IMP 201509030003A
Summarised consolidated annual results for the year ended 30 June 2015

Impala Platinum Holdings Limited
(Incorporated in the Republic of South Africa)
Registration No. 1957/001979/06
JSE share code: IMP 
ISIN: ZAE000083648 
(“Implats” or “the Company” or “the Group”)

Summarised consolidated annual results for the year ended 30 June 2015

- Since the 2010 financial year FIFR improved from 0.122 to 0.058 per million man-hours worked
- 6.9 million fatal-free shifts in the 2015 financial year at Implats Rustenburg.

- Strong market fundamentals persist with near term PGM price pressure.

- Key operational metrics at Impala Rustenburg showing improvement
- Gross refined platinum 8.3% higher at 1.28 million ounces
  - Impala achieved target of 575 000 ounces
  - Zimplats achieved targeted production despite impact of Bimha closure.
- Headline earnings per share decreased by 58% to 36 cents.

- No dividend declared for the year.

Response plan
- Implats takes decisive action to mitigate lower-for-longer PGM prices.

Equity raising
- Group proposed equity raise of R4 billion to sustain capital commitments and long-term value creation.

Our vision
Our vision is to be the world’s best platinum-producing company, delivering superior returns to stakeholders relative
to our peers.

Our mission
To safely mine, process, refine, recycle and market our products at the best possible cost ensuring sustainable value
creation for all our stakeholders.

Our values
We respect
- All our stakeholders, including:
  - Shareholders
  - Employees and their representative bodies
  - Communities within which we operate
  - Regulatory bodies
  - Suppliers and customers
  - Directors and management
  - All other interested and affected parties
- The principles of the UN Global Compact
- The laws of the countries within which we operate
- Company policies and procedures
- Our place and way of work
- Open and honest communication
- Diversity of all our stakeholders
- Risk management and continuous improvement philosophies.

We care
- For the health and safety of all our stakeholders
- For the preservation of natural resources
- For the environment in which we operate
- For the socio-economic well-being of the communities within which we operate.

We strive to deliver
- Positive returns to our stakeholders through an operational excellence model
- A safe, productive and conducive working environment
- On our capital projects
- A fair working environment through equitable and competitive human capital practices
- On the development of our employees
- On our commitments to all stakeholders
- Quality products that meet or exceed our customers’ expectations.

Operating statistics
                              Implats refined
                                1 276 000oz
                     Group refined platinum production
Mine-to-market operations              Impala Refining Services (IRS)
Impala - 575 200oz                     Third-party concentrate purchase contracts, 
Zimplats - 215 600oz*                  recycling and toll treatment - 133 300oz
Marula - 70 500oz*
Mimosa - 113 200oz*
Two Rivers - 168 200oz*
Refined platinum ounces indicated above have been 
rounded for illustrative purposes. 

                                                    30 June 2015    30 June 2014   
Gross refined production                                                           
Platinum                                 (’000oz)          1 276           1 178   
Palladium                                (’000oz)            792             710   
Rhodium                                  (’000oz)            172             157   
Nickel                                        (t)         15 918          13 915   
IRS metal returned (toll refined)                                                  
Platinum                                 (’000oz)              -              94   
Palladium                                (’000oz)              1              28   
Rhodium                                  (’000oz)              -               9   
Nickel                                        (t)          3 344           3 186   
Sales volumes                                                                      
Platinum                                 (’000oz)          1 273           1 197   
Palladium                                (’000oz)            789             767   
Rhodium                                  (’000oz)            165             147   
Nickel                                        (t)         11 634          10 736   
Prices achieved                                                                    
Platinum                                 (US$/oz)          1 241           1 423   
Palladium                                (US$/oz)            804             737   
Rhodium                                  (US$/oz)          1 187           1 000   
Nickel                                    (US$/t)         15 458          14 644   
Consolidated statistics                                                            
Average exchange rate achieved            (R/US$)          11.41           10.36   
Closing exchange rate for the period      (R/US$)          12.17           10.64   
Revenue per platinum ounce sold          (US$/oz)          2 199           2 299   
                                           (R/oz)         25 091          23 818   
Tonnes milled ex-mine                     (’000t)         16 024          13 916   
Total development (Impala)               (Metres)         88 000          61 337   
Gross PGM refined production             (’000oz)          2 618           2 370   
Capital expenditure                          (Rm)          4 287           4 345   
Group unit cost per platinum ounce       (US$/oz)          1 947           1 874   
                                           (R/oz)         22 222          19 430   


The Group’s performance for the 2015 financial year was severely impacted by the ramp-up of the Rustenburg operations
following prolonged industrial action across the platinum industry in early calendar year 2014, together with the
precautionary closure of the Bimha Mine at Zimplats, constrained power supply in South Africa, Implats’ internal safety
stoppages, ‘Section 54’ safety stoppages by the Department of Mineral Resources (DMR), as well as depressed platinum group
metal (PGM) prices.

While the underlying medium to long-term demand drivers for PGMs remain robust, available PGM inventories, negative
price recovery sentiment and weaker Chinese economic growth continue to constrain US$ metal prices in the near term. This
has been reflected in the 15% decline in the PGM price basket over the last six months. In response to the Group’s view
that metal prices are likely to remain lower for longer, a detailed strategic review was conducted and communicated to
the market in February 2015, with the aim of positioning the Group strategically to conserve cash in the near term, while
at the same time restoring operational performance and profitability.

Following on from the strategic review, a response plan premised on the lower-for-longer metal price has been
developed. Key strategic objectives remain:
- Maintaining prudent investment through the cycle
- Maintaining strategic optionality and positioning the Group for the future
- Improving efficiencies/profitability through operational excellence and safe production
- Conserving cash, especially while metal prices remain depressed
- Maintaining Implats’ social licence to operate.

Safety review
The Group’s safety strategy is premised on achieving zero harm and specifically demands safe behaviour, an inherently
safe work environment and leading safety practices. Since the 2010 financial year our fatal injury frequency rate has
improved from 0.122 to 0.058 per million man-hours worked. Over the same period we have significantly reduced total
accidents and ended the period with the total injury frequency rate of 9.78 per million man-hours worked having reduced from a
rate of 15.21 in the 2010 financial year.

During the year our teams recorded some remarkable safety achievements at individual operations: Impala Services and
Springs Refineries achieved 10 million fatality-free shifts, 7A and 12 shafts at Impala and Mimosa achieved 5 million
fatality-free shifts, Zimplats achieved 3 million fatality-free shifts. Impala’s 9 Shaft, 14 Shaft and 20 Shaft all
achieved 1 million fatality-free shifts. Implats also worked for more than six months without a fatal accident, which
is an all-time record for the Group, and equates to 6.9 million fatality-free shifts.

Despite these improvements, management and the Implats board deeply regret to report that four of our employees at Impala
Rustenburg and two contractors, as well as an employee at Marula, suffered fatal injuries during the year. The board and the
management team have extended their sincere condolences to the families and friends of these colleagues and remain
committed to achieving zero harm across all operations.

