Clarification of Sibanye Gold working and capital costs in pre-listing statement and CPR Sibanye Gold Limited Incorporated in the Republic of South Africa Registration number 2002/031431/06 Share code: SGL ISIN – ZAE000173951 Issuer code: SGL (“Sibanye Gold”) CLARIFICATION OF SIBANYE GOLD WORKING AND CAPITAL COSTS IN PRE- LISTING STATEMENT AND CPR Westonaria, 22 April 2013: It has come to management’s attention that some of the information released in the Pre-Listing Statement (PLS) and accompanying Competent Persons Reports (CPR), during the unbundling of Sibanye Gold may have been incorrectly interpreted by analysts and the market leading to an undervaluation of Sibanye Gold. This release serves to clarify the difference in the way Sibanye Gold reports working costs and capital expenditure for Financial Reporting purposes and the reporting convention used in the PLS and CPRs. Background Prior to 2006, The South African gold mining industry convention was to treat ore reserve development (ORD) costs as part of working costs, which were then expensed through the income statement in the period they were incurred. But from 2006, Gold Fields Ltd (Gold Fields) and the majority of the South African gold industry elected to capitalise ORD costs. As such and in line with international accounting convention ORD costs were then amortised though the income statement over the life of mine. Sibanye Gold continues to report its financial results using this convention. The net result of this change in accounting convention was that working costs were reduced by the quantum of ORD costs, while capital expenditure was increased by the same amount. NCE costs (which are the sum of working costs and capital expenditure) and free cash flow are however not affected. Clarification Before the listing and unbundling of Sibanye Gold on 11 February 2013, Gold Fields released the Sibanye Gold PLS to all of its shareholders and the market in general. At the same time detailed CPRs for Sibanye Gold’s operations were made available on its website. The financial information in these CPRs was presented according to the accounting convention used prior to 2006 and ORD costs are included in working costs, not capitalised. This discrepancy has led to some sell side analysts believing that the capital expenditure contained in the CPR is understated and increasing capital expenditure as well as applying the higher working costs from the CPR in their financial models and thereby overstating the NCE costs for the company. Fig 1. Sibanye Gold Financial Planning Parameters* () F2013 F2013 C2012 (planned (planned % (actual) (Financial (CPR)) diff Reports)) Gold produced (kg) 38 059 44 163 44 163 - Working costs (Rm) 10 874 12 207 14 056 +15 Working costs (R/kg) 285 851 276 417 318 280 +15 Capital (Rm) 3 107 3 093 1 244 -60 Capital (R/kg) 81 634 70 034 28 169 -60 NCE (R/kg) 367 485 346 451 346 449 - Gold Price (R/kg) 434 961 400 000 400 000 - NCE Margin (%) 16% 13% 13% - Free cash (Rm) 2 596 2 365 2 365 - * as at 31 December 2012 Fig 1. above outlines the differences. The C2012 numbers are included for comparison purposes. From Fig 1 it is also clear that there is no impact on NCE costs (which are the sum of working costs and capex) or on operating free cash flow. It should also be noted that Sibanye Gold’s ore reserves were calculated assuming a gold price of R380 000/kg (based on an average three year trailing gold price plus 5%, in accordance with SEC guidelines) and will therefore be unaffected by the current spot gold price. ENDS Contact James Wellsted Head of Corporate Affairs Sibanye Gold Limited +27 83 453 4014 james.wellsted@sibanyegold.co.za Sponsor Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd Date: 22/04/2013 09:49:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.