Durban Roodepoort Deep, Limitedand

the merger with Emperor Mines LimitedIan Murray, Chief Executive Officer

2

Disclaimer

Some of the information in this presentation may contain projections or other forward looking statements regarding future events or other future financial

performance. We wish to caution you that these statements are only projections and those actual events or results may differ materially. In reviewing,

please refer to the documents that we file from time to time with the SEC, specifically to our annual report on Form 20-F. These documents contain and

identify important factors that could cause the actual results to differ materially from those contained in our projections or forward looking statements,

including such risks as difficulties in being a marginal producer of gold, changes and reliability of ore reserve estimates, gold price volatility, currency

fluctuations, problems in the integration of operations, exploration and mining risks and a variety of risks described in our annual report on Form 20-F.

We undertake no obligation to publicly release results of any of these forward looking statements which may be made to reflect events or circumstances

after the date hereof or to reflect the occurrence of unexpected results.

Cautionary Note to U.S. Investors: the United States Securities and Exchange Commission permits mining companies, in their filings with the SEC, to

disclose only those mineral deposits that a company can economically and legally extract or produce. We use the term "resources" (which includes

"measured", "indicated", and "inferred") in our presentation, which the SEC guidelines strictly prohibit us from including in our filing with the SEC. U.S.

Investors are urged to consider closely the disclosure in our Form 20-F, File No. 0-28800, available from us at 45 Empire Road, Parktown,

Johannesburg, 2193,

South Africa. You can also obtain this form from the SEC website at http://www.sec.gov/edgar.shtml

This presentation does not constitute an offer to sell or solicitation of an offer to purchase any of the DRD securities described herein, which offer or

solicitation shall be made only pursuant to the offer contained in the Bidders Statement. The offer of DRD securities described herein will be made within

the United States pursuant to applicable exemptions from the registration requirements of the United States securities laws. The DRD shares issued

under this offer have not been registered under the US Securities Act and may not be offered or sold within the United States or to US persons unless

they are registered under the US Securities Act or an exemption from the registration requirements under that Act is available.

3

Content

!Merger terms

!DRD group - post merger

!DRD Australasia - post merger

!Details of the offer and timetable

4

Merger terms

! 1 DRD share for 5 Emperor

shares

! values Emperor at

A$0.88*

! 32% premium to price at close

on 5 March 2004 (A$0.67)

! Enterprise value of Emperor at

announcement � A$105m

(including A$6m net debt)

* Calculated at NASDAQ price on 5 March exchange rate US$/AU$ 0.759

32% 31% 31%

0%

5%

10%

15%

20%

25%

30%

35%

Based on 5 March 2004closing price

Based on 30-day averageratios

Based on 60-day averageratios

Prem

ium

offe

red

DRD group � post merger

6

DRD at a glance post merger

! International gold producer (listed in 1895) � in world�s top 10! market cap A$1.1 billion (US$834 million)! annual gold production of 1.1 Moz! reserves of 18 Moz! resources of 70 Moz

! Eight operating mines:! five mines in South Africa! two mines in Papua New Guinea! one mine in Fiji

! Unhedged gold production - leverage to gold price! Highly liquid stock (500% traded per annum)

! internationally held

7

DRD group post merger pro forma

334333US$/ozCash cost (Dec �03 quarter)

7064US$mEstimated cash op. profit @ US$400/oz gold price

Moz

Moz

oz p.a.

18

70

17

66

Reserves

Resources

1,067,592949,228Production (Dec �03 qtr annualised)

