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ANGLO AMERICAN PLATINUM LIMITED - Summarised Preliminary Audited Consolidated Financial Results for the year ended 31 December

Release Date: 18/02/2019 08:00
Code(s): AMS     PDF:  
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Summarised Preliminary Audited Consolidated Financial Results for the year ended 31 December

ANGLO AMERICAN PLATINUM LIMITED
Incorporated in the Republic of South Africa
Registration number: 1946/022452/06
Share code: AMS
ISIN: ZAE000013181
(Amplats, the Company, the Group or Anglo American Platinum)

SUMMARISED PRELIMINARY AUDITED CONSOLIDATED FINANCIAL RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2018

Anglo American Platinum Limited's summarised consolidated audited financial results for the year ended 31 December 2018 have been independently audited by the Group's external auditors.
The preparation of the Group's audited results for the year ended 31 December 2018 was supervised by the Finance Director, Mr I Botha.

KEY FEATURES

PGM production
(2017: 5.0 Moz)
5.2 Moz

Free cash from operations
(2017: R3.5bn)
R5.6bn

ROCE
(2017: 18%)
24%

Net cash/(debt)
(2017: (R1.8bn))
R2.9bn

Dividend
(2017: R0.9bn)
R3.0bn or
R11.25 per share

SUMMARISED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2018
                                                                                                          2018         2017
                                                                                               Notes        Rm           Rm
Gross sales revenue                                                                                     74,582       65,688
Commissions paid                                                                                             -          (18)
Net sales revenue                                                                                  2    74,582       65,670
Cost of sales                                                                                      3   (63,286)     (56,578)
Gross profit on metal sales                                                                        3    11,296        9,092
Other net income/(expenditure)                                                                     5       342           (6)
Loss on impairment and scrapping of property, plant and equipment                                          (21)      (1,699)
Market development and promotional expenditure                                                            (796)        (813)
Operating profit                                                                                        10,821        6,574
Impairment of investment in associate Bokoni Holdco                                                          -         (235)
Impairment of non-current financial assets                                                                (234)        (777)
Impairment of investment in associate Bafokeng Rasimone Platinum Mine (BRPM)                      19    (1,133)      (1 910)
Profit on disposal of long-dated resources                                                                   -        1,066
Loss on disposal of Union Mine and Masa Chrome                                                    19      (850)           -
Profit on disposal of associates                                                                            15          135
Impairment of Richtrau 123 Proprietary Limited                                                    10        (5)           -
Gain on step acquisition of Mototolo business                                                     23       336            -
Profit on disposal of Platinum Group Metals Investment Programme (PGMIP)                                   249            -
Interest expensed                                                                                         (738)      (1,219)
Interest received                                                                                          265          222
Dividends received from Rand Mutual Assurance                                                               42            -
Fair value remeasurements of other financial assets                                                        931           46
Losses from associates (net of taxation)                                                                   (15)        (362)
Losses from joint ventures (net of taxation)                                                               (25)           -
Profit before taxation                                                                             6     9,659        3,540
Taxation                                                                                           7    (2,666)      (1,616)
Profit for the year                                                                                      6,993        1,924
Total other comprehensive income/(loss), pre-tax                                                           650         (416)
Items that will be reclassified subsequently to profit or loss                                             880         (553)
Deferred foreign exchange translation gains/(losses)                                                       880         (553)
Items that will not be reclassified subsequently to profit or loss                                        (230)          137
Net (losses)/gains on equity investments at fair value through other comprehensive income
(FVTOCI) (note 17 for changes in accounting policies)                                                     (261)         137
Tax effects                                                                                                 31            -
Total comprehensive income for the year                                                                  7,643        1,508
Profit attributed to:
Owners of the Company                                                                                    6,817        1,944
Non-controlling interests                                                                                  176          (20)
                                                                                                         6,993        1,924
Total comprehensive income attributed to:
Owners of the Company                                                                                    7,467        1,528
Non-controlling interests                                                                                  176          (20)
                                                                                                         7,643         1,50
EARNINGS PER SHARE
Earnings per ordinary share (cents)
- Basic                                                                                                  2,599          741
- Diluted                                                                                                2,589          739
Headline earnings                                                                                  8     7,588        3,886


SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
for the year ended 31 December 2018
                                                                                                          2018         2017
                                                                                               Notes        Rm           Rm
ASSETS
Non-current assets                                                                                      54,150       48,938
Property, plant and equipment                                                                      9    40,003       36,597
Capital work in progress                                                                                 7,780        5,361
Investment in associates and joint ventures                                                       10       407        2,464
Investments held by environmental trusts                                                                 1,183          970
Other financial assets                                                                            11     4,109        3,507
Inventories                                                                                       12       650            -
Other non-current assets                                                                                    18           39
Current assets                                                                                          35,138       31,318
Inventories                                                                                       12    21,988       18,489
Trade and other receivables                                                                              1,607        2,097
Other assets                                                                                             1,347        1,075
Other financial assets                                                                                     276           73
Taxation                                                                                                   379          469
Cash and cash equivalents                                                                                9,541        9,115
Non-current assets held for sale                                                                             -          558
Total assets                                                                                            89,288       80,814
EQUITY AND LIABILITIES
Share capital and reserves
Share capital                                                                                               27           27
Share premium                                                                                           22,746       22,673
Foreign currency translation reserve                                                                     2,644        1,764
Remeasurements of equity investments irrevocably designated at FVTOCI                                      216          429
Retained earnings                                                                                       21,478       16,634
Non-controlling interests                                                                                  231         (526)
Shareholders' equity                                                                                    47,342       41,001
Non-current liabilities                                                                                 17,062       18,864
Interest-bearing borrowings                                                                       13     6,038        9,362
Obligations due under finance leases                                                                       100           98
Environmental obligations                                                                                1,925        1,693
Employee benefits                                                                                           15           17
Other financial liabilities                                                                                762          239
Deferred taxation                                                                                        8,222        7,455
Current liabilities                                                                                     24,884       20,374
Interest-bearing borrowings                                                                       13       129        1,713
Obligations due under finance leases within one year                                                        17           17
Trade and other payables                                                                                15,647       11,316
Other liabilities                                                                                        8,423        6,691
Other financial liabilities                                                                                639          616
Share-based payment provision                                                                               29           21
Liabilities associated with non-current assets held for sale                                                 -          575
Total equity and liabilities                                                                            89,288       80,814


SUMMARISED CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 December 2018
                                                                                                          2018         2017
                                                                                               Notes        Rm           Rm
Cash flows from operating activities
Cash receipts from customers                                                                            75,184       65,993
Cash paid to suppliers and employees                                                                   (57,224)     (50,126)
Cash generated from operations                                                                          17,960       15,867
Interest paid (net of interest capitalised)                                                               (609)      (1,004)
Taxation paid                                                                                           (1,771)      (1,742)
Net cash from operating activities                                                                      15,580       13,121
Cash flows used in investing activities
Purchase of property, plant and equipment (includes interest capitalised)                               (6,964)      (4,969)
Proceeds from sale of plant and equipment                                                                   24           17
Purchases of financial assets investments                                                                  (39)         (68)
Net proceeds on disposal of Union Mine and Masa Chrome                                                     414            -
Purchase of concentrate pipeline                                                                          (974)      (1,529)
Receipt of deferred consideration                                                                          101            -
Proceeds on disposal of long-dated resources                                                                 -        1,066
Net proceeds on disposal of Royal Bafokeng Platinum shares (RB Plat)                                       510
Acquisition of Mototolo JV (note 22)                                                                    (1,278)           -
Proceeds on disposal of investment in BRPM                                                                 555          144
Shareholder funding capitalised to investment in associates                                               (869)      (1,156)
Acquisition of equity investment in Hydrogenious                                                           (48)         (13)
Proceeds from disposal of Hydrogenious                                                                     353
Acquisition of convertible notes in United Hydrogen                                                        (15)          (4)
Proceeds from disposal of PGMIP investments                                                                310            -
Investment in joint ventures (AP Ventures)                                                                (382)           -
Redemption of preference shares in Baphalane Siyanda Chrome Company                                          -           86
Advances made to Plateau Resources Proprietary Limited                                                    (133)        (708)
Interest received                                                                                          260          143
Growth in environmental trusts                                                                               6            8
Other advances                                                                                             (45)        (135)
Net cash used in investing activities                                                                   (8,214)      (7,118)
Cash flows used in financing activities
Purchase of treasury shares for the Bonus Share Plan (BSP)                                                (141)        (155)
Repayment of interest-bearing borrowings                                                                (4,889)      (1,659)
Repayment of finance lease obligation                                                                      (18)         (17)
Cash distributions to non-controlling interests                                                           (198)        (272)
Dividends paid                                                                                          (1,922)           -
Net cash used in financing activities                                                                   (7,168)      (2,103)
Net increase in cash and cash equivalents                                                                  198        3,900
Cash and cash equivalents at beginning of year                                                           9,357        5,457
Foreign exchange differences on Unki cash and cash equivalents                                             (14)           -
Cash and cash equivalents at end of year                                                                 9,541        9,357
Movement in net cash
Net debt at beginning of year                                                                           (1,833)      (7,319)
Net cash from operating activities                                                                      15,580       13,121
Net cash used in investing activities                                                                   (8,214)      (7,118)
Net cash used in financing activities other than debt repayment                                         (2,628)        (517)
Foreign exchange differences on Unki cash and cash equivalents                                             (14)           -
Net cash/(debt) at end of year                                                                           2,891       (1,833)
Made up as follows:
Cash and cash equivalents                                                                                9,541        9,115
Less: Restricted cash                                                                                     (366)           -
Cash and cash equivalents classified as held for sale                                                        -          242
Non-current interest-bearing borrowings                                                           13    (6,038)      (9,362)
Obligations due under finance leases within one year                                                       (17)         (17)
Current interest-bearing borrowings                                                               13      (129)      (1,713)
Obligations due under finance leases                                                                      (100)         (98)
                                                                                                         2,891       (1,833)


