus any
  directly attributable transaction costs. Subsequent to initial recognition
  they are measured at fair value and changes therein are recognised in OCI,
  and are never reclassified to profit or loss, with dividends recognised in
  profit or loss unless the dividend clearly represents a recovery of part of
  the cost of the investment.
The Group's listed and unlisted investments in equity securities are
  classified as equity instruments at fair value through other comprehensive
  income (OCI).
Amounts in
  R million
Shares
  held
% held
2020
2019
Listed
  investments (Fair value hierarchy Level 1):
West Wits
  Mining Limited ("
WWM
")
1
47,812,500
5.1%
12.0
3.3
Total
  listed investments
12.0
3.3
Unlisted
  investments (Fair value hierarchy Level 3):
Rand
  Refinery Proprietary Limited ("
Rand Refinery
")
2
44,438
11.3%
178.4
-
Rand
  Mutual Assurance Company Limited B Share Business Fund ("
RMA
")
2,3
12,659
1.3%
4.7
-
Guardrisk
  Insurance Company Limited (Cell Captive A170)
2,4
20
#
0.1
0.1
Chamber of
  Mines Building Company Proprietary Limited
2
42,292
4.5%
0.1
0.1
Total
  unlisted investments
183.3
0.2
Balance at
  the end of the year
195.3
3.5
Dividends
  received on equity instruments at fair value through OCI (RMA)
6
(4.3)
-
Fair value
  adjustment on equity instruments at fair value through OCI
191.8
(5.9)
1
Listed
2
Unlisted
3
The 1 "B Share Business Fund" share relates to all the businesses
  of the RMA Group that do not relate to the Compensation for Occupational
  Injuries and Diseases Act
4
The shares held entitles the holder to 100% of the residual net equity of
  Cell Captive A 170 after settlement of the reimbursive right
MARKET RISK
Other market
price risk
Equity price risk arises from
changes in quoted market prices of listed investments as well as changes in the
fair value of unlisted investments due to changes in the underlying net asset
values.
FAIR VALUE OF FINANCIAL
INSTRUMENTS
Listed investments
The fair values of listed investments
are determined by reference to published price quotations from recognised
securities exchanges and constitute level 1 instruments in the fair value
hierarchy.
Unlisted investments
The fair values of unlisted
investments are determined through valuation techniques that include inputs
that are not based on observable market data and constitute level 3 instruments
in the fair value hierarchy.
84
25      OTHER
INVESTMENTS
continued
Investment in Rand Refinery
During the current reporting
period, Rand Refinery demonstrated increased stability in its operations,
continued ability to meet budget and made a substantial redemption of
redeemable preference shares to its other shareholders, therefore strengthening
its financial position. DRDGOLD does not hold any redeemable preference shares
in Rand Refinery. Rand Refinery also benefited from significant increases in
Krugerrand sales and the increase in the Rand denominated gold price.
Historically the fair value
of Rand Refinery was estimated to be
de minimus
, however because of the
above aforementioned factors, the fair value of Rand Refinery has been
significantly impacted and it is no longer reasonable to estimate fair value as
de minimus
.
The fair value of DRDGOLD's
11.3
% interest in Rand Refinery
at year end is estimated to be R
178.4
million. The investment is
designated as an equity instrument at fair value through other comprehensive
income.
In accordance with IFRS 13
Fair
Value Measurement
, the income approach has been established to be the most
appropriate basis to estimate the fair value in the current year. This method
relies on the future budgeted cash flows as determined by Rand Refinery.
Management engaged the use of
an independent external valuation expert to assist with the valuation. The Rand
Refinery operations (excluding Prestige Bullion) were valued using the Free
Cash Flow model, whereby an enterprise value using a Gordon Growth formula for
the terminal value was estimated. The dividends received by Rand Refinery from
joint venture – Prestige Bullion were valued using a finite life dividend
discount model as Rand Refinery's shareholding will be reduced to nil in 2032.
The fair value measurement uses significant unobservable inputs and relates to
a fair value hierarchy level 3 financial instrument.
Key observable/unobservable
inputs into the model include:
Amounts in
  R million
Observable/unobservable
  input
Rand
  Refinery operations
Average
  gold price
Observable
  input
R852,098/kg
Average
  silver price
Observable
  input
R9,453/kg
Average
  South African CPI
Observable
  input
4.8%
Terminal
  growth rate
Unobservable
  input
5.0%
Weighted
  average cost of capital
Unobservable
  input
15.1%
Investment
  in Prestige Bullion
Discount
  period
Unobservable
  input
13 years
Cost of
  equity
Unobservable
  input
13.2%
Marketability and
minority discounts (both unobservable inputs) were also applied of
16.5
% and
17.0
% respectively. The latest
budgeted cash flow forecasts provided by Rand Refinery as at June 30, 2020 was
used, and therefore classified as an unobservable input into the models.
