Trading statement 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: 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 Bond code: NHM014 Bond ISIN: ZAG000163650 Bond code: NHM015 Bond ISIN: ZAG000164922 (“Northam” or the “group”) TRADING STATEMENT In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, companies are required to publish a trading statement as soon as they are satisfied, with a reasonable degree of certainty, that the financial results for the current reporting period (H1 F2020) will differ by at least 20% from the financial results of the previous corresponding period (H1 F2019). Northam expects to achieve a record operating profit for the six months ended 31 December 2019, underpinned by a solid operating performance at all operations and a higher basket price received. The group achieved a record production from own operations amounting to 306 738 4E oz, representing a 19.6% increase from H1 F2019. Sales volumes increased by 11.9% to 329 760 4E oz. Financial highlights H1 F2020 H1 F2019 Revenue R7.7 – R7.9 billion R5.0 billion Operating profit R2.9 – R3.1 billion R1.0 billion Basic earnings/(loss) per share 326.18 – 329.82 cents (18.2) cents Headline earnings/(loss) per share 326.40 – 330.20 cents (19.0) cents Number of shares in issue 509 781 212 509 781 212 Weighted average number of shares* 349 875 759 349 875 759 * Used to determine the basic and headline earnings per share, calculated as 509 781 212 shares in issue less 159 905 453 shares held by Zambezi Platinum (RF) Limited (Zambezi). Zambezi is Northam’s major empowerment shareholder and Zambezi’s financial results are consolidated into the group’s financial results. The group expects normalised headline earnings (defined as the group’s headline earnings adjusted for the impact of Northam’s black economic empowerment transaction), which constitutes the group’s main measure of performance, to be in excess of R1.8 billion (H1 F2019: R553.3 million), representing an increase in excess of 240% from H1 F2019. During the period under review, Northam returned value to shareholders by acquiring 32.5 million Zambezi preference shares (representing 20.3% of all Zambezi preference shares in issue) for R2.4 billion. Northam now holds 22.9% of all Zambezi preference shares in issue, whilst maintaining a net debt to EBITDA ratio of 1 to 1. The financial information contained in this announcement has not been reviewed or reported on by Northam’s auditors. The condensed reviewed interim results for the six months ended 31 December 2019 are expected to be published on or about 28 February 2020. Johannesburg 10 February 2020 Sponsor and Debt Sponsor One Capital Date: 10-02-2020 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.