HALF YEAR ACHIEVEMENTS
• 49% increase in headline earnings per share to 224 SA cents
(55% increase to 17 US cents)
• 6% increase in South African gold production
• 4% increase in underground recovered grade to 5.26g/t
• 2% decrease in all-in sustaining costs to R500 248/kg
(2% increase to US$1 161/oz)
• Hidden Valley plant upgrade completed ahead of schedule
• Successful hedging programmes topped up

OPERATING RESULTS
Six months ended December 2017 Six months ended December 2016 Variance %
Six months ended June 2017 Variance* %
Gold produced
kg 17 418 17 227 1 16 609 5
oz 560 003 553 862 1 533 990 5
Underground grade g/t 5.26 5.04 4 5.10 3
Gold price received
R/kg 580 672 585 908 (1) 554 515 5
US$/oz 1 348 1 303 3 1 306 3
Cash operating costs
R/kg 419 440 437 996 4 435 784 4
US$/oz 974 974 - 1 027 5
Total costs and capital¹
R/kg 494 369 504 443 2 515 849 4
US$/oz 1 148 1 122 (2) 1 215 6
All-in sustaining costs²
R/kg 500 248 510 506 2 522 830 4
US$/oz 1 161 1 136 (2) 1 232 6
Production profit
R million 2 712 2 474 10 1 978 37
US$ million 203 177 15 150 35
Exchange rate R/US$ 13.40 13.98 (4) 13.20 2
* December 2017 six months and June 2017 six month comparison
¹ Excludes investment capital for Hidden Valley
² Excludes share-based payment charge

FINANCIAL RESULTS
Six months ended December 2017 Six months ended December 2016 Variance %
Basic earnings per share
SAc/s 203 352 (42)
USc/s 15 25 (40)
Headline earnings
R million 990 657 51
US$ million 74 47 57
Headline earnings per share
SAc/s 224 150 49
USc/s 17 11 55

see and reda more on
https://www.harmony.co.za/downloads/send/132-q2-fy2018/2600-interim-results-for-the-six-months-ended-31-december-2017