Sensitivity analysis
The fair value
measurement is most sensitive to the Rand denominated gold price and volumes.
The higher the gold price and volumes, the higher the fair value of the investment
in Rand Refinery. The below table indicates the extent of sensitivity of the
fair value to the inputs:
Input
% change
  in OCI, net of tax
Amounts in
  R million
Increase
Decrease
Increase
Decrease
Rand
  Refinery operations
Rand US
  Dollar exchange rate
Observable
  inputs
1%
(1%)
2.1%
(2.2%)
Commodity
  prices (Gold and silver)
Observable
  inputs
1%
(1%)
1.7%
(1.8%)
Volumes
Unobservable
  inputs
1%
(1%)
2.0%
(2.0%)
Weighted
  average cost of capital
Unobservable
  inputs
1%
(1%)
(1.7%)
2.0%
Minority
  discount
Unobservable
  inputs
1%
(1%)
(1.2%)
1.2%
Marketability
  discount
Unobservable
  inputs
1%
(1%)
(1.2%)
1.2%
Investment
  in Prestige Bullion
=
Cost of
  equity
Unobservable
  inputs
1%
(1%)
(1.3%)
1.4%
Prestige
  Bullion dividend forecast
Unobservable
  inputs
1%
(1%)
0.4%
(0.4%)
Impact
of the COVID 19 pandemic
The COVID-19
pandemic had an impact on the gold market and the operations of Rand Refinery
as a result of the South African national lockdown. The first-year budget cash
flows have been adjusted based on relevant information available as at June 30,
2020, regarding the estimated impact going forward and on the assumption that
operations will normalise by November 2020.
84
26
CONTINGENCIES
SIGNIFICANT ACCOUNTING JUDGEMENTS
The assessment of whether an obligating event results in a
  liability or a contingent liability requires the exercise of significant
  judgement of the outcome of future events that are not wholly within the
  control of the Group. Litigation and other judicial proceedings inherently
  entail complex legal issues that are subject to uncertainties and
  complexities and are subject to interpretation.
ACCOUNTING POLICIES
Contingent liabilities
A contingent liability is a possible obligation arising from
  past events and whose existence will be confirmed only by occurrence or
  non-occurrence of one or more uncertain future events not wholly within the
  control of the Group. A contingent liability may also be a present obligation
  arising from past events but is not recognised on the basis that an outflow
  of economic resources to settle the obligation is not viewed as probable, or
  the amount of the obligation cannot be reliably measured. When the Group has
  a present obligation, an outflow of economic resources is assessed as
  probable and the Group can reliably measure the obligation, a provision is recognised.
Contingent assets
Contingent assets are possible assets whose existence will be confirmed
  by the occurrence or non-occurrence of uncertain future events that are not
  wholly within the control of the entity. Contingent assets are not
  recognised, but they are disclosed when it is more likely than not that an
  inflow of benefits will occur. However, when the inflow of benefits is
  virtually certain an asset is recognised in the statement of financial
  position, because that asset is no longer considered to be contingent.
26.1      CONTINGENT LIABILITY FOR OCCUPATIONAL LUNG DISEASES
On May 3, 2018, former
mineworkers and dependents of deceased mineworkers ("
Applicants
") and
Anglo American South Africa Limited, AngloGold Ashanti Limited, Sibanye Gold
Limited trading as Sibanye-Stillwater, Harmony Gold Mining Company Limited, Gold
Fields Limited, African Rainbow Minerals Limited and certain of their
affiliates ("
Settling Companies
") settled the class certification
application in which the Applicants in each sought to certify class actions
against gold mining houses cited therein on behalf of mineworkers who had
worked for any of the particular respondents and who suffer from any
occupational lung disease, including silicosis or tuberculosis.
The DRDGOLD
Respondents, comprising DRDGOLD Limited and East Rand Proprietary Mines
Limited, are not a party to the settlement between the Applicants and Settling
Companies. The settlement agreement is not binding on the DRDGOLD Respondents.
The dispute, insofar as the class certification application and appeal thereof
is concerned, still stands and has not terminated in light of the settlement
agreement.
DRDGOLD
maintains the view that it is too early to consider settlement of the matter,
mainly for the following reasons:
•
the
Applicants have as yet not issued and served a summons (claim) in the matter;
•
there
is no indication of the number of potential claimants that may join the class
action against the DRDGOLD Respondents;
• many principles upon which legal
responsibility is founded, are required to be substantially developed by the
trial court (and possibly subsequent courts of appeal) to establish liability
on the bases alleged by the applicants.
