Change Statement African Rainbow Minerals Limited (Incorporated in the Republic of South Africa) (Registration number 1933/004580/06) JSE Share code: ARI ISIN: ZAE000054045 ("ARM" or the "Company") CHANGE STATEMENT Shareholders are advised that the audited 2018 Annual Financial Statements contain the following modification to the reviewed consolidated provisional financial statements for the year ended 30 June 2018 released on the Stock Exchange News Service (SENS) of the JSE Limited on Friday, 7 September 2018. Revenue in the Group statement of profit or loss has been modified to disclose revenue from discontinued operations separately. The revenue disclosed in the reviewed consolidated provisional financial statements released on SENS on 7 September 2018 included revenue from both continuing and discontinued operations (i.e. total operations). Impact of split on Continuing Discontinued Total Revenue (R' million) operations operations operations Modified and published in 9 263 340 9 603 the audited 2018 Annual Financial Statements issued on 30 October 2018 Published in the reviewed consolidated provisional financial statements released on 7 September 2018 9 603 0 9 603 Difference 340 (340) 0 As required by International Financial Reporting Standards (IFRS) 5, discontinued operations should be excluded from all items of profit and loss and disclosed as a separate line. Results from discontinued operations, as reported on 7 September 2018, have been correctly excluded from all other line items and notes in the reviewed consolidated provisional financial statements, including the comparative amounts. The revenue line disclosed in the Group statement of profit or loss is for the purpose of compliance with IFRS. This amount - is not additive in nature in the Group statement of profit or loss or any other statement or note; and - has no impact on the Group's net profit or earnings per share calculations. The abridged Group statement of profit or loss for the year ended 30 June 2018 is therefore as follows: Group statement of profit or loss for the year ended 30 June 2018 F2018 F2017 Rm Rm Notes Reviewed Audited Revenue - continuing operations 9 263 9 019 Revenue - discontinued operations 340 600 Continuing operations Sales 8 346 8 158 Cost of sales (6 900) (6 951) Gross profit 1 446 1 207 Other operating income* 12 1 527 757 Other operating expenses (1 263) (1 750) Profit from operations before special items 1 710 214 Income from investments 177 238 Finance costs (360) (423) Income from associate* 13 619 181 Income from joint venture** 8 3 510 3 265 Profit before taxation and special items 5 656 3 475 Special items before tax 6 (42) (2 322) Profit before taxation from continuing operation 5 614 1 153 Taxation 14 (573) 409 Profit for the year from continuing operation 5 041 1 562 Discontinued operation Loss after tax for the year from discontinued operation 16 (219) (130) Profit for the year 4 822 1 432 Attributable to: Equity holders of ARM Profit for the year from continuing operations 4 747 1 431 Loss for the year from discontinued operation (185) (59) Basic earnings for the year 4 562 1 372 Non-controlling interest Profit for the year from continuing operations 294 131 Loss for the year from discontinued operation (34) (71) 260 60 Profit for the year 4 822 1 432 * The restructuring of the ARM coal loans had an impact of R652 million profit with no tax effect in other operating income and R325 profit in income from associate with no tax effect (refer notes 10, 11 and 12). Impairment included in income from associate is R19 million (F2017: nil) less tax of R5 million (F2017: nil). ** Impairments included in income from joint venture of R26 million before tax of R7 million (F2017: R470 million before tax of R27 million). Earnings per share 7 Basic earnings per share (cents) 2 393 723 Basic earnings from continuing operations per share (cents) 2 490 754 Basic loss from discontinued operation per share (cents) (97) (31) Diluted basic earnings per share (cents) 2 325 703 Diluted basic earnings from continuing operations per share (cents) 2 419 733 Diluted basic loss from discontinued operation per share (cents) (94) (30) The 2018 Annual Financial Statements were audited by the Company's external auditor, Ernst & Young Inc., and their unmodified report is available for inspection at ARM's registered office. Copies of the audited 2018 Annual Financial Statements and the 2018 Integrated Annual Report (including the Notice of Annual General Meeting) may be obtained from the Company's registered address or may be requested by emailing ir.admin@arm.co.za. NOTICE OF ANNUAL GENERAL MEETING A notice for the 85th Annual General Meeting of shareholders of the Company has been issued separately on SENS today, 30 October 2018. For all investor relations queries please contact: Jongisa Magagula Corporate Development and Head of Investor Relations Tel: +27 11 779 1300 E-mail: jongisa.magagula@arm.co.za Johannesburg 30 October 2018 Sponsor: Investec Bank Limited Date: 30/10/2018 05:06:00 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. 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