AQP - Aquarius Platinum Limited - Notice to the holders of the US$300,000,000

AQP - Aquarius Platinum Limited - Notice to the holders of the US$300,000,000   
4.00 per cent. convertible bonds due 2015 (The "Bonds") (ISIN: XS0470482067;    
Common Code: 047048206) Of Aquarius Platinum Limited (The "Issuer")             
Aquarius Platinum Limited                                                       
(Incorporated in Bermuda)                                                       
Registration Number: EC26290                                                    
Share Code JSE: AQP                                                             
ISIN Code: BMG0440M1284                                                         
THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF BONDHOLDERS. IF
BONDHOLDERS ARE IN ANY DOUBT AS TO THE ACTION THEY SHOULD TAKE, THEY SHOULD SEEK
THEIR OWN FINANCIAL AND LEGAL ADVICE IMMEDIATELY FROM THEIR STOCKBROKER,        
SOLICITOR, ACCOUNTANT OR OTHER INDEPENDENT FINANCIAL OR LEGAL ADVISER.          
NOTICE TO THE HOLDERS OF THE US$300,000,000 4.00 PER CENT. CONVERTIBLE BONDS DUE
2015 (THE "BONDS") (ISIN: XS0470482067; COMMON CODE: 047048206) OF AQUARIUS     
PLATINUM LIMITED (THE "ISSUER")                                                 
Pursuant to Conditions 6(f) and 17 of the terms and conditions of the Bonds (the
"Conditions"), as set out in the Trust Deed dated 18 December 2009 between the  
Issuer and BNY Corporate Trustee Services Limited and constituting the Bonds    
(the "Trust Deed"), notice is hereby given to Bondholders that in connection    
with the Dividend announced by the Issuer on 10 February 2011, the Conversion   
Price of the Bonds remains unchanged at US$6.687 per Common Share as the        
calculated adjustment to the Conversion Price is less than one per cent of the  
prevailing Conversion Price. The impact of the non adjustment will be carried   
forward and taken into account in any subsequent adjustment in accordance with  
Condition 6(f).                                                                 
Words and expressions defined in the Conditions shall have the same meaning when
used in this announcement.                                                      
For further information please contact:                                         
In the United Kingdom:                                                          
Gavin Mackay                                                                    
+44 7909 547 042                                                                
In Australia:                          In South Africa:                         
Willi Boehm                            Stuart Murray                            
Aquarius Platinum Corporate Services   +27 (0) 11 656 1140                      
+61 8 9367 5211                                                                 
18 March 2011                                                                   
Sponsor in South Africa                                                         
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
Date: 18/03/2011 09:09:01 Supplied by www.sharenet.co.za                     
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