Trading statement

In terms of the JSE Limited Listings Requirements, companies are required to publish a trading statement as soon as they are reasonably certain that the financial results for the current reporting period will differ by more than 20% from those of the previous corresponding period.

Shareholders are advised that both the group’s earnings per share and headline earnings per share for the year ended 30 June 2011 are estimated to be between 80 and 110 cents. This compares with earnings per share of 177.9 cents and headline earnings per share of 177.8 cents reported for the previous comparable period ended 30 June 2010.

The anticipated decline in the group’s earnings per share is a result of both lower PGM sales volumes, due mainly to the six-week strike in the first half of the financial year, and to a lesser extent reflects the marginal increase in the weighted average number of issued shares. The lower sales volumes, approximately 19.8% down on the comparable period, resulted in lower total revenues for the group despite a higher average Rand basket price.

The weighted average number of shares in issue at 30 June 2011 was 363 087 830, compared with 360 291 885 at 30 June 2010.

The preliminary results for the year ended 30 June 2011 will be released on or about 18 August 2011.

The information contained in this announcement has not been reviewed or reported on by the company’s auditors.

5 August 2011

One Capital