A continuing challenge for management has been the number of ‘Section 54’ safety stoppage instructions issued by the
DMR. For the period under review, Impala recorded 55 stoppages (strike affected 2014: 40), which led to an opportunity
loss of 51 900 4E ounces or approximately R720 million in lost revenue. During the Section 54 stoppages the mine also
incurred R600 million in standing costs, mainly wage-related. Marula recorded 17 incidents (2014: 13), which led to an
opportunity loss of 10 200 4E ounces and revenue of R110 million. During the stoppages Marula Mine also incurred almost 
R100 million in standing costs. Implats supports all work stoppages where there is a direct danger to the safety or health 
of our employees, but extending these stoppages beyond the scope of the risk is problematic. Management continues to actively
engage the DMR to highlight the impact of these stoppages on both safety and productivity/profitability, especially in an
environment where we remain totally committed to zero harm and the need to preserve jobs in this current cyclical

The Group has continued to mitigate safety and health risks through the implementation of an internal work stoppage
programme. This proactive programme requires working teams to stop and fix hazards or sub-standards identified by line
management and service departments. A total of 4 016 such stoppages occurred during the year.

Operational review
Mine-to-market output at 1 142 700 ounces of platinum was 15.9% higher than in the previous year, largely as a result
of the platinum industry strike. Third-party production decreased by 30.7% to 133 300 ounces as once-off Northam
material was treated in the previous year. Gross refined platinum production increased by 8.3% to 1 276 000 ounces. Group unit
costs increased by 14.4% to R22 222 per platinum ounce.

Managed operations
Impala achieved its stated production target for the 2015 financial year despite interruptions to the ramp-up of the
operation caused by safety stoppages and constrained power availability. The ramp-up at Impala Rustenburg following the
five-month Association of Mineworkers and Construction Union wage strike in the second half of the 2014 financial year 
progressed well, but was interrupted by four separate fatal accidents and associated safety stoppages. All affected shafts and 
production units were stopped in September 2014 for an extended period while all mining operations were suspended for a period of 
four days to actively consult all key stakeholders and secure a renewed compact to work safely. Full production rates were achieved 
from November 2014.

Immediately available mineable face for conventional mining crews, which provides the best measure for ore reserve
flexibility, improved over the year from 20.5 kilometres in June 2014 to 22.4 kilometres in June 2015. This has been a key
focus area at the operation over a number of years, improving from 17.8 kilometres in 2012 effectively achieving 1.5 stoping panels 
per mining team at the end of the reporting period. Since 2012 Impala has increased its mineable ore reserves from 24 to 33 months.

The impact of constrained power supply was mitigated to some extent through effective real-time monitoring, targeted
power curtailment and power shifting to off-peak periods at the smelting facility.

Mill throughput improved by 48.8% from the previous comparable period to 9.20 million tonnes, and refined platinum
production increased by 40.0% to 575 200 ounces, largely as a result of strike activity in the previous period. Unit costs
were severely impacted by the ramp-up (at full cost) and increased by 8.4% to R23 884 per platinum ounce refined (2014:
R22 036).

Production during the year was materially impacted by the precautionary closure of Bimha Mine (Portal 4) following an
underground collapse of previously mined-out areas in August 2014. Six of the eight affected production fleets at Bimha
Mine were successfully redeployed during the year to offset production losses at the mine, with the remaining two mining
fleets allocated to the redevelopment of the mine towards the end of the year, following detailed technical risk assessment
studies. The production impact of closing the Bimha Mine was further mitigated through open-pit mining from April 2015
and the continued ramp-up of the newly developed Mupfuti Mine (Portal 3). Consequently, tonnes milled only decreased by
13.1% from the previous year to 5.16 million (2014: 5.94 million). Platinum in matte production was, however, further
affected by a lock-up of around 27 000 ounces in concentrate at year end, after a furnace outage following a shell
break-out incident in May 2015. This resulted in platinum in matte production declining by 20.7% to 190 000 ounces
(2014: 239 700 ounces). The furnace was repaired and restarted on 2 June 2015 and matte tapping recommenced on 9 June 2015.

Detailed independent geotechnical assessments to fully understand the nature and extent of the ground collapse and
geological settings around Bimha Mine were advanced during the year, allowing the redevelopment of the mine to commence
from December 2014. Good progress has been made on the re-establishment of Bimha through developing ore access haulages to
both the north and south of the existing portal, leaving a protective barrier pillar around the collapsed workings.
Ground conditions have stabilised in the area where the collapse occurred and the mine is producing in excess of 360 000 ore
tonnes per annum from the access haulage development activities. The re-establishment cost has been reduced to US$92
million from the US$142 million estimated in December 2014. Improvements to the mining design and mining practices across
all Zimplats’ operations have been made to mitigate the risks presented by shear structures such as that experienced at

The company commenced the first stage refurbishment of the existing Selous Base Metals Refinery (BMR) to treat
Zimplats’ smelter material during the year. In addition, a new smelter study commenced in conjunction with other platinum
producers in Zimbabwe, the purpose of which is to advance local beneficiation strategies capable of treating all platinum
concentrates currently produced in country.

Implats’ lower-for-longer metal price risk mitigation strategy announced in February 2015 outlined an option to seek
value through a possible disposal of Marula. Following a thorough assessment, it was resolved that enhanced shareholder
returns would best be obtained through strategic interventions that would optimise performance and profitability,
including a reduction in operating costs. Consequently, the formal disposal process was terminated.

Tonnes milled during the year decreased by 7.4% from the previous year to 1.66 million (2014: 1.79 million) impacted
by safety and labour stoppages experienced in the first half of the year. Pleasingly, operational performance has
improved in the last quarter of the financial year and has exceeded planned targets on a number of parameters during this
period. Head grade remained flat at 4.19g/t compared to the previous year’s while concentrator recoveries improved from 85.4%
to 86.4%. Platinum in concentrate production of 73 600 ounces was 6.2% lower in line with the lower milled tonnage.

Capital expenditure decreased by 9.9% due to cash preservation and amounted to R145 million (2014: R161 million).

Platinum production from mine-to-market operations decreased by 1.2% from the previous year to 567 500 ounces (2014:
574 600 ounces), mainly as a result of the lower volumes from Zimplats following the temporary closure of the Bimha Mine,
as well as the industrial action and safety stoppages experienced at Marula. This was offset to some extent by
increased production from Mimosa.

Refined platinum production from third-party purchases and toll volumes decreased from 192 400 to 133 300 ounces,
largely due to once-off treatment of Northam concentrate in the previous comparable period.

Non-managed operations
Operations at Mimosa remained efficient with steady-state throughput and production exceeding the previous year.
Tonnes milled improved by 5.4% to 2.59 million. Head grade was steady at 3.93g/t while concentrator recoveries improved to
78%. The increased throughput together with improved recoveries increased platinum in concentrate production to 117 400 ounces, 
6.5% more than the previous year (2014: 110 200 ounces).

Unit costs benefited from the higher volumes as well as a cost rationalisation programme and decreased by 11.0% from
US$1 713 per platinum ounce in concentrate to US$1 525. Capital expenditure of US$30 million was spent mainly on
underground equipment, conveyor belt extensions and development towards the Mtshingwe block.

