Notes (applicable to Impala and Impala RBR JV)

• Mineral resources are quoted inclusive of mineral reserves
• Mineral resource estimates allow for estimated geological losses but not for anticipated pillar losses during eventual mining
• The introduction of a depth cut-off was noted in previous reports. Effectively no mineral resources deeper than 2 000m below surface are reported. Additional to the depth cut-off areas various mineral resource blocks are considered on a case-by-case basis and this has resulted in areas where the eventual economic extraction is in doubt. These mineral resources will be reported as exploration results.
• The modifying factors used to convert a mineral resource to a mineral reserve are derived from historical performance while taking future anticipated conditions into account
• No inferred mineral resources have been converted into mineral reserves
• Mineral reserves quoted reflect the grade delivered to the mill
• The UG2 mineral resources estimate is compared with a minimum mining cut of 95cm. This illustrates significant dilution as very little metal is added by the increase to the mining width
• Mineral resources and mineral reserve grades are shown for both 4E and 6E.
• The mineral resources and mineral reserves involved with the royalty agreement with RBPlat are excluded in this report as the ownership vests with RBPlat. This refers to the agreement with RBPlat to access certain of its mining areas at BRPM from 6, 8 and 20 Shafts
• Rounding of numbers may result in minor computational discrepancies; mineral resource estimates are inherently imprecise in nature; the results tabulated in this report must be read as estimates and not as calculations; inferred mineral resources in particular are qualified as approximations
• The economic viability of the Impala mineral reserves is tested by means of net present value calculations over the LoM of the reserve, determining the lowest real rand basket price which would still render the reserve viable. This is then tested against the internal Impala estimate of the real long-term basket price, the spot price as at 30 June 2015 and a consensus view from various financial institutions. These tests indicate that the Impala operation requires a real long-term basket price of between R19 000 and R20 000 to be economically viable. While the real spot basket price as at 30 June 2015 was R19 424, the Impala internal long-term real basket price is R25 886 and the equivalent calculated consensus price is R22 309. Some 32% of the Impala mineral reserves will not be viable at the 30 June 2015 spot prices.