Headline earnings excluding unrealised non-hedge derivatives and marked-to-market of debt financial instruments.

Operating profit excluding unrealised non-hedge derivatives.

Adjusted operating profit divided by gold sales including realised non-hedge derivatives.

Any products that arise from the core process of producing gold, including silver, uranium and sulphuric acid.

Equity plus minority interests, interest-bearing debt, less cash and cash equivalents. Where average net capital employed is referred to, this is the average of the figures at the beginning and the end of the financial year.

Total capital expenditure on mining assets both to maintain and to expand operations.

Adjusted operating profit plus amortisation of mining assets.

Adjusted operating profit plus amortisation of mining assets divided by gold sales including realised non-hedge derivatives.

Adjusted headline earnings per ordinary share divided by dividends per ordinary share.

Borrowings including short-term portion.

Current and deferred taxation as a percentage of profit on ordinary activities before taxation.

Profit before exceptional items and before net interest, growth in the Environmental Rehabilitation Trust Fund, amortisation of mining assets, foreign exchange gain (loss) on transactions other than sales, unwinding of thede commissioning obligation, unrealised non-hedge derivatives and marked-to-market of debt financial instruments.

Shareholders? equity adjusted for other comprehensive income and deferred taxation. Where average equity is referred to, this is calculated by averaging the figures at the beginning and the end of the financial year.

Net cash inflow from operating activities less capital expenditure to maintain operations.

The quantity of gold contained within a unit weight of gold-bearing material generally expressed in ounces per short ton of ore (oz/t), or grams per metric tonne (g/t).

EBITDA divided by finance costs.

Number of years that the operation is planning to mine and treat ore, and is taken from the current mine plan.

Number of ordinary shares in issue at close of business on 31 December multiplied by the closing share price as quoted on the JSE Securities Exchange South Africa.

A Mineral Resource is a concentration or occurrence of material of economic interest in or on the earth?s crust in such form, quality and quantity that there are reasonable and realistic prospects for eventual economic extraction. The location, quantity, grade, continuity and other geological characteristics of a Mineral Resource are known, estimated from specific geological evidence and knowledge, or interpreted from a well-constrained and portrayed geological model. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories. The Mineral Resources are inclusive of those resources which have been modified to produce Mineral Reserves.

Mining assets, inventories, trade receivables, less trade payables.

Debt less cash and cash equivalents.

Shareholders? equity less goodwill, divided by the number of ordinary shares in issue.

Adjusted operating profit as a percentage of gold income including realised non-hedge derivatives.

A Mineral Reserve is the economically mineable material derived from a Measured and/or Indicated Mineral Resource. It is inclusive of diluting materials and allows for losses that may occur when the material is mined. Appropriate assessments, which may include feasibility studies, have been carried out, including consideration of, and modification by, realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction is reasonably justified. Mineral Reserves are sub-divided in order of increasing confidence into Probable Mineral Reserves and Proved Mineral Reserves. 

Attributable gold income including realised non-hedge derivatives divided by attributable ounces/kilograms sold.

The process of restoring mined land to allow an appropriate post-mining use. Rehabilitation standards are determined amongst others by the South African Department of Minerals and Energy, the US Bureau of Land Management, the US Environmental Protection Agency, and the Australian Minerals Industry Code for Environmental Management, and address ground and surface water, topsoil, final slope gradient, waste handling and re-vegetation issues. 

Defines the operational management divisions within AngloGold and these are South Africa, East and West Africa, Australia, North America and South America.

Adjusted headline earnings before finance costs expressed as a percentage of average net capital employed, adjusted for the timing of acquisitions and disposals.

Adjusted headline earnings expressed as a percentage of the average equity, adjusted for the timing of acquisitions and disposals.

Total cash costs include site costs for all mining, processing and administration, as well as contributions from by-products and are inclusive of royalties and production taxes. Amortisation, rehabilitation, corporate administration, retrenchment, capital and exploration costs are excluded. Total cash costs per ounce are the attributable total cash costs divided by the attributable ounces of gold produced.

Total cash costs including amortisation, retrenchment, rehabilitation and other non-cash costs. Corporate administration, capital and exploration costs are excluded. Total production costs per ounce are the attributable total production costs divided by the attributable ounces of gold produced. 

The number of ordinary shares in issue at the beginning of the year, increased by shares issued during the year, weighted on a time basis for the period during which they have participated in the income of the group.

Ordinary shares were sub-divided at close of business on 24 December 2002 on a 2:1 basis. All references to ordinary shares, and related calculations have been restated to take cognisance of this sub-division.