The imposition of a 15% export levy on unbeneficiated platinum concentrates in Zimbabwe, which became effective from 1 January 2015, 
would have had a material impact on the profitability and sustainability of this operation and active engagement with the government 
of Zimbabwe was initiated to highlight this risk. It has been announced that the levy has been suspended for two years to allow mining 
companies to meet beneficiation requirements in the country. Mimosa is in discussions with other producers with regard to co-funding 
a smelter in the near term.

Tonnes milled increased by 2.5% from the previous year to 3.36 million in 2015 at a head grade of 3.98g/t, while
concentrator recoveries improved from 85.7% to 86.5%. Consequently, platinum in concentrate production was maintained at
similar levels to the previous year at 173 500 ounces.

Unit costs were well contained and increased by only 4.5% to R11 948. Capital expenditure, which amounted to R275 million, 
compared to R319 million in the previous year, was mainly spent on fleet replacement, completion of the fine chrome
recovery plant and employee housing. The current project focus is on accessing the newly acquired Kalkfontein property
via the central and north declines.

Mineral resources and mineral reserves
Implats’ total attributable mineral resource of 196 million platinum ounces at 30 June 2015 is 8% lower than the 212 million 
platinum ounces reported previously. This can mainly be attributed to the Tamboti mineral right transaction with
Two Rivers, in which mineral resources were exchanged for equity resulting in Implats’ shareholding in Two Rivers increasing 
from 45% to 49%. The grouping of the platinum ounces by operation shows that Zimplats’ mineral resources make up 48% of the 
total Implats inventory.

Total attributable mineral reserves decreased by 7% to 26 million platinum ounces as at 30 June 2015 compared to 28 million 
platinum ounces in the previous financial year. The main contributor to the decrease in mineral reserves is Zimplats, due to
the exclusion of Portal 5 and the impact of revised pillar designs. There are gains in mineral reserves at Two Rivers through 
increased ownership, Mimosa and Marula due to the inclusion of additional areas. Some 73% of the total attributable mineral 
reserves are located at Impala.

Financial performance
Revenue, at R32.48 billion, was R3.45 billion or 11.9% higher than the previous financial year, as a result of:
- An increase in sales volumes of platinum, palladium, rhodium and nickel due to the higher production volumes at
  Impala, accounting for the positive volume variance of R2.0 billion
- The average dollar revenue per platinum ounce sold of US$2 199, was US$100 or 4.3% lower than the previous year and
  gave rise to a negative variance of R1.56 billion. This was mainly due to the 13% drop in the platinum price partially
  offset by the higher palladium, rhodium and nickel prices
- The average R/US$ exchange rate of 11.44 was 10.4% weaker than the 10.36 achieved during the prior financial year
  leading to a positive variance of R3.01 billion.

Cost of sales rose by 19.6%, or R5.06 billion to R30.85 billion compared to the prior financial year as a result of:
- Direct operating costs increased by R5.72 billion, but the comparable period in the 2014 financial year included
  strike-related savings of R3.8 billion. After adjusting for strike-related costs of R808 million (2014: R1 255 million),
  which was not taken into account as cost of sales for valuing stock but expensed immediately, costs increased by some 8.7%
  in line with mining inflation
- Depreciation increased by R252 million, mainly due to a higher asset base to amortise, increased units of production
  at Impala and the effect of the weaker exchange rate on the Zimplats amortisation
- Metals purchased by IRS increased by R1.47 billion due to higher volumes and rand metal prices.

The above increases were partially offset by:
- Share-based payment compensation decreased by R421 million due to the drop in the share price from R107 to R54 per share
- A change in metal inventories of R1.95 billion principally included a write-on of stocks of R325 million (compared
  to a write-off of R806 million in the prior financial year) due to engineering estimates of stock in the pipeline.

As a result of the above, gross profit declined by 50% to R1.63 billion.

Basic earnings were impacted by impairments of 17 Shaft (development asset) and Afplats and Imbasa/Inkosi (exploration
and evaluation assets) in the net amount of R3.745 billion as set out below:                                               
17 Shaft                                    2 872   
Afplats                                     1 780   
Imbasa/Inkosi                               1 195   
                                            5 847   
Non-controlling shareholders’ interest       (746)  
Deferred tax                               (1 356)  
Net impact on earnings                      3 745   
Net impact on earnings (cps)                  617   

Apart from the impairments noted above, headline earnings decreased by 58% or R302 million to R221 million and were
affected by the following material movements:
- Cost of R808 million (2014: R1 255 million) incurred during the 2015 build up and the 2014 strike was not taken into account
  as cost of sales in valuing stock, but expensed immediately
- Royalties were impacted by the Zimplats court case which resulted in a credit of R1.2 billion in the 2015 financial year
- IRS commodity price adjustments amounting to a cost of R246 million in the prior period compared to a credit of R741 million 
  for the current financial year
- Taxation was impacted by additional profits tax (APT) at Zimplats of R913 million due to the outcome of two court
  cases, one being a prior year adjustment for the deductibility of assessed losses in the calculation of APT (R300 million)
  and secondly the current year impact of the reduced royalty rates of R613 million. Royalties and tax offset
  arrangements have been agreed with the revenue authorities in Zimbabwe.
The net results of Implats' operating, investing and financing activities, combined with the opening cash and debt
positions, was to end the year with cash of R2.6 billion and net debt (excluding finance leases) of R4.1 billion. In
addition to the cash on hand, the Group had undrawn committed facilities of R3.0 billion at year end.

Given the significantly low rand metal prices, the board has resolved not to declare a final dividend for the year to
30 June 2015.

Market review
Market fundamentals remain sound and both the platinum and palladium markets remained in deficit in the 2014 calendar
year due to strong demand and reduced primary supply as a result of prolonged strike action at South African producers.
Despite this, market sentiment and available metal inventories continued to constrain metal prices through the year and
into the first half of the 2015 calendar year.

Market anticipation of a rise in US interest rates contributed to a strengthening US dollar. The resulting 14%
depreciation of the rand/dollar exchange rate offered some support to the rand PGM basket during the 2015 financial year.
Platinum prices declined throughout the financial year from US$1 493 per ounce in July 2014 to US$1 089 per ounce in June 2015, 
with an average price for the 2015 financial year at US$1 246 (2014: US$1 431) some 13% lower than the previous
financial year. Palladium prices peaked at US$911 in September 2014, the highest level achieved in 13 years, but have
subsequently steadily declined with the average price of US$799 for the year only 6% higher than in the previous period (2014:
US$752). Rhodium prices were supported in the first half of the financial year by the strike action and healthy Asian
demand, but fell in the second half to average 15% higher on the previous period at US$1 169 per ounce (2014: US$1 014).