In light of
the above there is inadequate information to determine if a sufficient legal
and factual basis exists to establish liability, and to quantify such potential
liability.
26.2      CONTINGENT LIABILITY FOR ENVIRONMENTAL REHABILITATION
Mine residue deposits may
have a potential pollution impact on ground water through seepage. The Group
has taken certain preventative actions as well as remedial actions in an
attempt to minimise the Group's exposure and environmental contamination.
The flooding
of the western and central basins has the potential to cause pollution due to
Acid Mine Drainage ("
AMD
") contaminating the ground water. The
government has appointed Trans-Caledon Tunnel Authority ("
TCTA
") to
construct a partial treatment plant to prevent the ground water being
contaminated. TCTA completed the construction of the neutralisation plant for
the Central Basin and commenced treatment during July 2014. As part of the
heads of agreement signed in December 2012 between EMO, Ergo, ERPM and TCTA,
sludge emanating from this plant since August 2014 has been co-disposed onto
the Brakpan Tailings Storage facility. Partially treated water has been
discharged by TCTA into the Elsburg Spruit.
This
agreement includes the granting of access to the underground water basin
through one of ERPM's shafts and the rental of a site onto which it constructed
its neutralisation plant. In exchange, Ergo and its associate companies
including ERPM have a setoff against any future directives to make any
contribution toward costs or capital of up to R
250
million. Through this
agreement, Ergo also secured the right to purchase up to
30
Ml of partially treated
AMD from TCTA at cost, to reduce Ergo's reliance on potable water for mining
and processing purposes.
While the
heads of agreement should not be seen as an unqualified endorsement of the
state's AMD solution, and do not affect our right to either challenge future
directives or to implement our own initiatives should it become necessary, it
is an encouraging development.
In
view of the limitation of current information for the accurate estimation of a
potential liability, no reliable estimate can be made for the possible
obligation.
84
26
CONTINGENCIES
continued
26.3   CONTINGENCIES REGARDING EKURHULENI METROPOLITAN
MUNICIPALITY ELECTRICITY TARIFF DISPUTE
Refer note 24 PAYMENTS MADE
UNDER PROTEST for a full description of the matter.
Contingent
liability
The
Municipality has issued two summonses for the recovery of arrears it alleges it
is owed amounting to R
74.0
million and R
31.6
million, respectively. The
group supported by the external legal team is confident that there is a high
probability that Ergo will be successful in defending the Summonses. Therefore,
there is no present obligation as a result of a past event to pay the amounts
claimed by the Municipality.
Contingent
asset
Ergo
instituted a counterclaim against the Municipality for the recovery of the
surcharges which were erroneously paid to the Municipality in the bona fide
belief that they were due and payable prior to the Main Application of
approximately R
43
million (these surcharges
were expensed for accounting purposes).
27      FINANCIAL
INSTRUMENTS
CLASSIFICATION AND MEASUREMENT OF FINANCIAL ASSETS
Financial assets are not
reclassified subsequent to their initial recognition unless the Group changes
its business model for managing financial assets, in which case all affected
financial assets are reclassified on the first day of the first reporting period
following the change in business model.
A financial asset shall be measured at amortised cost if both the
following conditions are met:
·
the
financial asset is held within a business model whose objective is to hold
financial assets in order to collect contractual cash flows; and
·
the contractual terms of the financial asset give rise on
specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
An
investment is measured at fair value through other comprehensive income if it
meets both of the following conditions and is not designated as at fair value
through profit or loss:
·
It is held
with a business model whose objective achieved by both collecting contractual
cash flows and selling financial assets; and
·
Its contractual terms give rise on specified dates to cash flows
that are solely payments of principal and interest on the principal amount
outstanding.
FINANCIAL RISK MANAGEMENT FRAMEWORK
Overview
The Group has exposure to credit
risk, liquidity risks, as well as other market risks from its use of financial
instruments. This note presents information about the Group's exposure to each
of the above risks, the Group's objectives and policies and processes for
measuring and managing risk. The Group's management of capital is disclosed in
note 20. This note must be read with the quantitative disclosures included
throughout these consolidated financial statements.
The board of directors ("
Board
") has
overall responsibility for the establishment and oversight of the Group's risk
management framework. The Board has established the Audit and Risk Committee
("
ARC
")
, which is
responsible for developing and monitoring the Group's risk management policies.
The committee reports regularly to the Board on its activities.
The Group's risk management
policies are established to identify and analyse the risks faced by the Group,
to set appropriate risk limits and controls, and to monitor risks and adherence
to limits. Risk management policies and systems are reviewed regularly to
reflect changes to market conditions and the Group's activities. The Group,
through its training and management standards and procedures, aims to develop a
disciplined and constructive control environment in which all employees
understand their roles and obligations.
