Northam’s long term credit rating re-affirmed, short term credit rating revised and outlook upgraded NORTHAM PLATINUM LIMITED Incorporated in the Republic of South Africa (Registration number 1977/003282/06) JSE share code: NHM ISIN code: ZAE000030912 Debt issuer code: NHMI Bond code: NHM002 Bond ISIN: ZAG000129024 Bond code: NHM006 Bond ISIN: ZAG000158577 Bond code: NHM007 Bond ISIN: ZAG000158593 Bond code: NHM008 Bond ISIN: ZAG000158858 Bond code: NHM009 Bond ISIN: ZAG000158866 Bond code: NHM010 Bond ISIN: ZAG000159229 Bond code: NHM011 Bond ISIN: ZAG000159237 Bond code: NHM012 Bond ISIN: ZAG000160136 Bond code: NHM013 Bond ISIN: ZAG000162181 (“Northam” or the “group”) NORTHAM’S LONG TERM CREDIT RATING RE-AFFIRMED, SHORT TERM CREDIT RATING REVISED AND OUTLOOK UPGRADED Northam is pleased to advise shareholders that the credit rating agency, Global Credit Rating Co. (“GCR”), has re-affirmed Northam’s national scale long term credit rating of A-(ZA) and revised its short term credit rating to A2(ZA) (in accordance with the changes in GCR’s Rating Scales, Symbols and Definitions, May 2019), with the outlook upgraded to positive. The upgrade to a positive outlook acknowledges Northam’s improving trends in its earnings and production profile, as well as its conservative debt metrics. Moreover, the positive outlook reflects the likelihood of a future upgrade to Northam’s credit rating, should Northam continue to expand its production profile and operating cash flows in line with expectations, whilst maintaining financial discipline regarding expansionary capital expenditure and shareholder distributions. GCR’s announcement in regard to Northam’s credit rating is available from GCR’s website at http://globalratings.net. Johannesburg 28 October 2019 Corporate Advisor, Sponsor and Debt Sponsor One Capital Date: 28/10/2019 05:00:00 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.