SUMMARISED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2018
                                                                                                                              Remeasure-
                                                                                                                                ments of
                                                                                                                    Foreign       equity
                                                                                                                   currency  investments
                                                                                                                translation  irrevocably                   Non-
                                                                                               Share     Share      reserve   designated  Retained  controlling
                                                                                             capital   premium       (FCTR)    at FVTOCI  earnings    interests    Total
                                                                                                  Rm        Rm           Rm           Rm        Rm           Rm       Rm
Balance at 31 December 2016                                                                       27    22,498        2,317          334    14,840         (234)  39,782
Total comprehensive (loss)/income for the year                                                                         (553)         137     1,944          (20)   1,508
Deferred taxation charged directly to equity                                                                                         (42)        2                   (40)
Cash distributions to minorities                                                                                                                           (272)    (272)
Shares acquired in terms of the BSP - treated as treasury shares                                 (-)*     (155)                                                     (155)
Shares vested in terms of the BSP                                                                  -*      330                                (330)                    -
Equity-settled share-based compensation                                                                                                        189            -      189
Shares purchased for employees                                                                                                                 (11)                  (11)
Balance at 31 December 2017                                                                       27    22,673        1,764          429    16,634         (526)  41,001
Total comprehensive income/(loss) for the year                                                                          880         (261)    6,817          176    7,612
Deferred taxation charged directly to equity                                                                                          31         6                    37
Transfer of reserve upon disposal of investments                                                                                      17       (17)                    -
Dividends paid**                                                                                                                            (1,922)               (1,922)
Disposal of business                                                                                                                                        779      779
Retirement benefit                                                                                                                               5                     5
Cash distributions to minorities                                                                                                                           (198)    (198)
Shares acquired in terms of the BSP - treated as treasury shares                                 (-)*     (141)                                                     (141)
Shares vested in terms of the BSP                                                                  -*      214                                (214)                    -
Equity-settled share-based compensation                                                                                                        180                   180
Shares forfeited to cover tax expense on vesting                                                                                               (11)                  (11)
Balance at 31 December 2018                                                                       27    22,746        2 644          216    21,478          231   47,342
* Less than R500,000.
                                                                                       Per share            Rm
** Dividends paid                                                                                        1,922
Interim 2018                                                                               R3.74         1,000
Final 2017                                                                                 R3.49           922

NOTES TO THE SUMMARISED CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2018

1. The summarised consolidated financial statements are presented in accordance with the framework concepts and the measurement and recognition requirements of International Financial
Reporting Standards (IFRS), the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, Financial Reporting Pronouncements as issued by the Financial Reporting
Standards Council, as well as the requirements of the Companies Act of South Africa and the JSE Limited's Listings Requirements for preliminary reports. The summarised consolidated
financial statements also contain, at a minimum, the information required by International Accounting Standard 34 Interim Financial Reporting. The accounting policies applied in the
preparation of the consolidated financial statements from which the summarised consolidated financial statements were derived are in terms of IFRS and consistent with those applied in the
financial statements for the year ended 31 December 2017, except for IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers which became effective on 1 January
2018.