The ARC oversees how management
monitors compliance with the Group's risk management policies and procedures,
and reviews the adequacy of the risk management framework in relation to the
risks faced by the Group. The ARC is assisted in its oversight role by the
internal audit function. The internal audit function undertakes both regular
and ad hoc reviews of risk management controls and procedures, the results of
which are reported to the ARC.
CREDIT RISK
Credit risk is the risk of
financial loss to the Group if a customer or counterparty to a financial
instrument fails to meet its contractual obligations, and arises principally
from the Group's trade and other receivables.
The Group's financial
instruments do not represent a concentration of credit risk due to the exposure
to credit risk being managed as disclosed in the following notes:
NOTE 12        INVESTMENTS
IN REHABILITATION OBLIGATION FUNDS
NOTE 13        CASH
AND CASH EQUIVALENTS
NOTE 15         TRADE AND OTHER
RECEIVABLES
84
27      FINANCIAL INSTRUMENTS continued
FINANCIAL RISK MANAGEMENT
FRAMEWORK
continued
MARKET RISK
Market risk is the risk that
changes in market prices, such as commodity prices, foreign exchange rates,
interest rates and equity prices will affect the consolidated profit or loss or
the value of its financial instruments. The objective of market risk management
is to manage and control market risk exposures within acceptable parameters,
while optimising returns.
Commodity
price risk
Additional
disclosures are included in the following note:
NOTE 4           REVENUE
Other market
risk
Additional
disclosures are included in the following note:
NOTE 25         OTHER INVESTMENTS
Interest
rate risk
Fluctuations in interest
rates impact on the value of short-term cash investments and financing
activities, giving rise to interest rate risk. In the ordinary course of
business, the Group receives cash from its operations and is obliged to fund
working capital and capital expenditure requirements. This cash is managed to
ensure surplus funds are invested in a manner to achieve maximum returns while
minimising risks. Lower interest rates result in lower returns on investments
and deposits and also may have the effect of making it less expensive to borrow
funds at then current rates. Conversely, higher interest rates result in higher
interest payments on loans and overdrafts.
Additional
disclosures are included in the following notes:
NOTE
12        INVESTMENTS IN REHABILITATION OBLIGATION FUNDS
NOTE
13        CASH AND CASH EQUIVALENTS
Foreign
currency risk
The Group enters into
transactions denominated in foreign currencies, such as gold sales denominated
in US dollar, in the ordinary course of business. This exposes the Group to
fluctuations in foreign currency exchange rates.
Additional
disclosures are included in the following notes:
NOTE
15        TRADE AND OTHER RECEIVABLES
LIQUIDITY
RISK
Liquidity risk is the risk
that the Group will not be able to meet its financial obligations as they fall
due. The Group's approach to managing liquidity is to ensure, as far as
possible, that it will always have sufficient liquidity to meet its liabilities
when due, under both normal and stressed conditions, without incurring
unacceptable losses or risking damage to the Group's reputation.
The Group ensures that it has
sufficient cash on demand to meet expected operational expenses, including the
servicing of financial obligations; this excludes the potential impact of
extreme circumstances that cannot reasonably be predicted, such as natural
disasters.
Additional
disclosures are included in the following note:
NOTE
10.2     LEASES
NOTE
16        TRADE AND OTHER PAYABLES
NOTE
20        CAPITAL MANAGEMENT
28      RELATED
PARTIES
Disclosures are included in the
following notes:
NOTE 5          COST OF SALES
NOTE 16        TRADE AND OTHER
PAYABLES
NOTE 19.3     TRANSACTIONS WITH KEY
MANAGEMENT PERSONNEL
NOTE
21        EQUITY
NOTE 22        INTEREST IN SUBSIDIARIES
29      SUBSEQUENT EVENTS
There were
no significant subsequent events between the year-end reporting date of June
30, 2020 and the date of issue of these financial statements other than described
below and included in the preceding notes to the consolidated financial
statements.
Declaration of dividend
On September
1, 2020, the Board declared a final dividend for the year ended
June
30, 2020
of
35
SA cents
per qualifying share
amounting to R
299.3
million
,
which was paid on September 28, 2020
.
Amendment of
RCF
On
September 14, 2020, DRDGOLD amended and extended its RCF. Refer note 20 CAPITAL
MANAGEMENT for details of the amendment
.
84
SIGNATURES
The registrant hereby certifies that it
meets all of the requirements for filing on Form 20-F and that it has duly
caused and authorized the undersigned to sign this annual report on its behalf.
DRDGOLD LIMITED
By:
/s/ D.J. Pretorius
D.J. Pretorius
Chief Executive Officer
By:
/s/ A.J. Davel
A.J. Davel
Chief Financial Officer
Date: October 29, 2020
84