Dear shareholder,

This remuneration report is intended to provide an overview and understanding of the Group’s remuneration principles and policies with specific emphasis on the non-executive directors, executive directors, Executive Committee and prescribed officers in the Group. The Group adopted the governance and disclosure requirements stipulated in the King Code of Governance Principles for South Africa 2009 (King III) and incorporated the required information in this report.

The Remuneration Committee remains mindful of the remuneration trends in the global environment and carefully considers all practices against the business and set remuneration levels within the context of overall company performance. The Remuneration Committee is mindful of the responsibility to protect and promote shareholders’ interests in setting executive remuneration and is accountable for the structure and quantum of remuneration.

Susan Botha

Chairman of the Remuneration Committee
13 June 2013