Résumé 
About this integrated annual report

The report seeks to provide a concise and balanced account to providers of capital of how Implats creates value over time.

This integrated annual report, compiled for Impala Platinum Holdings Limited (Implats) and its subsidiaries, provides information relating to risks, strategies, governance practices and performance for the financial year 1 July 2014 to 30 June 2015 including prospects thereafter.

In addition, information regarding the social, economic and environmental issues that have a material impact on the long-term success of the business and that are important to key stakeholders is provided. The report is targeted at existing and prospective stakeholders who wish to make an informed assessment of the Group’s ability to create and sustain value; It focuses primarily on meeting the needs of shareholders, analysts and investors.

The transparency and accountability section, including abridged financials, corporate governance report, audit committee report, social, ethics and transformation committee report and the remuneration report has already been distributed together with the notice to shareholders to comply with the Companies Act and the JSE Listings Requirements. The notice to shareholders, which would otherwise have formed part of this book has not been included again, but should be read in conjunction with this report.

Reporting boundary:

	Financial reporting entity		Risks, opportunities, strategies, resource allocation, business model and material issues
	Impala Platinum Holdings Limited* Subsidiaries Impala Zimplats Marula IRS		Materiality determination For purposes of this report, items have only been taken into account and have been reported on, if the effects of these items have materially impacted strategy, governance, performance and prospects of the company and its stakeholders.
	Associates Two Rivers MIMOSA		Risk identification process Risk identification process, as well as the risks identified, that materially affect the organisation’s ability to create and sustain value over time have been discussed here.

*(Detailed Group structure set out here)

In this report, production is reported in terms of platinum and platinum group metals (PGMs), which include platinum, palladium, rhodium, ruthenium and iridium as well as gold; when included these are referred to as 6E (4E excludes ruthenium and iridium). Both historical and forward looking information is provided.

Unless otherwise stated, information in this report is primarily for the year ended 30 June 2015, except for that relating to the physical metals markets, which is provided by calendar year.

For sustainability elements, information relating to managed operations is disclosed, while information for joint ventures and associates is excluded. Where information is attributable to Implats it is highlighted. In all cases, US$ or dollar refers to the US dollar.

Board approval

The board acknowledges its responsibility for the integrity of this report. The directors confirm they have collectively assessed the content and believe it addresses the material sustainability areas and is a fair representation of the integrated performance of the Group.

The audit committee, which has oversight responsibility for the integrated annual report, recommended the report for approval by the board of directors.

The board has therefore approved the 2015 integrated annual report for release to stakeholders.