Vehicle sales were higher with the global automotive industry achieving 3% growth in the light-duty sector in the 2014
calendar year, exceeding 86 million units, principally driven by growth in North America, Western Europe, China and
Japan. For the first six months of the 2015 calendar year, Europe achieved 8% growth, the US 4.4% and China 4.7%. However,
the 7.1%, 2.3% and 0.4% declines in Chinese sales during July, April and May 2015 respectively, have highlighted the
downward pressure on the market as the economy slows. The China Association of Automobile Manufacturers has lowered its
2015 growth forecast for auto sales to 3% from 7% at the beginning of the year. In the meantime, Japanese sales declined by
10% during the first six months of the 2015 calendar year mainly driven by increased domestic sales tax. Nonetheless,
the continuing growth in the US and in Europe should be positive for PGM demand during the 2015 calendar year.

Slowing Chinese GDP growth and economic uncertainty in the 2014 calendar year impacted platinum jewellery sales in
this important market segment. However, positive growth in India, Japan and the US more than offset this weakness.
Reductions in the use of platinum in glass and hard disk drives over the last number of years continued during 2014 and
negatively impacted demand for industrial use.

Both platinum and palladium exchange traded funds (ETFs) grew by 155 000 and 940 000 ounces respectively in 2014 calendar year,
mainly supported by the South African funds. In the first six months of the 2015 calendar year, however, enthusiasm has been
muted with platinum growing by only 50 000 ounces and palladium ending the period 86 000 ounces lower. Notwithstanding
strong physical investment demand, gross long positions for platinum on New York Mercantile Exchange (NYMEX) have fallen from 
their peak in November 2014 followed by palladium, with corresponding growth in short positions for both metals ending the 
period at record levels.

Customer requirements were met, often exceeding contractual volumes for all PGMs in the 2015 financial year. The
challenges confronting South African PGM miners are significant and in our view will constrain supply in the future. Together
with increasing global demand for these metals, we forecast fundamental deficits in PGMs over the medium to long term.
Despite this view, near-term metal prices remain vulnerable to perceptions around non-visible metal inventories and an
uncertain global economic outlook.

Response plan to low PGM prices
The recent sharp decline in PGM prices has compounded the impact of the prolonged strike in 2014, which had a material
negative effect on the Group’s overall financial position. Implats is therefore taking decisive action.

The Group is planning to reduce the 2016 financial year operating cost budget by R1.57 billion from a normalised
base (adjusted for the ramp-up and inflation) and the capital expenditure budget to R4.2 billion. Planned expenditure on
employee housing and social and labour plan commitments has not been reduced.

Reducing operating costs
As part of our strategic review process in December last year a bottom-up assessment of all operations was conducted that resulted 
in interventions at each operation, with specifically targeted measures to improve mining efficiencies and reduce operating costs
resulting in a saving of R930 million. In light of the current metal price environment, a number of further initiatives
are being implemented to reduce operating costs across the group, including a reduction of head office costs;
rescheduling development expenditure; reassessment and rescheduling of major contracts; revised support strategies; reduction of
remuneration expenditure and revised management of ammonium sulphate stocks. The 2016 financial year budgeted operating
costs will consequently be further reduced by approximately R640 million, including R400 million at Impala, R20 million
at Marula and R220 million at Zimplats, yielding a combined planned reduction of some R1.57 billion for the year.

Reprioritising and rescheduling capital expenditure
The balance of short and long-term demands have been reassessed with the principal focus on cash preservation and
profitability in a lower price environment. Consequently, the 2016 financial year capital budget has been rescheduled to
R4.2 billion.

The Group will continue to prioritise key capital projects that are value enhancing in the current price environment
and are also important to long-term value creation. The priority is to complete the development of 16 and 20 shafts in
line with the strategy for the Impala Lease Area. To date approximately R13 billion has been invested into these projects.
A further R3.9 billion in capital and off-reef capitalisation is required to complete these shaft complexes over the
next three years.

Development at 17 Shaft will be further curtailed and the Group plans to spend R520 million over the next two years on
this project. This represents an 18-month delay from the plan announced in February 2015. Outside of these main
projects, capital expenditure at Impala Lease Area will be reduced by approximately R175 million, and by approximately 
R45 million at Marula and R640 million at Zimplats. Priority projects at Zimplats have been rescheduled in line with

Implementing the Impala Lease Area strategy
Consistent with the outcome of the strategic review announced earlier in 2015 it is critical that the Impala Lease
Area be transformed. The intention is to create a more concentrated mining operation with access to new, modern shaft
complexes making better use of the invested fixed cost base, with higher mining efficiencies and lower unit costs. Over the
next five years it is planned to change the proportion of Merensky to UG2 to 50%.

The old shafts (E/F, 4, 6, 7, 7A, 8 and 9) have been consolidated to optimise costs and realise synergies. These
shafts are among the lowest-cost operations at the Impala Lease Area due to their relatively shallow mining depth and low
capital requirements and will be depleted as quickly as possible. The mid-life shafts (1, 10, 11, 12 and 14) would have
provided a significant base load to sustain production for the foreseeable future, but given their size and complexity,
have all been adversely impacted by the challenging operating environment and low metal prices. In the current low price
environment both 8 Shaft and the 12 Shaft mechanised sections are most at risk and will need to be closed by December 2015. 
The exact impact on jobs is still being assessed and will be mitigated through redeploying employees to the replacement
shafts. Implats supports the mining industry commitment to save jobs and ameliorate the impact of job losses 
"leaders declaration" that was signed on 31 August 2015.

Given the revised capital schedule and envisaged closures, expected production from the Impala Lease Area will be
reduced by approximately 180 000 platinum ounces over the next five years. On this basis production is now expected to be
between 815 000 to 830 000 platinum ounces by 2020, down from previously stated 850 000 oz in 2019.

Debt facilities
At year end the Group had R2.6 billion (H1 2014: R2.7 billion) in cash and unused debt facilities of R3.0 billion. In
response to the lower prices, advanced agreement has been secured to extend the term of a portion of the revolving debt
facilities to two and half years from one year previously. The quantum has been increased to R3.5 billion.

Proposed Equity raising
In the current price environment, the Group’s priorities have been materially rebalanced to focus on profitability and
cash preservation. It is nevertheless critical to safeguard the completion of key capital projects to secure the
long-term value of the Group. Central to this is the completion of 16 and 20 shafts at the Impala Lease Area, which
collectively require R3.9 billion investment over the next three years.

Following the operating and capital cost cutting response, the Group is expected to be EBITDA positive in the current
PGM price environment and free cash flow positive across the Impala Lease Area and IRS, before replacement and
development expenditure.

The Group has today proposed an equity raising of up to R4.0 billion. Subject to shareholder approval, this equity
raising will take place via an accelerated book-building process to qualifying institutions. Written support to vote in favour 
of all the relevant resolutions has been received from 49% of Implats’ shareholders. The equity raising has, subject 
to customary conditions, been fully underwritten by UBS and will allow Implats to implement the response plan and so enhance its 
ability to operate effectively and profitably.

Implats remains committed to returning excess cash flow to shareholders going forward.

3 September 2015

Approval of the financial statements

The directors of the Company are responsible for the maintenance of adequate accounting records and the preparation of
the financial statements and related information in a manner that fairly presents the state of the affairs of the
Company. These financial statements are prepared in accordance with International Financial Reporting Standards and
incorporate full and responsible disclosure in line with the accounting policies of the Group which are supported by prudent
judgements and estimates.