Post mergerCurrent

Reserves/Resources Porgera Dec �03, DRD and Emperor Jun �03

8

DRD strategy: the Pure Gold Choice

PureGoldChoice

Leverageto the US$gold price

Growthprofile

Corporategovernance

Exposureto theRand

Appropriateacquisitions

DRD is focused on five factors to make DRD the Pure Gold Choice

9

Strategy implementation

! Restore margins in SA operations

! Build up Australasian production base

! Identify third leg opportunities

! Retain gearing to gold price

Create DRD as international gold producer

10

US59%

Canada6%

UK6%

Australia10%

South Africa5%

Asia3%

Europe11%

Indicative shareholder spread

60% retail 40 % institutionalInternational shareholder base

11

Group structure - post merger

Durban Roodepoort Deep Khumo Bathong Holdings

Australasian Operations

SA Operations Crown Gold Recoveries

Emperor

118,000oz

TGM

87,000oz

Crown Surface

53,000oz

ERPM

51,000oz

3%

40% 60%

manages100% 100%

DRDPorgera

180,000oz

Figures refer to 2004 projected ounces, Emperor projected at Dec�03 quarter annualised

CGR (40%) and PJV (20%) production figures represent proportion attributable to DRD

NWO(Harties &

Buffels)350,000oz

Blyvoor

260,000oz

12

South Africa Mines

13

Papua New Guinea Mines

14

Fiji Mine

15

Operational overview post merger pro forma (Dec �03 qtr)

Australasia

South Africa

36% margin on gold price

Fulfilling strategy

Completing Australasian strategy

400,000oz Australasia

3.0

8.8

1.8

13.6

17.4

21,767

46,136

29,591

97,494

266,898

253

222

339

264

344

Tolukuma

Porgera (20%)

Emperor

Aus Total

GROUP TOTAL

Dec costs below $350/oz

Underground grade hits 9 g/t

Steady

Focus on restoring margin

(0.5)

2.8

1.5

3.8

81,632

64,045

23,727

169,404

399

346

365

374

North West*

Blyvoor

Crown (40%)

SA total

Comment

Cash operating profit/(loss)

(US$m)

Production ounces

(troy)

Costs

(US$/oz)

16

Success at extending Life of Mine (LOM) Average 18 years

0.5

4

n/a

8

6

2001

1

6

0

12

18

2002

72(1996)

Buffels(NWO)

41.5(2000)

Tolukuma

110(2002)

ERPM

151.5(1999)

Harties(NWO)

224(1997)

Blyvoor

2003At acquisition(years)

17

Margin management

0

100

200

300

400

500

600

700

800

900

Jun-

00

Aug-

00O

ct-0

0

Dec

-00

Feb-

01

Apr-

01

Jun-

01

Aug-

01

Oct

-01

Dec

-01

Feb-

02Ap

r-02

Jun-

02

Aug-

02

Oct

-02

Dec

-02

Feb-

03

Apr-

03

Jun-

03

Aug-

03O

ct-0

3

Dec

-03

Mar

ket C

ap

150

180

210

240

270

300

330

360

390

420

US$/oz Margin US$/oz cash costs Market cap US$m

US$m US$/oz

Source: Company report; I-Net

Share re-rated

18

Leverage to gold price (excludes Emperor)

Cash operating profit: assuming a 10% higher gold price

16%

84%

SA operations Australasian operations

Cash operating profit: Dec �03 Qtr

50%50%

SA operations Australasian operations

19

North West Blyvoor West Wits Crown Tolukuma

Portfolio management: how we�ve managed the margin

North West Blyvoor Porgera Tolukuma Crown ERPM

December 2003 production profileDecember 2001 production profile

December 2001Gold price: R106,900/kgCash operating profit: US$16.2m

December 2003Gold price: R86,032/kg (-20%)Cash operating profit: US$14.1m (-12%)

60%Closed or divested

Acquired

40%

20

DRD Balance sheet

US$54 millionUS$86 millionShareholders� equity

134%

12%

30%

82%

10%

24%

Interest-bearing debt/equity

Interest-bearing debt/capitalisation

Interest-bearing debt/total assets

US$81 millionUS$157 millionMining assets

US$11 millionUS$10 millionLT & ST debt

US$86 millionUS$21 million Cash on hand

September 2003December 2003

DRD Australasia � post merger

22

DRD Australasia post merger pro forma

264232US$/ozCash cost (Dec �03 quarter)

5246US$mEstimated cash op. profit @ US$400/oz gold price

oz (000�s)

Moz

Moz

Oz p.a.

