Update in respect of the Maseve Transaction ROYAL BAFOKENG PLATINUM LIMITED (Incorporated in the Republic of South Africa) (Registration number: 2008/015696/06) JSE share code: RBP ISIN: ZAE000149936 Company code: RBPD Bond code: RBPCB ISIN: ZAE000243853 (“RBPlat” or “the Company”) UPDATE IN RESPECT OF THE MASEVE TRANSACTION Security holders are referred to the full terms announcements released by the Company on SENS dated 6 September 2017 together with the circular posted to shareholders on 2 November 2017 in terms of which the Company advised security holders that it had entered into agreements with Platinum Group Metals (RSA) Proprietary Limited (“PTM (RSA)”), a wholly-owned subsidiary of TSX listed Platinum Group Metals Limited (“PTM”), in terms of which RBPlat and its wholly-owned subsidiary, Royal Bafokeng Resources Proprietary Limited (“RBR”) would - • acquire the concentrator plant (the “Plant”) and related surface assets owned by Maseve Investments 11 Proprietary Limited (“Maseve”) from Maseve for an aggregate consideration equal to the ZAR equivalent of USD58 million (the “Plant Transaction”); and • acquire 100% of the shares in and shareholder claims owing by Maseve for an aggregate purchase consideration equal to the ZAR equivalent of USD12 million (the “Share Transaction”), (collectively the “Maseve Transaction”). Security holders are further referred to the announcements released on SENS on 14 February 2018 and 6 April 2018, in terms of which security holders were advised that all conditions precedent to the Plant Transaction and Share Transaction, respectively, had been fulfilled. As announced by PTM earlier today, Africa Wide Mineral Prospecting and Exploration Proprietary Limited (“Africa Wide”), which held 17.1% of the shares in Maseve prior to the implementation of the Share Transaction, has instituted legal proceedings against PTM, RBPlat and Maseve, in relation to the Maseve Transaction, in terms of which it seeks to have the Maseve Transaction declared unlawful and invalid, or alternatively to be paid an increased amount for its Maseve shares, which it argues were undervalued. Africa Wide contends that the Maseve Transaction required the consent of Africa Wide in terms of a shareholders’ agreement. RBPlat has consulted with its legal advisers and senior counsel in respect of Africa Wide’s claim, and on the basis of the advice received, is of the view that the claim is weak and that there are strong prospects of successfully defending this matter. Security holders will be kept appraised on any developments in this regard. Johannesburg 20 September 2018 Corporate advisor and transaction sponsor Questco (Pty) Ltd Legal advisor Bowmans JSE sponsor Merrill Lynch South Africa (Pty) Ltd JSE debt sponsor RMB (a division of FirstRand Bank Limited) For further information, please contact: Lindiwe Montshiwagae Executive: Investor Relations Tel: +27 (0)10 590 4510 Email: lindiwe@bafokengplatinum.co.za 2 Date: 20/09/2018 03:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.