The directors take full responsibility for the preparation of the preliminary report and that the summarised financial information has been correctly extracted from the underlying audited
consolidated financial statements. The preparation of the Group's audited results and the summarised consolidated financial statements for the year ended 31 December 2018 were supervised
by the finance director, Mr I Botha CA(SA).

The consolidated financial statements from which the summarised consolidated financial statements have been extracted were audited by the Company's auditors, Deloitte & Touche. The
consolidated financial statements and the auditor's unmodified report on the consolidated financial statements are available for inspection at the Company's registered office. The
consolidated financial statements are also available on the Company's website www.angloamericanplatinum.com/investors/annual-reporting/2018.

                                                                     Net sales revenue    EBITDA4
                                                                    2018     2017     2018     2017
                                                                      Rm       Rm       Rm       Rm
2.  SEGMENTAL INFORMATION
    Segment revenue and results
    Operations
    Mogalakwena Mine                                              18,106   16,118    8,249    7,700
    Amandelbult Mine                                              13,192   11,423    2,031    1,173
    Unki Platinum Mine                                             2,884    2,489      835      823
    Mototolo Mine1                                                   687        -      212        -
    Twickenham Project                                                 -       21     (438)    (449)
    Modikwa Platinum Mine2                                         2,138    1,817      566      361
    Mototolo Platinum Mine2                                        1,343    1,218      379      267
    Kroondal Platinum Mine2                                        3,833    3,233    1,052      646
    Union Mine3                                                      286    4,280       43      612
    Other                                                              -       14     (505)    (633)
    Total - mined                                                 42,469   40,612   12,424   10,500
    Inter-segmental transaction                                      (48)     (24)       -        -
    Purchased metals                                              29,368   25,082    2,884    2,309
    Trading                                                        2,793        -        7
    Market development and promotional expenditure                     -        -     (796)    (813)
    Restructuring                                                      -        -      (16)     (11)
                                                                  74,582   65,670   14,503   11,985
    Depreciation                                                                    (4,168)  (4,093)
    Loss from associates and joint ventures                                             40      380
    Other income and expenses                                                          109       (4)
    Marketing development and promotional expenditure                                  796      813
    Restructuring                                                                       16       11
    Gross profit on metal sales                                                     11,296    9,092

1 Amplats obtained control of Mototolo Mine on 1 November 2018, from which date it is consolidated. 
2 Amplats' share (excluding purchase of concentrate). 
3 Effective 1 February 2018, Union Mine was disposed of. 
4 During the year, the Group changed the way it reports measures of segment profit or loss from operating contribution to earnings before interest tax depreciation and amortisation

(EBITDA). The current year segmental reporting measure of profit or loss was reported and disclosed in terms of EBITDA, with prior years restated. 
Information reported to the Executive Committee of the Group for purposes of resource allocation and assessment of segment performance is done on a mine-by-mine basis. 

                                                    2018      2017
                                                      Rm        Rm
3.  GROSS PROFIT ON METAL SALES
    Net sales revenue                             74,582    65,670
    Cost of sales                                (63,286)  (56,578)
    Cash operating costs                         (30,550)  (30,642)
    On-mine                                      (23,278)  (24,109)
    Smelting                                      (3,695)   (3,363)
    Treatment and refining                        (3,577)   (3,170)
    Purchase of metals and leasing activities*   (29,212)  (20,763)
    Depreciation                                  (4,140)   (4,074)
    On-mine                                       (2,871)   (2 823)
    Smelting                                        (566)     (551)
    Treatment and refining                          (703)     (700)
    Increase in metal inventories                  3,591       515
    Increase in ore stockpiles                       466     1,761
    Other costs (note 4)**                        (3,441)   (3,375)
    Gross profit on metal sales                   11,296     9,092

* Consists of purchased metals in concentrate, secondary metals and other metals.  
** Excluded from costs of inventories expensed during the period.  

