Disclaimer

Some of the information in this annual report may contain projections or other forward looking statements regarding future events or other future financial performance. We wish to caution you that these statements are not guarantees or predictions of future performance, and involve known or unknown risks, uncertainties and other factors, many of which are beyond our control and which may cause actual events or results to differ materially from those expressed in the statements contained in this report. In reviewing the information contained in this annual report, please refer to the documents that we file from time to time with the SEC, specifically to our annual report on Form 20-F. These documents contain and identify important factors that could cause the actual results to differ materially from those contained in our projections or forward looking statements, including such risks as difficulties in being a marginal producer of gold, changes and reliability of ore reserve estimates, gold price volatility, currency fluctuations, problems in the integration of operations or acquisitions, exploration and mining risks and a variety of risks described in our annual report on Form 20-F. We undertake no obligation to publicly update or release results of any of these forward looking statements or projections to reflect events or circumstances after the date hereof or to reflect the occurrence of unexpected results.

Cautionary note to US investors: the United States Securities and Exchange Commission permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a Company can economically and legally extract or produce. We use the term “resources” (which includes “measured”, “indicated“, and ”inferred“) in this South African annual report, which the SEC guidelines strictly prohibit us from including in our filing with the SEC. US investors are urged to consider closely the disclosure in our Form 20-F, available from us at 45 Empire Road, Parktown, Johannesburg, 2193, South Africa. You can also obtain this form from the SEC website at http://www.sec.gov.