Northam’s long term credit rating upgraded NORTHAM PLATINUM LIMITED Incorporated in the Republic of South Africa (Registration number 1977/003282/06) Share code: NHM ISIN: ZAE000030912 Debt issuer code: NHMI Bond code: NHM002 Bond ISIN: ZAG000129024 Bond code: NHM003 Bond ISIN: ZAG000129032 (“Northam” or the “group”) NORTHAM’S LONG TERM CREDIT RATING UPGRADED Northam wishes to advise shareholders that the credit rating agency, Global Credit Rating Co. (“GCR”), has upgraded Northam’s long term credit rating to A-(ZA) from BBB+(ZA) and reaffirmed Northam’s short term credit rating at A1-(ZA), with the outlook being accorded as Stable. Northam’s credit rating upgrade was achieved despite the current and ongoing challenges being faced by the mining industry, further illustrating the group’s resilience and ability to maintain a strong capital base and liquidity position. Northam’s credit rating upgrade is based on the following key considerations: • The realisation of projected benefits of Northam’s fully funded R6.6 billion black economic empowerment transaction through the acquisition of quality platinum group metal (“PGM”) assets at favourable prices. • Additional sources of production being expected from Northam’s recent transactions, including the acquisition of the Tumela block and the Eland Platinum mine, and further geographical and segmental diversification through the acquisition of the PGM recycling assets in the United States of America. • A 60% increase in Northam’s operating profit as a result of improved metal prices, lower costs of production, general economies of scale and the implementation of stringent cost controls. • The easing of Northam’s corporate risk profile as a result of Booysendal North maintaining steady state production for two years and becoming the second operational mine of the group. • A strong improvement in Northam’s operating cash flows, up from R952.7 million for the financial year ended 30 June 2016 to R1.1 billion for the financial year ended 30 June 2017. • A strong capital base, with R1.8 billion in cash as at 30 June 2017, well in excess of the R425 million in interest bearing obligations, as well as the availability of a R1.0 billion revolving credit facility (which increases to R1.5 billion H2 F2018), asserting Northam’s strong liquidity position in the medium-term. • A further positive rating migration is predicted on the development of Booysendal South and recently acquired ore bodies, which should see a continued widening of the group’s operating margins and sustainability of cash flows and credit protection metrics. GCR has published an announcement in regard to Northam’s credit rating (available from GCR at http://globalratings.net). Johannesburg 13 October 2017 Corporate and Debt Advisor, Sponsor and Debt Sponsor One Capital Date: 13/10/2017 10:40:00 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.