The financial statements have been prepared under the supervision of the chief financial officer Ms B Berlin, CA(SA).

The directors are also responsible for the maintenance of effective systems of internal control which are based on
established organisational structure and procedures. These systems are designed to provide reasonable assurance as to the
reliability of the financial statements, and to prevent and detect material misstatement and loss.

The financial statements have been prepared on a going-concern basis as the directors believe that the Company and the
Group will continue to be in operation in the foreseeable future.

The financial statements have been approved by the board of directors and are signed on their behalf by:

KDK Mokhele                 TP Goodlace
Chairman                    Chief executive officer

3 September 2015
Consolidated statement of financial position                                                   
as at 30 June 2015                                                                             
                                                                            2015        2014   
                                                               Notes          Rm          Rm   
Non-current assets                                                                             
Property, plant and equipment                                      6      47 248      46 916   
Exploration and evaluation assets                                  7         385       3 360   
Investment in equity accounted entities                            8       3 172       2 959   
Deferred tax                                                                   -         238   
Other financial assets                                                       146         222   
Derivative financial instruments                                             630         332   
Prepayments                                                               10 378      10 665   
                                                                          61 959      64 692   
Current assets                                                                                 
Inventories                                                        9       8 125       7 212   
Trade and other receivables                                                3 751       3 078   
Other financial assets                                                        35          12   
Prepayments                                                                  748         568   
Cash and cash equivalents                                                  2 597       4 305   
                                                                          15 256      15 175   
Total assets                                                              77 215      79 867   
Equity and liabilities                                                                         
Share capital                                                             15 733      15 624   
Retained earnings                                                         31 271      34 936   
Other components of equity                                                 3 100       1 807   
Equity attributable to owners of the Company                              50 104      52 367   
Non-controlling interest                                                   2 258       2 550   
Total equity                                                              52 362      54 917   
Non-current liabilities                                                                        
Deferred tax                                                               8 695      10 179   
Borrowings                                                        10       7 366       7 169   
Other financial liabilities                                                   57          84   
Sundry liabilities                                                           377         610   
Provisions                                                                   848         676   
                                                                          17 343      18 718   
Current liabilities                                                                            
Trade and other payables                                                   6 057       4 713   
Current tax payable                                                          636         562   
Borrowings                                                        10         710         618   
Other financial liabilities                                                   17          18   
Sundry liabilities                                                            90         321   
                                                                           7 510       6 232   
Total liabilities                                                         24 853      24 950   
Total equity and liabilities                                              77 215      79 867   
The notes are an integral part of these summarised financial statements.                                

Consolidated statement of comprehensive income                                                                                                       
for the year ended 30 June 2015                                                                
                                                                            2015        2014   
                                                               Notes          Rm          Rm   
Revenue                                                                   32 477      29 028   
Cost of sales                                                     11     (30 849)    (25 786)  
Gross profit                                                               1 628       3 242   
Other operating income                                            12         953         239   
Other operating expenses                                          13      (1 338)     (1 809)  
Impairment                                                        14      (5 847)     (1 000)  
Royalty income/(expense)                                                     575        (693)  
Profit/(loss) from operations                                             (4 029)        (21)  
Finance income                                                               135         318   
Finance cost                                                                (419)       (496)  
Net foreign exchange transaction gains/(losses)                             (287)       (101)  
Other income                                                                 266         203   
Other expenses                                                              (399)       (253)  
Share of profit of equity accounted entities                       8         377         365   
Profit before tax                                                         (4 356)         15   
Income tax expense                                                           217        (144)  
Profit/(loss) for the year                                                (4 139)       (129)  
Other comprehensive income/(loss), comprising items that  
may subsequently be reclassified to profit or loss:             
Available-for-sale financial assets                                          (27)        (56)  
Deferred tax thereon                                                          (2)          -   
Share of other comprehensive income of 
equity accounted entities                                                    239         120   
Deferred tax thereon                                                         (23)        (12)  
Exchange differences on translating foreign operations                     1 495         711   
Deferred tax thereon                                                        (195)        (93)  
Other comprehensive income/(loss), comprising items that  
will not be subsequently reclassified to profit or loss:         
Actuarial loss on post-employment medical benefit                             (2)         (1)  
Deferred tax thereon                                                           -           -   
Total comprehensive income/(loss)                                         (2 654)        540   
Profit/(loss) attributable to:                                                                 
Owners of the Company                                                     (3 663)          8   
Non-controlling interest                                                    (476)       (137)  
                                                                          (4 139)       (129)  
Total comprehensive income/(loss) attributable to:                                             
Owners of the Company                                                     (2 372)        569   
Non-controlling interest                                                    (282)        (29)  
                                                                          (2 654)        540   
Earnings per share (cents per share):                                                          
Basic                                                                       (603)          1   
Diluted                                                                     (603)          1   
The notes are an integral part of these summarised financial statements.                                       

Consolidated statement of equity                                                                                                                                
for the year ended 30 June 2015                                                                                                                                                                                                                                                                      
                                                             Share-                                                   Attributable to: 
                                                              based           Total                Total other     Owners           Non-              
                                     Ordinary      Share    payment           share    Retained     components     of the    controlling      Total           
                                       shares    premium    reserve         capital    earnings      of equity    Company       interest     equity           
                                           Rm         Rm         Rm              Rm          Rm             Rm         Rm             Rm         Rm          
Balance at 30 June 2014                    16     13 371      2 237          15 624      34 936          1 807     52 367          2 550     54 917   
Shares issued                                                                                                                                         
- Implats Share Incentive Scheme            -          1          -               1           -              -          1              -          1   
Shares purchased 
- Long-term Incentive Plan                  -         (3)         -              (3)                                   (3)                       (3)  
Share-based compensation expense                                                                                                                      
- Long-term Incentive Plan                  -          -        111             111           -              -        111              -        111   
Total comprehensive income/(loss)           -          -          -               -      (3 665)         1 293     (2 372)          (282)    (2 654)  
- Profit/(loss) for the year                -          -          -               -      (3 663)             -     (3 663)          (476)    (4 139)  
- Other comprehensive income/(loss)         -          -          -               -          (2)         1 293      1 291            194      1 485   
Dividends (note 16)                         -          -          -               -           -              -          -            (10)       (10)  
Balance at 30 June 2015                    16     13 369      2 348          15 733      31 271          3 100     50 104          2 258     52 362   
Balance at 30 June 2013                    16     13 363      2 114          15 493      35 300          1 244     52 037          2 579     54 616   
Shares issued                                                                                                                                         
- Implats Share Incentive Scheme            -          8          -               8           -              -          8              -          8   
Share-based compensation expense                                                                                                                      
- Long-term Incentive Plan                  -          -        123             123           -              -        123              -        123   
Total comprehensive income/(loss)           -          -          -               -           7            563        570            (29)       541   
- Profit/(loss) for the year                -          -          -               -           8              -          8           (137)      (129)  
- Other comprehensive income/(loss)         -          -          -               -          (1)           563        562            108        670   
Dividends (note 16)                         -          -          -               -        (371)             -       (371)             -       (371)  
Balance at 30 June 2014                    16     13 371      2 237          15 624      34 936          1 807     52 367          2 550     54 917   
* The table above excludes the treasury shares, Morokotso Trust (ESOP) and the Implats Share Incentive Scheme as these special structured entities 
  are consolidated.                                                                                                                     
The notes are an integral part of these summarised financial statements.                                                                                                                     

