The Directors will target full year ordinary dividends that are covered by Adjusted Headline Earnings between 1.50 and 2.00 times. The Directors will target an interim dividend at a level of 40% of the current year interim Adjusted Headline Earnings. Any dividends will take into account the Company’s underlying cash generation, fungibility of earnings, targeted liquidity and solvency levels, business strategy needs and market conditions at the time. Given the profile of earnings and above considerations, it is anticipated that the dividend cover may vary between reporting periods and dividends will be set using the full flexibility of the range.

The Company will declare dividends in South African Rand (ZAR). Conversion rates for non-South African Shareholders will be communicated before dividends are paid.

The Company may revise its dividend policy from time to time.