4.  OTHER COSTS
    Other costs comprise the following principal categories:
    Corporate costs                                             516    487
    Corporate costs - Anglo American*                           110    114
    Technical and sustainability - Anglo American*              334    318
    Contributions to education and community development        271    281
    Share-based payments - other share schemes                  195    205
    Research                                                    111    149
    Research - Anglo American                                    90     81
    Project studies                                              79     36
    Total studies                                               169    133
    Less: Capitalised to CWIP                                   (90)   (97)
    Exploration                                                  81    105
    Total exploration costs                                     150    157
    Less: Capitalised                                           (69)   (52)
    Transport of metals                                         911    856
    Royalties                                                   685    653
    Other                                                        58     90
    Total other costs                                         3 441  3 375

* Services provided by Anglo American plc and its subsidiaries.

5.  OTHER NET INCOME/(EXPENDITURE)
    Other net expenditure comprises the following principal categories:
    Realised and unrealised foreign exchange loss                                             (68)  (398)
    Fair value gain/(loss) on cash and cash equivalents designated as a hedging instrument    528   (383)
    Fair value (loss)/gains on contract liability                                            (561)   422
    Other foreign exchange losses                                                             (35)  (437)
    Project maintenance costs*                                                               (109)  (106)
    Restructuring and other related costs                                                     (16)   (11)
    Profit/(loss) on disposal of plant, equipment and conversion rights                        18    (16)
    Royalties received                                                                         58     27
    Insurance proceeds                                                                        490    197
    Proceeds realised on treasury bills                                                       218    228
    Other - net                                                                              (249)    73
                                                                                              342     (6)

* Project maintenance costs comprise costs incurred to maintain land held for future projects and costs to keep projects on care and maintenance. It also includes the costs of the
operations put onto care and maintenance once the decision was made. 
                                                                             2018   2017
                                                                               Rm     Rm
6.  PROFIT BEFORE TAXATION
    Profit before taxation is arrived at after taking account of:
    Auditor's remuneration                                                     15     14
    Audit fees - current year                                                  15     14
    Other services                                                              -      -
    Losses on financial instruments at fair value through profit or loss      609    563
    Fair value changes on hedging accounting                                  (33)   (39)
    Operating lease charges - buildings and equipment                          88     40
    (Loss)/profit on disposal of property, plant and equipment                 (8)     7
    Insurance proceeds realised on loss of assets                            (468)   (48)
    Increase in provision for stores obsolescence                              72    (64)
    Movement in inventory measured at net realisable value*                (1,121)  (198)
    Mined                                                                    (977)  (310)
    Purchased                                                                (144)   112
 * This movement arises as a result of changes in prices of metal.  

                                                                              %        %
7. TAXATION
   A reconciliation of the standard rate of South African normal taxation 
   compared with that charged in the statement of comprehensive income is set 
   out in the following table:
     South African normal tax rate                                         28.0     28.0
     Disallowable items that are individually immaterial                    1.1      2.3
     Deferred consideration unwinding                                      (1.2)       -
     Disallowable provisions                                                0.8        -
     Employee housing expenditure disallowed                                  -      1.1
     Impairment of investments in associates                                0.1     17.0
     Impairment of non-current financial assets                             0.7      6.1
     Prior year (overprovision)/underprovision                             (0.9)    (1.7)
     Effect of after-tax share of losses from associates                    0.3      2.9
     Difference in tax rates of subsidiaries                               (1.9)    (1.6)
     Loss on disposals/impairment of Union Mine and Masa Chrome             2.1        -
     Tax not raised on minority share of impairment of Union Mine             -      1.9
     Impact of acquisition of Mototolo Mine                                (1.0)       -
     Profit on disposal of long-dated resources                               -     (8.4)
     Profit on disposal of associates                                         -     (1.1)
     Other                                                                 (0.5)    (0.9)
     Effective taxation rate                                               27.6     45.6

