How we performed in 2011:

• Platinum sales of 721,000 ounces, PGMs sales of 1,436,000 ounces
• Revenue of around $2.0 billion
• Underlying Operating Profit of $311 million
• Underlying Earnings Per Share of 111.6 US cents up 59.0%
• Net debt reduced by 37.6% to $234 million
• Dividend payment maintained
• Metal in concentrate production of 719,000 ounces of Platinum and 1,352,000 PGMs ounces
• Available ore reserves up 8.8% to 2.9 million square metres
• Improved Concentrator recoveries to 85.3%
• Safety – unacceptable fatalities, but an overall 19.8% improvement in LTIFR to 4.71 per million hours

Key management actions taken in 2011:

• Reviewed our safety culture and policies following six fatalities – improvement initiatives in place
• First full year of business since successful relocation of senior executive team to South Africa – positive impact through 2011
• Number One furnace successfully modified – stable performance
• New longer term bank facilities of $945 million – capacity to effectively manage impact of market volatility
• Contained the impact of the illegal strikes at Karee mining operation
• momentum in operations safely restored following stoppage
• revised unit cost guidance increase of 11.2% per PGM ounce achieved
• Tailings treatment and chrome plants projects successfully implemented – will maximise recoveries
• Continued implementation of our transformation programme towards our 2014 Social and Labour Plan targets
• Agreement with Shanduka to explore feasibility of managing and operating Limpopo

Key focus areas for 2011 and bKey focus areas in 2012 and beyond:

• Maintain our focus on safety initiatives as we continue our journey to zero harm
• Achieve the delivery of our transformation and sustainability targets
• Flexible management of our production profile to deliver profitable ounces
• Build on momentum established in 2011 to further improve productivity
• Platinum sales of around 750,000 ounces
• Capital expenditure of up to $450 million
• Unit cost percentage increase in line with wage settlement
• Continue with momentum to grow capacity to 950,000 Platinum ounces at Marikana
• Deliver on essential capital projects that will secure future growth
• Akanani and Pandora – continue with evaluation processes
• Investing for future growth whilst delivering profitable ounces and maintaining a strong balance sheet