2,623697Total employees

337-Hedge book

2.43

7.07

1.75

4.56

Reserves

Resources

385,000272,000Production (Dec �03 qtr annualised)

Post mergerCurrent

Reserves/Resources Porgera Dec �03, DRD and Emperor Jun �03

Total employees excludes Porgera

23

50

100

150

200

250

300

350

400

0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000

DRD Australasia

US$/oz

ounces

Placer

DRD

AngloGold

Harmony

Barrick

Gold Fields

SoG

Newmont

Newcrest

Lihir

Avg cash costs US$234

Source: Company reports, Q4 2003 cash costs; *unlisted *listed

Emperor

The offer

25

Merger terms

! 1 DRD share for 5 Emperor

shares

! values Emperor at

A$0.88*

! 32% premium to price at close

on 5 March 2004 (A$0.67)

! Enterprise value of Emperor at

announcement � A$105m

(including A$6m net debt)

* Calculated at NASDAQ price on 5 March exchange rate US$/AU$ 0.759

32% 31% 31%

0%

5%

10%

15%

20%

25%

30%

35%

Based on 5 March 2004closing price

Based on 30-day averageratios

Based on 60-day averageratios

Prem

ium

offe

red

26

Main conditions

!DRD obtaining 90% interest

!Regulatory approvals and consents

!ANZ Bank waivers

!No material adverse change

!No fall in the Rand gold price below R78,000/kg! Currently R85,000/kg

27

Transaction synergies

! Regional management team over three operations! Tolukuma 7,000 oz p.m. @ US$250/oz; exploration potential

! Porgera 15,000 oz p.m. @ US$230/oz

! Vatukoula 10,000 oz p.m. with cost reduction potential

! Shared DRD/Emperor group technical skills

! Underground & epithermal knowledge sharing

! Synergies with PNG operations

28

Advantages for Emperor shareholders

! A$1.1 billion (US$834 million) international gold company

! Gold production base spread over three countries

! Highly liquid equity

! Significant leverage to gold price

! Growth-orientated company

! Solid financial base

29

Our shares

! Market capitalisation � A$1 billion (US$759 million)! Outstanding � 231 million

! fully issued and committed post merger: 275 million! Free float > 90%! American Depository Receipts (ADR�s) � 80% ! Annual turnover:

! 500% of issued shares; avg 5 m shares a day ! Listings:

! JSE (DUR), ASX (DRD), Nasdaq (DROOY), LSE (DBNR), Paris & Brussels bourses (DUR)

! OTC: Frankfurt, Stuttgart & Berlin (DUB)! Member of XAU index

30

Timetable

! Announcement

! 8 March 2004

! Expected date for lodging Bidders� Statement

! End March

! Expected date for Bidders� Statement to go to shareholders

! Early April (earliest date for acceptance)

! Expected close of the transaction

! June 2004

31

For more information

! On DRD and the offer go to www.durbans.com or www.drd.co.za! Queries in relation to the merger:

DRD CIBC World Markets (financial adviser) Ian Murray Neil Johnson Chief Executive Officer Managing Director CIBC World Markets +61 424 244 195 +61 2 9275 1301 (office)

South Africa AustralasiaInvestor and Media Relations Investor and Media RelationsIlja Graulich, Durban Roodepoort Deep, Limited Paul Downie, Porter Novelli+27 11 381 7826 (office) +61 893 861 233 (office)+27 83 604 0820 (mobile) +61 414 947 129 (mobile)

United Kingdom/EuropeJames Duncan, Russell & Associates Investor and Media Relations+27 11 880 3924 (office) Phil Dexter, St James's Corporate+27 82 892 8052 (mobile) +44 20 7499 3916 (office)

+44 779 863 4398 (mobile)North AmericaInvestor Relations Media RelationsSusan Borinelli, Breakstone & Ruth International Jessica Anderson, Breakstone & Ruth International+1 646-536-7018 (office) +1 646-536-7002 (office)+1 917-570-8421 (mobile) +1 347-423-5859 (mobile)