Completion of first phase of strategic investment in the Waterberg development project IMPALA PLATINUM HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1957/001979/06) JSE Share code: IMP ISIN: ZAE000175873 ADR code: IMPUY ISIN: ZAE000083648 (“Implats” or “the Group”) COMPLETION OF FIRST PHASE OF STRATEGIC INVESTMENT IN THE WATERBERG DEVELOPMENT PROJECT Further to the announcement on 16 October 2017, Implats announces that it has today closed the first phase of its investment in the Waterberg development project (“Waterberg”) by acquiring a 15% shareholding in Waterberg for US$30 million from Platinum Group Metals Ltd and Japan Oil, Gas and Metals National Corporation. As set out in the previous announcement Implats also now has an option to acquire majority ownership of the project following completion of a definitive feasibility study, as well as a right of first refusal to smelt and refine Waterberg concentrate. Located in Limpopo on the northern limb of the Bushveld complex, Waterberg represents a large scale platinum group metal (“PGM”) resource with an attractive risk profile, given its shallow nature and ability to support a fully mechanized operation with the potential for the project to have amongst the lowest operating costs in the PGM sector. The transaction falls below the categorisation threshold in terms of the JSE Limited Listings Requirements. Queries: Johan Theron E?mail: johan.theron@implats.co.za T: +27 (0) 11 731 9013/43 M: +27 (0) 82 809 0166 Alice Lourens E?mail: alice.lourens@implats.co.za T: +27 (0) 11 731 9033/43 M: +27 (0) 82 498 3608 6 November 2017 Johannesburg Sponsor to Implats Deutsche Securities (SA) Proprietary Limited Date: 06/11/2017 04:00:00 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.