Consolidated statement of cash flows                                                                            
for the year ended 30 June 2015                                                                                 
                                                                                              2015       2014   
                                                                                                Rm         Rm   
Cash flows from operating activities                                                                            
Cash generated from operations                                                               3 100      5 234   
Exploration costs                                                                              (33)       (20)  
Finance cost                                                                                  (338)      (404)  
Income tax paid                                                                               (401)      (714)  
Net cash from operating activities                                                           2 328      4 096   
Cash flows from investing activities                                                                            
Purchase of property, plant and equipment                                                   (4 508)    (4 500)  
Proceeds from sale of property, plant and equipment                                             42         64   
Proceeds from insurance claim                                                                    -        112   
Loans granted                                                                                  (61)       (10)  
Loan repayments received                                                                        19         11   
Finance income                                                                                 141        319   
Dividends received                                                                             522        467   
Net cash used in investing activities                                                       (3 845)    (3 537)  
Cash flows from financing activities                                                                            
Issue of ordinary shares                                                                         1          8   
Shares purchased - Long-term Incentive Plan                                                     (3)         -   
Repayments of borrowings                                                                      (344)       (16)  
Proceeds from borrowings                                                                        80          -   
Dividends paid to non-controlling interest/Company’s shareholders                              (10)      (371)  
Net cash used in financing activities                                                         (276)      (379)  
Net increase in cash and cash equivalents                                                   (1 793)       180   
Cash and cash equivalents at beginning of year                                               4 305      4 113   
Effect of exchange rate changes on cash and cash equivalents held in foreign currencies         85         12   
Cash and cash equivalents at end of year                                                     2 597      4 305   
The notes are an integral part of these summarised financial statements.                         

Notes to the financial information
for the year ended 30 June 2015
1.   General information
     Impala Platinum Holdings Limited (Implats, Group or Company) is a primary producer of platinum and associated
     platinum group metals (PGMs). The Group has operations on the Bushveld Complex in South Africa and the Great Dyke in Zimbabwe,
     the two most significant PGM-bearing ore bodies globally.
     The Company has its listing on the Johannesburg Stock Exchange.
     The summarised consolidated financial information was approved for issue on 3 September 2015 by the board of
2.   Audit opinion
     This summarised report is extracted from audited information, but is not itself audited. The annual financial
     statements were audited by PricewaterhouseCoopers Inc., who expressed an unmodified opinion thereon. The audited annual
     financial statements and the auditor’s report thereon are available for inspection at the Company’s registered office.
     The directors take full responsibility for the preparation of the summarised consolidated financial statements and that the 
     financial information has been correctly extracted from the underlying annual financial statements.
3.   Basis of preparation
     The summarised consolidated financial statements for the year ended 30 June 2015 have been prepared in accordance
     with the JSE Limited Listings Requirements (Listings Requirements) and the requirements of the Companies Act, Act 71 of
     2008 applicable to summarised financial statements. The Listings Requirements require financial statements to be prepared
     in accordance with the framework concepts and the measurement and recognition requirements of International Financial
     Reporting Standards (IFRS), the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and
     Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, and contain the information 
     required by IAS 34 Interim Financial Reporting.
     The summarised consolidated financial information should be read in conjunction with the consolidated financial
     statements for the year ended 30 June 2015, which have been prepared in accordance with IFRS.
     The summarised consolidated financial information has been prepared under the historical cost convention except for
     certain financial assets, financial liabilities and derivative financial instruments which are measured at fair value
     and liabilities for cash-settled share-based payment arrangements which are measured using a binomial option model.
     The summarised consolidated financial information is presented in South African rand, which is the Company’s
     functional currency.
4.   Accounting policies
     The principal accounting policies applied in the preparation of the consolidated financial statements, from which
     the summarised consolidated financial statements were derived, are in terms of IFRS. The following new standards and
     amendments to standards have become effective or have been early adopted by the Group as from 1 July 2014 without any 
     significant impact:
     - Amendments to IAS 1 - Presentation of Financial Statements
     - Amendments to IAS 16 - Property, Plant and Equipment and IAS 38 Intangible Assets
     - Amendments to IAS 10 and IAS 28
     - Amendments to IAS 27 - Separate Financial Statements
     - Amendment to IFRS 10 - Consolidated Financial Statements, IFRS 12 - Disclosure of Interests in Other Entities and
       IAS 28 - Investments in Associates and Joint Ventures
     - Amendment to IFRS 11 - Joint Arrangements
     - Improvements to IFRSs 2010 - 2012 Cycle
     - Improvements to IFRSs 2011 - 2013 Cycle
     - Improvements to IFRSs 2012 - 2014 Cycle
5.   Segment information
     The Group distinguishes its segments between mining operations, refining services (which include metals purchased
     and toll refined), chrome processing and other.
     Management has determined the operating segments based on the business activities and management structure within
     the Group.
     Capital expenditure comprises additions to property, plant and equipment (note 6), including additions resulting
     from acquisitions through business combinations.
     Impala mining segment’s two largest sales customers amounted to 13% and 10% of total sales (June 2014: 12% and 11%).
     The statement of comprehensive income shows the movement from gross profit to total profit before income tax.
                                          30 June 2015                   30 June 2014                   
                                     Revenue    Gross profit        Revenue    Gross profit   
                                          Rm              Rm             Rm              Rm   
     - Impala                         31 777          (1 337)        28 308          (1 773)  
     Mining                           13 369          (1 455)        10 327          (1 902)  
     Metals purchased                 18 408             118         17 981             129   
     - Zimplats                        4 661             480          5 973           2 039   
     - Marula                          1 636            (220)         1 791             (12)  
     - Afplats                             -               -              -              (5)  
     Chrome processing                   225              92            179              41   
     Inter-segment adjustment         (6 315)          1 324         (7 778)          1 144   
     External parties                 31 984             339         28 473           1 434   
     Refining services                18 824           1 293         18 495           1 813   
     Inter-segment adjustment        (18 331)             (4)       (17 940)             (5)  
     External parties                    493           1 289            555           1 808   
     Total external parties           32 477           1 628         29 028           3 242   
                                     Capital           Total        Capital           Total   
                                 expenditure          assets    expenditure          assets   
                                          Rm              Rm             Rm              Rm   
     - Impala                          3 047          46 828          2 848          49 946   
     - Zimplats                          968          15 548          1 166          12 856   
     - Marula                            145           2 993            161           3 048   
     - Afplats                           127           3 061            168           5 912   
     Total mining                      4 287          68 430          4 343          71 762   
     Refining services                     -           4 708              -           4 580   
     Chrome processing                     -             180              2             120   
     Other                                 -           3 897              -           3 405   
     Total                             4 287          77 215          4 345          79 867   
6.   Property, plant and equipment                                                                                                            
                                                               30 June 2015    30 June 2014   
                                                                         Rm              Rm   
     Opening net book amount                                         46 916          44 410   
     Additions                                                        4 287           4 345   
     Interest capitalised                                               260             155   
     Disposals                                                          (13)            (17)  
     Depreciation (note 11)                                          (2 593)         (2 341)  
     Impairment                                                      (2 872)            (65)  
     Scrapping                                                         (437)           (223)  
     Rehabilitation adjustment                                          110            (115)  
     Exchange adjustment on translation                               1 590             767   
     Closing net book amount                                         47 248          46 916   
     On a value-in-use basis, the recoverable amount of the impaired asset is R1 783 million, resulting in an impairment 
     of R2 872 million.                                   
     Capital commitment                                                   
     Capital expenditure approved at 30 June 2015 amounted to R15.5 billion (June 2014: R15.6 billion), of which R2.1 billion 
     (June 2014: R1.9 billion) is already committed. This expenditure will be funded internally and, if necessary, from borrowings.                                   
7.   Exploration and evaluation assets                                   
                                                               30 June 2015    30 June 2014   
                                                                         Rm              Rm   
     Cost                                                             4 318           4 318   
     Accumulated impairment                                          (3 933)           (958)  
     Carrying amount                                                    385           3 360   
     On a fair value less cost to sell basis, the recoverable amount is R2 685 million, resulting in an impairment of 
     R2 975 million (2014: R934 million) of exploration and evaluation assets.                                   
8.   Investment in equity accounted entities                                                              
                                                                           30 June 2015    30 June 2014   
                                                                                     Rm              Rm   
     Joint venture                                                                                        
     Mimosa                                                                       1 772           1 756   
     Two Rivers                                                                   1 293           1 134   
     Individually immaterial associates                                             107              69   
     Total investment in equity accounted entities                                3 172           2 959                                                                                                      
     Beginning of the year                                                        2 959           2 922   
     Investment acquired                                                            157               -   
     Share of profit                                                                339             383   
     Share of other comprehensive income                                            239             120   
     Dividends received                                                            (522)           (466)  
     End of the year                                                              3 172           2 959                                                                                                          
     Share of profit of equity accounted entities is made up as follow:                                   
     Share of profit                                                                339             383   
     Unrealised profit in stock                                                      38             (18)  
     Total share of profit of equity accounted entities                             377             365   
9.   Inventories                                                                                                                                         
                                                                           30 June 2015    30 June 2014   
                                                                                     Rm              Rm   
     Mining metal                                                                                         
     Refined metal                                                                1 233           1 300   
     Main products - at cost                                                        696             941   
     Main products - at net realisable value                                        487             286   
     By-products - at net realisable value                                           50              73   
     In-process metal                                                             2 423           1 728   
     At cost                                                                      1 614           1 270   
     At net realisable value                                                        809             458   
     Non-mining metal                                                                                     
     Refined metal                                                                1 282           1 160   
     At cost                                                                      1 201           1 134   
     At net realisable value                                                         81              26   
     In-process metal                                                             2 436           2 291   
     At cost                                                                      2 149           2 291   
     At net realisable value                                                        287               -   
     Metal inventories                                                            7 374           6 479   
     Stores and materials inventories                                               751             733   
                                                                                  8 125           7 212   
     The write-down to net realisable value comprises R154 million (2014: R49 million) for refined mining metal and 
     R364 million (2014: R86 million) for in-process mining metal.                                   
     Included in refined metal is metal on lease to third parties of 36 000 ounces (2014: 36 000 ounces) ruthenium.                                   
     Non-production costs relating to the strike and the subsequent ramp-up of R808 million (2014: R1 255 million) 
     was expensed immediately and did not form part of the calculation of cost of production of main products for the 
     stock valuation. Furthermore cost of production for the stock valuation was calculated based on normal production, 
     to ensure a reasonable stock valuation. Management assumed the last five months’ cost of production being normal 
     for the period.                                   
     Quantities of recoverable metal are reconciled by comparing the grades of ore to the quantities of metal actually 
     recovered (metallurgical balancing). The nature of this process inherently limits the ability to precisely monitor 
     recoverability levels. As a result, the metallurgical balancing process is constantly monitored and the engineering 
     estimates are refined based on actual results over time. Changes in engineering estimates of metal contained in-process 
     resulted in an increase of in-process metal of R325 million (2014: reduction of R806 million).                                   
     Non-mining metal consists mainly of IRS inventory. No inventories are encumbered.                                   

