Thank you very much Niel. Good morning, ladies and gentlemen. It’s my privilege to take you through the financial trends for DRDGOLD Limited for the quarter and year ended 30 June 2015. And here is a beautiful picture for our beautiful financial trends. I said it in the April update, when we presented the March results that I love presenting trend lines like that in the operating margin line. And long may it continue, so just as a reminder operating margin percentage, percentage of the operating profit over revenue, at a very healthy 21.9% in quarter four and trending upwards for the last six quarters then. All-in sustaining cost margin, at that level as you know corporate costs are added and then sustaining capital expenditure. So in quarter four, 13.8%, and in there as well, a smaller credit adjustment through profit or loss for the environmental provision much larger one in Q4, 2014, but still Q4 very pleasing on all-in sustaining cost margin, as Niel has mentioned, the operation is not short of capital. So in the quarter, 49% increase in sustaining capital spent to almost R37 million and that’s obviously included in that margin and that helps us to sustain the very good volume throughputs that Niel mentioned for quarter four as well. Earnings before interest, tax, depreciation, and amortization over R100 million for the quarter four, and mainly driven by a very healthy increase in the operating margin. We often rush three things, I really want you to pause and ponder the free cash flow growth. Niel mentioned that as well. It’s a very important measure for us, and we’re extremely proud of what has been achieved around the free cash flows, if you just look at that for the full year 2015, R246 million of free cash…

Yes. Niël Pretorius: EBDA which is a R55 million venture over the last few years is now going to be placed into a community trust. The beneficiaries of this trust have been identified as seven schools in the surrounding areas. So whatever upside they generate, and they are all making money now that will go into the further enhancement of the educational environment of these learners in those schools. And we’ve approached a number of independent individuals, prominent individuals to assist us in the handover of the trust itself and making sure that they stay on the true and the narrow. We’ve also invested a bit of money in administer of capacity for one of the schools. And I think there have been a number of computer enhancements and computer infrastructure, nutrition of kitchens et cetera, et cetera. So education of the youth is very much a focus of our social value, external social value that we want to create. And I have very strong views on this and making sure that that is adequately resourced and that is adequately funded. Local economic development, which is part of the social and labor plan, there we've now embarked on the follow-on from EBDA. As I said, EBDA was a just over R15 million investment over five years that is now self-sustainable. And these are two new projects, an agricultural livelihood project. I think ultimately what we would want to see is that some of these projects become increasingly vertically integrated, that you don't only produce but you also source and ultimately also market and maybe also do a bit of value-add. And then the sewing project, that is something that I think can also grow a pair of healthy legs in the expansion of the product range that they will start…

Hi. It's Leroy from RMB Morgan Stanley. I've got three questions. The one's on the dividend policy. You've always said that you retain a bit of a cash buffer and keep enough free working capital and the rest you pay as a dividend. But given the current stable operations and more predictability, are you considering firming that policy up a little? My second question is could you maybe give us an update on the acquisition of additional reserves in the area? Is that still something that you're pursuing? And then I understand that you've got additional capacity at the plant. But could you just remind us what the tailings capacity is in terms of tonnage per month or per year? And is there scope to increase that? Niël Pretorius: Yes, certainly. Just on the first item of distributing surplus cash, we're distributing less than what we normally would because we do think that the market is favorable for a buyback. So we’ll just be – I think we’ll just be chewing on what's the best way forward over the next six months and see whether we want to distribute more cash either by way of dividend or maybe reducing the number of shares that are out there. We have a mandate from shareholders which is renewed annually to buyback some shares. And I think the expectation is that if the share is undervalued, based not on our opinion but on what the analysts are saying, that we should consider doing that. The buffer that we want to maintain and which we will use for purposes of our planning for the next year, for our next year's budget, does in fact also take into consideration the revolving credit facility that we've got. So we are going to take a slightly more…

Now look just clearly the numbers, either the plant can do 2.1 million tons. And then night producers [ph] can go up to 300,000 tons giving us 2.4 million tons, which is a capacity going on to the depth [ph] at this point in time. Niël Pretorius: Thanks Davel. Brendan?

It’s Brendan Ryan from Paydirt Media, could you just take us through the rationale go for a share buyback versus pay out the money in dividend, because if I look at share buybacks in mining companies over the last five, six years, in particular BHP Billiton, it’s done nothing for the share price and I’m sure lot of shareholders would rather have the cash and they can decide what to do with that. Thanks

Yes, I think, they are two distinct schools of thought, Brendan. We try not to overcomplicate the decision or the toss-up between do we distribute dividends or do we buy back shares. I think typically what we would do is have a look at the analysis of somebody like Alan, for example. And if we are way off the mark, if we’re way below what the independent voice out there is saying, we should be worth. Then typically we want to buy back some shares and maybe make it more attractive for the longer-term shareholders. If you look at the way that the share performed earlier this year, I think, between the middle of December through to the end of January you saw a surge of close to 64%. And then the short-selling started, on one side, I think, the days-to-cover ratio was something like 5. The short interest was enormous. So if the share is going to be kicked around by gamblers, then we’re not going to just hang out there and say do with us what you want. Then we will start looking off to the interest of the longer-term shareholder, the ones who base their investment decisions on fundamental analysis, because you know how difficult it is to go to the longer-term market, those who actually do a bit analysis of your businesses say that this is something that's worth your while to invest in. And then they get taken apart by the trend trading or by the technical trends out there. So we want to see if we can just may be shrink that pool and yes there would be some sacrifice on liquidity which some might say would be bad. But hey, I mean, why not settle for four or five longer term shareholders that accumulate when the market is favorable as opposed to just getting randomly picked around like a dented coke can. So that’s really where we are at this stage, insofar as that, we’re not just going to go and buyback shares for the sake of it, because we don’t like what’s happening on the market. But at the same time, if the share is, in terms of independent opinion, undervalued, then why not? Why not offer some protection to the longer term market, investment market. Thanks Brendan anybody else?

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Once again, thank you so much for attending our presentation, we would appreciate it. Have a good day everyone.