ROYAL BAFOKENG PLATINUM LIMITED - Trading statement for the year ended 31 December 2015

Trading statement for the year ended 31 December 2015

ROYAL BAFOKENG PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2008/015696/06)
JSE share code: RBP ISIN: ZAE000149936
("RBPlat" or the "company")


Trading statement for the year ended 31 December 2015

In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, a listed company is
required to publish a trading statement as soon as it is satisfied that a reasonable degree of
certainty exists that the financial results for the period to be reported upon next will differ by at
least 20% from those of the previous corresponding period and can with a reasonable degree of
certainty provide an estimated range with a maximum variance of 20%.

RBPlat is in the process of finalising its financial results for the year ended 31 December 2015.
The company advises that it anticipates a loss per share ("LPS") and headline loss per share
("HLPS") for the year ended 31 December 2015. The LPS is anticipated to be between 1 570
cents and 1 605 cents (between negative 758% and 772.7%) and the HLPS to be between 75
cents and 110 cents (between negative 131.4% and 146.1%), compared to an earnings per
share (“EPS”) and headline earnings per share (“HEPS”) of 238.6 cents for the previous
corresponding period (the year ended 31 December 2014).

The continued depressed PGM price environment necessitated a detailed evaluation of carrying
amounts of all assets and it was concluded that it would be prudent to impair a portion of
RBPlat’s attributable share of goodwill, property, plant and equipment (“PPE”) and mineral rights
fair value adjustments that had initially been recognised in terms of IFRS 3 Business
Combinations at the time of RBPlat’s listing in 2010. The material difference between the
anticipated LPS and HLPS is largely due to this attributable R2.89 billion after-tax (1 507 cents
per share) impairment charge.

The expected decrease from the EPS and HEPS in 2014 to the LPS and HLPS in 2015 is
furthermore largely attributed to the following:
 - 19% lower revenue mainly as a result of a lower realised revenue basket price;
 - impact of a once-off current and deferred tax charge (57.4 cents per share) related to the
    settlement of a tax dispute with SARS relating to the 2008, 2009 and 2010 tax years;
 - reduced ounce production due to intermittent safety stoppages following the 5 fatalities
    resulting in a higher proportion of lower grade UG2 Reef mining and reduced Merensky
    Reef production; and
 - cost increases primarily due to the front-end loaded nature of wage increases in terms of the
    5-year wage agreement combined with above inflationary utility cost increases.

Normalised EPS for the year ended 31 December 2015 is anticipated to be between 6 cents
and 12 cents (between 95.6% and 97.8% lower) compared to Normalised EPS of 274.3 cents
for the previous corresponding period. This is as a result of the impairment charge; the
additional after tax effect of amortisation and depreciation charge related to the fair value
adjustments as well as the above mentioned once-off tax dispute settlement charge.

Cash preservation continues to be a priority and RBPlat remains well capitalised and
unleveraged with a strong balance sheet which positions it well for the continued weak pricing
environment expected during 2016.

The information set out in this announcement has not yet been reviewed and reported on by the
company's external auditors.

RBPlat expects to release its results for the year ended 31 December 2015 on or about 1 March
2016.


Johannesburg
5 February 2016


JSE Sponsor
Merrill Lynch South Africa (Pty) Ltd

For further information, please contact:

Lindiwe Montshiwagae
Investor Relations Manager
Tel: +27 (0)10 590 4517
Mobile: +27 (0)82 920 7803

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