Reviewed Condensed Consolidated Interim Financial Statements
for the six months ended 31 March 2014

Dear Shareholder

Our concerted focus on safety resulted in the Tharisa Mine achieving a Lost Time Injury Frequency Rate (LTIFR) of 0.15 per 200,000 man hours worked, which ranks amongst the lowest LTIFRs in the PGM and chrome industries in South Africa.

The Group continued the ramp-up of production at the Tharisa Mine with increased revenue and operating profit being recorded during the six month period under review. The increased revenue was achieved notwithstanding lower commodity prices, through increased PGM production and the commencement of production of premium chemical and foundry grade chrome concentrates.

The six months under review pre-dates the listing of the Company on the Johannesburg Stock Exchange.