                                                                           2018     2017
                                                                             Rm       Rm
8.   RECONCILIATION BETWEEN PROFIT AND HEADLINE EARNINGS
     Profit attributable to shareholders                                  6,817    1,944
     Adjustments
     Net loss on disposal of property, plant and equipment (note 6)          (8)       7
     Tax effect thereon                                                       2       (2)
     Loss on impairment and scrapping of property, plant and equipment       21       44
     Tax effect thereon                                                      (6)     (12)
     Non-controlling interest share                                          (1)       -
     Fair value gain on existing interest in Mototolo Mine                 (336)       -
     Tax effect thereon                                                       -        -
     Profit on disposal of PGMIP investments                               (249)
     Tax effect thereon                                                       -        -
     Profit on disposal of long-dated resources                               -   (1,066)
     Tax effect thereon                                                       -        -
     Impairment of investments in associates                              1,138    2,145
     Tax effect thereon                                                    (253)       -
     Insurance proceeds on loss of assets                                  (468)     (48)
     Tax effect thereon                                                     131       14
     Profit on disposal of associates                                       (15)    (135)
     Tax effect thereon                                                       -        -
     Disposal of Union Mine and Masa Chrome                                 850    1,655
     Tax effect thereon                                                     (32)    (397)
     Non-controlling interest's share                                        (3)    (263)
     Headline earnings                                                    7,588    3,886
     Attributable headline earnings per ordinary share (cents)
     Headline                                                             2,893    1,482
     Diluted                                                              2,822    1,476

9.   PROPERTY, PLANT AND EQUIPMENT
     Cost
     Opening balance                                                     74 982   76 247
     Transfer from capital work in progress                               4 924    3 892
     Acquistion of Mototolo JV                                            1 693        -
     Additions at cost                                                      274      295
     Additions /(reductions) to decommissioning asset                         7     (362)
     Disposals/scrapping of assets                                       (4 380)  (4 354)
     Foreign currency translation differences                               995     (736)
     Closing balance                                                     78 495   74 982
     Accumulated depreciation
     Opening balance                                                     38 385   37 673
     Charge for the year                                                  4 168    4 093
     Reduction in decommissioning asset                                       -     (210)
     Disposals/scrapping of assets                                       (4 364)  (2 917)
     Foreign currency translation differences                               303     (254)
     Closing balance                                                     38 492   38 385
     Carrying amount                                                     40 003   36 597

                                                                           2018     2017
                                                                             Rm       Rm
10.  INVESTMENT IN ASSOCIATES AND JOINT VENTURES
A.   Associates
     Listed (market value: R131 million (2017: R75 million))
     Investment in Atlatsa Resources Corporation                              -        -
     Unlisted                                                                64    2,464
     Bokoni Platinum Holdings Proprietary Limited (Bokoni Holdco)
     Carrying value of investment                                             -        -
     Bafokeng Rasimone Platinum Mine (BRPM)
     Carrying value of investment (note 19)                                   -    2,333
     Richtrau No. 123 Proprietary Limited
     Carrying value of investment                                             -        5
     Primus Power
     Carrying value of investment                                             5       26
     Peglerae Hospital Proprietary Limited
     Carrying value of investment                                            59       57
     Hydrogenious Technologies GmbH
     Carrying value of investment (note 19)                                   -       43
                                                                             64    2,464

B. Joint ventures
Unlisted investment: AP Ventures (APV)
On 17 July 2018 AAP announced that its wholly owned subsidiary, Anglo Platinum Marketing Limited (APML), had subscribed for interests in two UK-based venture capital funds (the Funds),
with a total aggregate commitment equivalent to USD100 million. AAP's commitment to the Funds is matched by a USD100 million commitment from South Africa's Public Investment Corporation
SOC Limited (PIC). APML and the PIC comprise the Limited Partners (LPs).

APV comprises two funds, APV Fund I and APV Fund II. Fund I is closed to other investors with APML and PIC holding equal ownership interest of 49.5% each and 1% held by General Partners,
who have power and authority over APV. APV is a legally separate entity from the Limited Partners. The two Limited Partners have invested R328 million each into Fund I on 21 September
2018.

APV is independently managed by the General Partners.

The General Partners (GPs) are responsible for the day-to-day investment, disinvestments, financing and distribution decisions.

The GPs are required to hold at all times the 1% of the capital contributed by the LPs. The removal of the GPs require 75% of committed capital by Limited Partners to approve the
decision. This demonstrates that the Limited Partners require unanimous consent to remove the General Partners and therefore the investment in fund I is that of a joint venture and is
equity accounted by APML from 1 October 2018.

APV has a 31 March year end, measures its investments at fair value through profit or loss and therefore unaudited internal valuations as at 30 November 2018 were used for equity
accounting purposes.

