This report has been prepared to present a fair and balanced reflection of the groups? operations and performance, its values and business principles, the major issues and challenges it faces, its successes as well as those areas where its performance has been less than satisfactory and where further work is required.

Efforts have been made to report on a wide range of issues from a number of operations around the world. There has, however, been a bias in reporting on the South African operations because that is where the majority of AngloGold?s employees are based and where the most material impact on society has historically registered.

The report is compiled in relation to AngloGold?s own values and business principles. At the same time, to ensure that disclosure is as full as is possible, this information is also presented in terms of the GRI. Case studies have been selected where they are meaningful and illustrate both the company?s values and business principles in action, and also to indicate some of the challenges that are faced. These are presented according to GRI and per operational region.

No material information has been deliberately omitted from this report and, where possible and/or necessary, the underlying assumptions that support the information and data provided have been provided.

In compiling this report, AngloGold has worked closely with auditors PricewaterhouseCoopers. The preparation and content of this report and the determination of selected performance statements, data and graphs for assurance by PricewaterhouseCoopers (the ?Selected Data?) are the responsibility of the management of AngloGold Limited. PricewaterhouseCoopers? responsibility is to express an opinion on the Selected Data, based on assurance work performed.

In this, the first report done on this scale by the group, PricewaterhouseCoopers were asked to either:

• Provide assurance on the key indicators in certain sections of the report;
• Assure the accuracy of milestones in certain sections of each report; and
• Assure the veracity of the selected case studies.

Read the assurance letter from PWC.

The report provides a review of activities for the 2003 financial and calendar year, and objectives for 2004. Where this is appropriate, information may be provided for prior years, particularly in respect of case studies.