10.  Borrowings                                                                          
                                                                  30 June 2015    30 June 2014   
                                                                            Rm              Rm   
     Standard Bank Limited - BEE partners Marula                           881             878   
     Standard Bank Limited - Zimplats                                      913           1 117   
     Standard Bank Limited - Revolving credit facility                      85               -   
     Convertible bonds - ZAR                                             2 499           2 429   
     Convertible bonds - US$                                             2 313           1 981   
     Finance leases                                                      1 385           1 382   
                                                                         8 076           7 787   
     Current                                                              (710)           (618)  
     Non-current                                                         7 366           7 169                                                                                      
     Beginning of the year                                               7 787           7 479   
     Proceeds                                                               80               -   
     Leases capitalised                                                      5               -   
     Interest accrued                                                      577             549   
     Repayments                                                           (805)           (462)  
     Exchange adjustment                                                   432             221   
     End of the year                                                     8 076           7 787   

11.  Cost of sales                                                                                          
                                                                  30 June 2015    30 June 2014   
                                                                            Rm              Rm   
     On-mine operations                                                 13 656           9 090   
     Wages and salaries                                                  8 826           6 085   
     Materials and consumables                                           4 620           3 323   
     Utilities                                                             965             819   
     Minus: Post-strike ramp-up cost/strike-related cost                  (755)         (1 137)  
     Processing operations                                               3 517           2 733   
     Wages and salaries                                                    714             562   
     Materials and consumables                                           1 752           1 333   
     Utilities                                                           1 104             956   
     Minus: Post-strike ramp-up cost/strike-related cost                   (53)           (118)  
     Refining operations                                                 1 032             880   
     Wages and salaries                                                    448             406   
     Materials and consumables                                             455             354   
     Utilities                                                             129             120   
     Other costs                                                           869             655   
     Corporate costs, salaries and wages                                   674             483   
     Selling and promotional expenses                                      195             172   
     Share-based compensation                                             (190)            231   
     Chrome operation - cost of sales                                      113             117   
     Depreciation of operating assets                                    2 593           2 341   
     Metals purchased                                                   10 068           8 601   
     Change in metal inventories                                          (809)          1 138   
                                                                        30 849          25 786   
     The following disclosure items are included in 
     cost of sales:                                          
     Repairs and maintenance expenditure on property, 
     plant and equipment                                                 1 686           1 259   
     Operating lease rentals                                                25              23   
     Employment benefit expense comprises:                                                       
     Wages and salaries                                                  9 538           6 739   
     Post-employment medical benefits                                        -               3   
     Pension costs defined contribution plans                              876             608   
     Share-based compensation                                             (190)            231   
     - Cash settled                                                       (301)            109   
     - Equity settled                                                      111             122   
                                                                        10 224           7 581   
     Key management compensation is disclosed in note 18.                                                   

