Cautionary announcement

In an announcement published on SENS on 3 August 2012, Northam shareholders were advised that as a result of the then significant decline in the share prices of platinum group metal producers, certain of Northam’s HDSA (Historically Disadvantaged South African) shareholders had been compelled to dispose of a significant portion of their Northam shares following the breach of related finance agreement covenants.

In this regard, Northam has made significant progress in structuring a proposed transaction which will increase its HDSA ownership level (proposed HDSA transaction). The terms of the proposed HDSA transaction are being finalised and a detailed announcement in this regard will be released in the near future.

The detailed terms of the proposed HDSA transaction may have a material effect on the price of the company’s securities. Accordingly, shareholders are advised to exercise caution when dealing in the company’s securities until a further announcement in this regard is made.

Johannesburg
27 March 2014

Corporate Advisor, Sponsor and Debt Sponsor:
One Capital