Integrated Reporting

This is our first Integrated Report in line with the requirements of the King Code and Report on Governance for South Africa (King III). We applaud the principles of King III and believe that it has enabled us to improve our reporting. For a long time we have reported along the traditional “triple bottom line”, reporting separately on our financial, social and environmental performance. We recognise, in line with the principles of King III, that these issues are fully integrated in the operations of our business and therefore should not be separately reported. Although we still have some work to do, we believe that our 2011 report gives a more balanced and integrated picture of the performance of the Group as a whole. We are committed to working towards best practice in reporting and would appreciate your feedback on this report – any comments can be emailed to Debra Muller, our Company Secretary, at demuller@pnp.co.za.

As the new Companies Act allows for the distribution of a summarised report to shareholders, this will be our last full print run of the complete integrated annual report. In accordance with the provisions of the new Companies Act, we will make the complete integrated annual report available on our website (as we do currently) and printed copies will be available on request. In future, we will send all shareholders printed copies of the Notices of the AGMs together with a summarised copy of the annual financial statements, unless shareholders elect to receive electronic versions. To the extent that our stakeholders support this initiative, it will result both in an improved environmental impact and cost savings.