12.  Other operating income                                                                                
                                                                  30 June 2015    30 June 2014   
                                                                            Rm              Rm   
     Other operating income comprise the following principal 
     Profit on disposal of property, plant and equipment                   186              46   
     Profit on sale and leaseback of houses                                 30              30   
     Rehabilitation provision - change in estimate                          20              44   
     Insurance claim                                                         -             112   
     Trade payables - commodity price adjustment                           707               -   
     Other                                                                  10               7   
                                                                           953             239   

13.  Other operating expense                                                                                                                                                                                                                                                                     
     Other operating expenses comprise the following 
     principal categories:                                                                                                                                                                                                                       
     Post-strike ramp-up cost/strike-related cost                          808           1 255   
     Impairment - Financial assets                                          81              71   
     Scrapping of assets                                                   437             223                                                                                          
     Trade payables - Commodity price adjustment                             -             246   
     Audit remuneration                                                     12              14   
                                                                         1 338           1 809   
     Production ceased at Impala Rustenburg’s operation during 
     the five-month industrial action in the prior period. 
     Cost incurred during the strike period as well as ramp-up 
     cost subsequent to the strike was reallocated from 
     cost of sales to other operating expenses.                     
     The following disclosure items are included in other 
     operating expenses:                                                             
     Audit remuneration                                                     12              14   
     Other services                                                          1               -   
     Audit services including interim review                                11              14   

14.   Impairment                                                                                         
                                                                  30 June 2015    30 June 2014   
                                                                            Rm              Rm   
      Impairment of non-financial assets was made up of the 
      Property, plant and equipment (note 6)                             2 872              65   
      Exploration and evaluation assets (note 7)                         2 975             935   
      (Refer commentary)                                                 5 847           1 000   

15.  Headline earnings                                                                                                        
     Headline earnings attributable to equity holders of 
     the Company arise from operations as follows:                        
     Profit/(loss) attributable to owners of the Company                (3 663)              8   
     Profit on disposal of property, plant and equipment (note 24)        (186)            (47)  
     Impairment after non-controlling interest                           5 101             630   
     Scrapping of property, plant and equipment                            380             223   
     Insurance compensation relating to scrapping of property,                       
     plant and equipment                                                     -            (112)  
     Total tax effects of adjustments                                   (1 411)           (179)  
     Headline earnings                                                     221             523   
     Weighted average number of ordinary shares in issue for                          
     basic earnings per share                                           607.07          606.94   
     Weighted average number of ordinary shares for diluted                           
     earnings per share                                                 608.53          607.85   
     Headline earnings per share (cents)                                                         
     Basic                                                                  36              86   
     Diluted                                                                36              86   

16.  Dividends                                                                       
     No dividends were declared in respect of the 2015 financial year.               
     Dividends paid                                                                  
     No final dividend for 2014 (2013: 60) cents per share                   -             371   
     No interim dividend for 2015 or 2014                                    -               -   
                                                                             -             371   

17.  Contingent liabilities and guarantees
     As at the end of June 2015 the Group had bank and other guarantees of R1 217 million (June 2014: R1 218 million)
     from which it is anticipated that no material liabilities will arise.

18.  Related party transactions
     - The Group entered into PGM purchase transactions of R3 299 million (June 2014: R3 409 million) with Two Rivers
       Platinum, an associate company, resulting in an amount payable of R876 million (June 2014: R936 million) at year end. It also
       received refining fees to the value of R24 million (June 2014: R21 million). 
     - The Group previously entered into sale and leaseback transactions with Friedshelf, an associate company. At the end
       of the period, an amount of R1 231 million (June 2014: R1 221 million) was outstanding in terms of the lease liability.
       During the period, interest of R126 million (June 2014: R111 million) was charged and a R116 million (June 2014: R114 million) 
       repayment was made. The finance leases have an effective interest rate of 10.2%. 
     - The Group entered into PGM purchase transactions of R2 862 million (June 2014: R2 646 million) with Mimosa
       Investments, a joint venture, resulting in an amount payable of R690 million (June 2014: R778 million) at year end. It also
       received refining fees and interest to the value of R245 million (June 2014: R223 million). 

     These transactions are entered into on an arm’s-length basis at prevailing market rates.                                                                                          
                                                                      30 June 2015    30 June 2014   
     Key management compensation (fixed and variable):                        R000            R000   
     Non-executive directors’ remuneration                                   7 962#          7 976         
     Executive directors’ remuneration                                      16 077          13 533   
     Prescribed officers                                                    31 682          27 573   
     Company secretary                                                       1 912           2 029   
     Total                                                                  57 633          51 111   
     # Includes three additional directors compared to prior year.                                   

19.  Financial instruments                                                             
     Financial assets - carrying amount                                                
     Loans and receivables                                                  4 898           6 372   
     Financial instruments at fair value through profit and loss              630#            332#   
     Held-to-maturity financial assets                                         38              35   
     Available-for-sale financial assets                                       27*             54*       
                                                                            5 593           6 793   
     Financial liabilities - carrying amount                                                        
     Financial liabilities at amortised cost                               12 905          11 626   
     Borrowings                                                             8 076           7 787   
     Commitments                                                               74              84   
     Trade payables                                                         4 751           3 733   
     Other payables                                                             4              22   
     Financial instruments at fair value through profit and loss                -             182       
                                                                           12 905          11 644   
     The carrying amount of financial assets and liabilities approximate their fair values.                       
     * Level 1 of the fair value hierarchy - Quoted prices in active markets for the same instrument.                       
     # Level 2 of the fair value hierarchy - Significant inputs are based on observable market data.                       

Corporate information

Registered office
2 Fricker Road, Illovo, 2196
(Private Bag X18, Northlands, 2116)

Transfer secretaries
South Africa: Computershare Investor Services (Pty) Limited
70 Marshall Street, Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)

United Kingdom: Computershare Investor Services plc
The Pavilions, Bridgwater Road, Bristol, BS13 8AE

Deutsche Securities (SA) Proprietary Limited

KDK Mokhele (chairman), TP Goodlace (chief executive officer), B Berlin (chief financial officer), 
HC Cameron, PW Davey*, MSV Gantsho, A Kekana, AS Macfarlane*, AA Maule, ND Moyo^, 
FS Mufamadi, BT Nagle, B Ngonyama, MEK Nkeli, ZB Swanepoel
^ Zimbabwean

Detail of the annual general meeting
Shareholders are requested to note that the annual general meeting of the Company will be held on 21 October 2015 at
the Company’s head office in the boardroom, 2nd Floor, 2 Fricker Road, Illovo, Johannesburg. The record date for
participation in the meeting will be 16 September 2015.
Date: 03/09/2015 07:06:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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