Cautionary Announcement NORTHAM PLATINUM LIMITED Incorporated in the Republic of South Africa (Registration number 1977/003282/06) Share code: NHM Debt issuer code: NHMI ISIN Code: ZAE 000030912 (“Northam” or “the company”) CAUTIONARY ANNOUNCEMENT In an announcement published on SENS on 3 August 2012, Northam shareholders were advised that as a result of the then significant decline in the share prices of platinum group metal producers, certain of Northam’s HDSA (Historically Disadvantaged South African) shareholders had been compelled to dispose of a significant portion of their Northam shares following the breach of related finance agreement covenants. In this regard, Northam has made significant progress in structuring a proposed transaction which will increase its HDSA ownership level (proposed HDSA transaction). The terms of the proposed HDSA transaction are being finalised and a detailed announcement in this regard will be released in the near future. The detailed terms of the proposed HDSA transaction may have a material effect on the price of the company’s securities. Accordingly, shareholders are advised to exercise caution when dealing in the company’s securities until a further announcement in this regard is made. Johannesburg 27 March 2014 Corporate Advisor, Sponsor and Debt Sponsor: One Capital Date: 27/03/2014 08:39:00 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.