Conclusion of agreements in respect of the acquisition of Maseve Investments 11 (Pty) Ltd's plant and equity 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”) CONCLUSION OF AGREEMENTS IN RESPECT OF THE ACQUISITION BY RBPLAT OF MASEVE INVESTMENTS 11 (PTY) LTD’S PLANT AND EQUITY Shareholders are referred to the announcement released by the Company on SENS on 6 September 2017 (“Terms Announcement”), together with the circular posted to shareholders on 2 November 2017, in terms of which RBPlat advised shareholders that it had concluded a term sheet with Platinum Group Metals (RSA) Proprietary Limited (“PTM (RSA)), pursuant to which RBPlat will, subject to the fulfilment or, where possible, waiver, of certain conditions precedent, acquire– (i) the concentrator plant and certain surface assets of Maseve Investments 11 Proprietary Limited (“Maseve”) for an aggregate consideration equal to the ZAR equivalent of USD58 million (the “Plant Transaction”); and (ii) 100% of the shares in and shareholder claims owing by Maseve for an aggregate purchase consideration equal to the ZAR equivalent of USD12 million (the “Share Transaction”), (collectively, the “Proposed Transaction”). The board of directors of RBPlat is pleased to advise shareholders that, following the completion by RBPlat of its due diligence investigations into Maseve, binding legal agreements in respect of the Proposed Transaction have now been entered into between RBPlat, Maseve and PTM (RSA). Implementation of the Plant Transaction remains subject to the fulfilment or, where possible, waiver of certain conditions precedent, including RBPlat shareholder approval for the related capital raising at a meeting scheduled for 30 November 2017 and the approval of the South African Competition Commission. Implementation of the Share Transaction remains subject to the fulfilment or, where possible, waiver of certain conditions precedent, including implementation of the Plant Transaction, the approval of the South African Department of Mineral Resources and the implementation of a scheme of arrangement pursuant to which RBPlat acquires 100% of the shares in Maseve. Johannesburg 23 November 2017 Corporate advisor and transaction sponsor Questco (Pty) Ltd Legal advisor Bowmans JSE sponsor Merrill Lynch South Africa (Pty) Ltd For further information, please contact: Lindiwe Montshiwagae Executive: Investor Relations Tel: +27 (0)10 590 4517 Email: lindiwe@bafokengplatinum.co.za Date: 23/11/2017 04:03:00 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.