Commenting on the results CEO Neville Nicolau said: "Anglo Platinum has made excellent progress in its turnaround programme throughout 2009 despite very challenging market conditions. We are encouraged by our much improved safety performance while on our path to zero harm. It has been a year of restructure and rationalisation, reconfiguring our cost base and delivering on our production and cost targets. These achievements facilitate a more flexible operating model and provide a solid platform to further improve operational efficiencies."

He added: "With growth in Company debt levels as a result of the global economic downturn, Anglo Platinum has chosen to raise additional equity through a Rights Offer which will provide a more balanced capital structure, to support our operational flexibility and capacity for growth."

KEY FINANCIAL POINTS:
- Headline earnings down 95% to R710m due primarily to significantly lower metal prices
- Cash operating costs per equivalent refined platinum ounce essentially flat at R11,236
- Rights Offer announced of R12.5 billion to restructure balance sheet, secure future growth and operational flexibility
- Successful conclusion of BEE transactions with Anooraq, Mvelaphanda and BRPM

KEY OPERATIONAL POINTS:
- Solid improvement in safety performance: fatality-free 4Q09; lost-time injury frequency rate down 21% at record low of 1.38 per 200,000 hours worked (2008: 1.74%)
- Major restructure and rationalisation making excellent progress to improve operational efficiencies
- Refined production of platinum of 2.452 million ounces, in line with target
- Sales of 2.573 million platinum ounces up 16% due to increasing demand
- Productivity up 13% (square metres mined per total operating employee pcm) year on year
- Total labour reduced as part of operational efficiency improvement programme

On the outlook for 2010 the CEO said: "Anglo Platinum believes that the platinum market will return to a position of deficit as a result of a moderate increase in supply but a significant recovery in demand. The platinum price in 2010 is expected to remain above $1,500 per ounce on average, as small improvements in the global economic recovery and re-stocking are likely to further increase the expected demand recovery in the year. We expect steady demand growth over the next few years and we intend producing around 2.5 million ounces per annum in 2010 and 2011 and thereafter to increase our production by c.3% per annum. The major restructuring of Anglo Platinum's mining operations coupled with the operational efficiencies delivered in 2009 provides a base on which we can build, and achieve a sustainable reduction in the unit cost of our production, thus underpinning the Company's commitment to extracting maximum value from its assets."

Financials Anglo Platinum's headline earnings for the year ended 31 December 2009 decreased by 95% to R710 million. The main factors contributing to this decrease were lower US dollar prices realised on metals sold, offset by higher sales volumes and the receipt of insurance income. Headline earnings per ordinary share decreased 95% to 298 cents. Headline earnings exclude profits of R2.5 billion realised on the conclusion of Anglo Platinum's BEE transactions with Anooraq Resources Corporation and Mvelaphanda Resources Limited. Basic earnings per share, which include the profits on the transactions, amounted to 1,269 cents, down 79% on 2008.

Costs were well controlled during 2009. The focus on cost management, inbound supply chain projects and asset optimisation initiatives started to bear fruit and resulted in cash operating costs per equivalent refined platinum ounce remaining essentially flat at R11,236 compared with 2008. This was achieved despite upward inflationary pressure caused by wage and electricity tariff increases in excess of consumer price inflation.

Operations A challenging 2009 provided the opportunity to reposition Anglo Platinum as we examined and questioned every aspect of the business. The majority of the restructuring processes we initiated at the start of 2009 were complete by the close of the year. Rustenburg and Amandelbult have been split into more efficient standalone units and three high cost shafts are now under 'care and maintenance'. Centralisation of mine overhead costs has also resulted in significant cost reductions.

For 2009 we targeted refined production of 2.4 million ounces and this target was met. We anticipated selling up to 2.6 million ounces should market demand improve in the second half of 2009, and Anglo Platinum supplied 2.57 million ounces, an increase of 16% on 2008.

Prices While the global financial crisis that started during the last quarter of 2008 curbed demand for platinum group metals (PGMs) and caused prices to decline significantly, the second half of 2009 brought early signs of economic recovery, with a consequential increase in demand and recovery in prices with platinum increasing by 60% from US$922 per ounce at the beginning of 2009 to US$1,475 at 31 December 2009. The average prices achieved on platinum, palladium, rhodium and nickel sales for the year were US$1,199 per ounce, US$257 per ounce, US$1,509 per ounce and US$14,424 per tonne respectively. The 2009 average rand basket price achieved was R14,115 per platinum ounce, a reduction of 37% when compared with the R22,348 price in 2008.

The market Anglo Platinum expects the platinum market in 2010 to return to a position of deficit as a result of a moderate increase in supply but a significant recovery in demand.

The platinum price in 2010 is expected to remain at above $1,500 per ounce on average, as small improvements in the global economic recovery and re-stocking are likely to further increase the expected demand recovery in 2010. The wide ranging impacts associated with the global economic crisis have not changed platinum's importance as a strategic industrial metal and premier jewellery metal with sound long-term fundamentals.

Outlook Anglo Platinum believes its market-driven strategy remains appropriate to the nature of the platinum business, to the Company's extensive reserve and resource base and to current market conditions.

The major restructuring of Anglo Platinum's mining operations coupled with the operational efficiencies delivered in 2009 form a strong platform on which Anglo Platinum can build in 2010. This new structure supports a sustainable reduction in the unit cost of our production and underpins the Company's commitment to extracting maximum value from assets.

For further information please visit www.angloplatinum.com or contact Anna Poulter:

+27 (0) 11 373 6683
[email protected]