The movement for the year in the Group's investment in joint ventures was as follows:
                                                               2018   2017
                                                                 Rm     Rm
     Opening balance                                              -      -
     Loss after taxation                                        (25)     -
     Loss from joint ventures                                   (25)     -
     Taxation - deferred                                          -      -
     Investment in AP Ventures                                  382      -
     Foreign exchange translation loss in FCTR                  (14)     -
     Closing balance                                            343      -
     Total balance for associates and joint ventures            407  2,464

                                                               2018   2017
                                                               Rm    Rm
11.  OTHER FINANCIAL ASSETS
     Loans carried at amortised cost
     Loans to Plateau Resources Proprietary Limited (Plateau)   224    201
     Loan to ARM Mining Consortium Limited                       44     52
     Advance to Bakgatla-Ba-Kgafela traditional community         -    149
     Other                                                      100    100
                                                                368    502
     Equity investments irrevocably designated at FVTOCI
     Investment in Royal Bafokeng Platinum Limited (RB Plat)      -    627
     Investment in Wesizwe Platinum Limited (Wesizwe)            89    114
     Convertible notes in United Hydrogen Group Inc.              -     30
     Investment in Primus Power                                  22      -
     Investment in Anglo Plc shares                              30      -
     Investment in Altergy Systems                                -     31
     Investment in Ballard Power Systems lnc.                   175    258
     Investment in Greyrock Energy Inc. (Greyrock)                -     93
     Investment in Food Freshness Technology                      -     77
                                                                316  1,230

     Other financial assets mandatorily measured at fair value through profit or loss
     Deferred consideration on sale of BRPM (note 19)           1,546       -
     Deferred consideration on sale of Pandora Joint Venture      149     115
     Deferred consideration on sale of Rustenburg Mine          1,730   1,660
                                                                3,425   1,775
     Total other financial assets                               4,109   3,507

12.  INVENTORIES
     Refined metals                                             3,972   3,906
     At cost                                                    2,990   2,548
     At net realisable values                                     982   1,358
     Work-in-process                                           13,893  10,354
     At cost                                                    9,851   5,547
     At net realisable values                                   4,042   4,807
     Ore stockpiles                                             2,256   1,761
     Total metal inventories                                   20,121  16,021
     Stores and materials at cost less obsolescence provision   2,517   2,468
                                                               22,638  18,489
     Less: Non-current inventories                                650       -
                                                               21,988  18,489
There are no inventories pledged as security to secure any borrowings of the Group.

                                                                     2018      2018      2017      2017
                                                                 Facility  Utilised  Facility  Utilised
                                                                   amount    amount    amount    amount
                                                                       Rm        Rm        Rm        Rm
13.  INTEREST-BEARING BORROWINGS
     Unsecured financial liabilities measured at amortised cost
     The Group has the following borrowing facilities:
     Committed facilities                                          20,499     6,078    22,254     9,397
     Absa Bank Limited                                              1,600         -     2,000         -
     Anglo American SA Finance Limited                              9,100     5,536     9,100     9,100
     BNP Paribas                                                    1,000         -     1,000         -
     FirstRand Bank Limited                                         2,657         -     2,857         -
     Nedbank Limited                                                3,662       262     4,297       297
     Rand Merchant Bank                                               280       280         -         -
     Standard Bank of South Africa Limited                          2,200         -     3,000         -
     Uncommitted facilities                                         6,438        89     6,230     1,678
     Anglo American SA Finance Limited                              5,000        89     5,000     1,678
     Bank of Nova Scotia                                              575         -       492         -
     Nedbank London#                                                  863         -       738         -

     Total facilities                                              26,937     6,167    28,484    11,075
     Total interest-bearing borrowings                             26,937     6,167    28,484    11,075
     Current interest-bearing borrowings                                        129               1,713
     Non-current interest-bearing borrowings                                  6,038               9,362
                                                                              6,167              11,075
     Weighted average borrowing rate (%)                                       8.69                8,59
     # USD60 million uncommitted facility.

Borrowing powers
The borrowing powers in terms of the memorandum of incorporation of the holding company and its subsidiaries are unlimited.

Committed facilities are defined as the bank's obligation to provide funding until maturity of the facility, by which time the renewal of the facility is negotiated.

