Shareholder information and administration
Notice to shareholders

25 September 2014

Dear Shareholder

NOTICE IN TERMS OF SECTION 45(5)(a) OF THE COMPANIES ACT 71 OF 2008, AS AMENDED

Notice is hereby given, in terms of section 45(5) (a) of the Companies Act 71 of 2008, as amended, of a resolution adopted by the board of directors of the Company pursuant to special resolution number 2 passed at the annual general meeting of the Company held on 23 October 2013. Special resolution number 2 authorised the Company to provide financial assistance to, among others, its subsidiaries.

The board passed a resolution on 15 September 2014 in terms of which the Company subordinated all its claims against, and liabilities of, its wholly owned subsidiary, Impala Platinum Limited ("Impala"), in favour of all other creditors of Impala. As at 30 June 2014, the Company had advanced loans to Impala in the aggregate amount of R15.8 billion.

Authorised fully to sign on behalf of the Company and the board of directors

B Berlin (Ms)
Chief Financial Officer
Impala Platinum Holdings Limited