Headline earnings per share (“HEPS”) for the period is expected to decrease to between 270 cents and 280 cents from 1,236 cents reported for the six months ended 30 June 2011 (“the comparative period”).

The expected decrease in HEPS is primarily due to lower sales volumes and lower realised prices during the first half of 2012. Platinum sales volumes for the period were lower primarily due to the delayed restart of the converter plant post its annual maintenance. HEPS for the period has also been adversely affected by higher than expected industry cost inflation, particularly for labour, diesel and electricity.

In addition to the reduction in HEPS mentioned above, basic earnings for the period included a loss of R256 million resulting from revaluation of the Company’s investment in Wesizwe Platinum Limited and once-off accounting charges of R388 million (post-tax) and R505 million (post-tax)for the writedown of the Tumela 4 shaft project and suspension of Marikana operations respectively. Tumela 4 shaft infrastructure is not viable in the current economic and operating environment. As a result, basic earnings per share for the period is expected to decrease to a loss of between 185 cents and 175 cents from the basic earnings per share profit of 1,273 cents for the comparative period.

The financial information on which this trading statement is based has not been reviewed and reported on by the Company’s external auditors.