Pro forma financial effects of Northam’s BEE Transaction and withdrawal of cautionary announcement

1. INTRODUCTION

Northam shareholders are referred to the announcement dated 22 October 2014 (“Announcement”) regarding Northam’s fully funded R6.6 billion 10 (ten) year secured BEE transaction, incorporating a fully funded R4.6 billion equity capital raising. Unless otherwise indicated, capitalised terms contained in this announcement shall bear the same meaning as the capitalised and defined terms contained in the Announcement.