HIGHLIGHTS 2011

• Global mining best practice hangingwall support methodology implemented across South African mines following accident at Marikana in July 2010
• Acquisition of Afarak Platinum, concluded 5 April 2011, for $109.7 million will facilitate potential extensions to mine life at Kroondal and Marikana
• Agreement reached to acquire Buttonshope (Booysendal South) for R1.2 billion (approximately $160 million) to extend mine life and expand production at Everest
• Afarak and Buttonshope transactions to increase Aquarius PGM resources by approximately 23%
• Agreement reached on acquisition of an additional 41.7% of Platinum Mile for approximately $17 million, increasing ownership in that asset to 91.7%

For operational highlights see review of operations.

• Revenue up by 45% to $682.9 million (FY2010: $472.2 million)
• US Dollar PGM prices increased materially, offset to some degree in South Africa by a strengthening Rand-Dollar exchange rate
• Mine operating net cash flow rose by 44% to $162.3 million (FY2010: $112.8 million)
• Mine EBITDA increased by 40% to $203.2 million (FY2010: $145.1 million)
• Headline earnings (before exceptional items) increased more than fivefold to $142.8 million (FY2010: $23.6 million)
• Headline earnings per share of 30.85 US cents per share (FY2010: 5.17 US cents per share)
• Asset impairment of the Ridge assets (non-cash) of $159.8 million following cessation of operations
• Reported net loss of $10.4 million (equivalent to US 2.25 cents per share) as a result of Blue Ridge impairment
• Group cash balance at financial year-end of $328.1 million
• Final dividend of US 4 cents per share declared, taking full year dividend to US 8 cents per share (FY2010: US 6 cents)