FORWARD-LOOKING STATEMENTS

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

This annual report contains forward-looking statements within the meaning of the safe harbour provided by Section 21E of the Exchange Act and Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), with respect to our financial condition, results of operations, business strategies, operating efficiencies, competitive positions, growth opportunities for existing services, plans and objectives of management, markets for stock and other matters.

These forward-looking statements, including, among others, those relating to our future business prospects, revenues, and the potential benefit of acquisitions (including statements regarding growth and cost savings) wherever they may occur in this annual report and the exhibits to this annual report, are necessarily estimates reflecting the best judgment of our senior management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in this annual report. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include, without limitation:

• overall economic and business conditions in South Africa, Papua New Guinea, Australia and elsewhere
• estimates of future earnings, and the sensitivity of earnings to the prices of gold and other metals
• estimates of future production and sales for gold and other metals
• estimates of future cash costs
• estimates of future cash flows, and the sensitivity of cash flows to the prices of gold and other metals
• estimates of provision for silicosis settlement
• estimates of future tax liabilities under the Carbon Tax Act
• statements regarding future debt repayments
• estimates of future capital expenditures
• the success of our business strategy, exploration and development activities and other initiatives
• future financial position, plans, strategies, objectives, capital expenditures, projected costs and anticipated cost savings and financing plans
• estimates of reserves statements regarding future exploration results and the replacement of reserves
• the ability to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions, as well as at existing operations
• fluctuations in the market price of gold
• the occurrence of hazards associated with underground and surface gold mining
• the occurrence of labour disruptions related to industrial action or health and safety incidents
• power cost increases as well as power stoppages, fluctuations and usage constraints
• supply chain shortages and increases in the prices of production imports and the availability, terms and deployment of capital
• our ability to hire and retain senior management, sufficiently technically-skilled employees, as well as our ability to achieve sufficient representation of historically disadvantaged persons in management positions
• our ability to comply with requirements that we operate in a sustainable manner and provide benefits to affected communities
• potential liabilities related to occupational health diseases
• changes in government regulation and the political environment, particularly tax and royalties, mining rights, health, safety, environmental regulation and business ownership including any interpretation thereof; court decisions affecting the mining industry, including, without limitation, regarding the interpretation of mining rights
• our ability to protect our information technology and communication systems and the personal data we retain
• risks related to the failure of internal controls
• the outcome of pending or future litigation or regulatory proceedings
• fluctuations in exchange rates and currency devaluations and other macroeconomic monetary policies
• the adequacy of the Group’s insurance coverage
• any further downgrade of South Africa’s credit rating
• socio-economic or political instability in South Africa, Papua New Guinea and other countries in which we operate

The foregoing factors and others described under “Risk Factors” should not be construed as exhaustive.

We undertake no 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, except as required by law.

All subsequent written or oral forward-looking statements attributable to Harmony or any person acting on its behalf are qualified by the cautionary statements herein.