An amount of R16,937 million (2017: R18,657 million) of the facilities is committed for one to five years; R1,000 million (2017: R1,000 million) is committed for a rolling period of 364
days; R2,300 million (2017:R 2,300 million) is committed for a rolling period of 18 months. The Company has adequate committed facilities to meet its future funding requirements.
Uncommitted facilities are callable on demand.

14. RELATED PARTY TRANSACTIONS
The Company and its subsidiaries, in the ordinary course of business, enter into various sale, purchase, service and lease transactions with Anglo American South Africa Investments
Proprietary Limited (parent company) and the ultimate holding company (Anglo American plc), their subsidiaries, joint arrangements and associates, as well as transactions with the Group's
associates. Certain deposits and borrowings are also placed with subsidiaries of the holding company. The Group participates in the Anglo American plc insurance programme. These
transactions are priced on an arm's length basis. Material related party transactions with subsidiaries and associates of Anglo American plc and the Group's associates (as set out in note
9A) and not disclosed elsewhere in the notes to the financial statements are as follows:

                                                                2018    2017
                                                                  Rm      Rm
  Compensation paid to key management personnel                   79      77
  Interest paid for the year*                                    757   1,068
  Interest received for the year*                                158      58
  Insurance paid for the year*                                   449     447
  Insurance received for the year *                              490     197
  Purchase of goods and services for the year from associates  4,660   5,310
  Purchase of goods and services from Anglo American plc*        899     897
  Corporate costs                                                110     114
  Technical and sustainability                                   334     318
  Research                                                        90      81
  Information management                                         138     163
  Shared services                                                 91      83
  Supply chain                                                    60      43
  Office costs                                                    35      49
  Routine analysis (sample testing)                               41      45
  Deposits*                                                    7,969   7,246
  Interest-bearing borrowings (including interest accrued)*    5,587  10,777
  Amounts owed to related parties                                 23   1,434
  Associates                                                       -   1,423
  Anglo American plc and its subsidiaries                         23      11
  Trade payables
  Trade payables are settled on commercial terms.
  Deposits

Deposits earn interest at market-related rates and are repayable on maturity.
Interest-bearing borrowings
Interest-bearing borrowings bear interest at market-related rates and are repayable on maturity.
* Anglo American plc and its subsidiaries.
                                                                       2018   2017
                                                                         Rm     Rm
15.  COMMITMENTS
     Property, plant and equipment
     Contracted for                                                   1,580  1,919
     Not yet contracted for                                           3,123  4,302
     Authorised by the directors                                      4,703  6,221
     Project capital                                                  1,324  2,040
     - Within one year                                                  875    799
     - Thereafter                                                       449  1,241
     Stay-in-business capital                                         3,378  4,180
     - Within one year                                                3,138  2,997
     - Thereafter                                                       240  1,183
     Capital commitments relating to the Group's share in associates
     Contracted for                                                       -    337
     Not yet contracted for                                               -  1,569
                                                                          -  1,906
     Other
     Operating lease rentals - property, plant and equipment          1,658  1,461
     Due within one year                                                 67     77
     Due within two to five years                                       331    123
     Due after five years                                             1,260  1,261

Most of the Group's leasing arrangementshave renewal options. These commitments will be funded from existing cash resources, future operating cash flows, borrowings and any other funding
strategies embarked on by the Group.
                                                           Amortised                                    Fair
                                                               costs       FVTPL    FVTOCI     Total   value
                                                                  Rm          Rm        Rm        Rm      Rm
16.  FINANCIAL INSTRUMENTS
     Categories of financial instruments
                                                     2018
     Financial assets
     Investments held by environmental trusts                      -       1,183         -     1,183   1,183
     Other financial assets                                      368       3,701       316     4,385   4,385
     Trade and other receivables                               1,607           -         -     1,607   1,607
     Cash and cash equivalents                                 9,541           -         -     9,541   9,541
                                                              11,516       4,884       316    16,716  16,716
                                                     2017
     Financial assets
     Investments held by environmental trusts                      -       1,109         -     1,109   1,109
     Other financial assets                                      502       1,848     1,230     3,580   3,580
     Trade and other receivables                               2,176           -         -     2,176   2,176
     Cash and cash equivalents                                 9,357           -         -     9,357   9,357
                                                              12,035       2,957     1,230    16,222  16,222

16.  FINANCIAL INSTRUMENTS continued
     Categories of financial instruments continued
                                                                       Amortised                Fair
                                                               FVTPL  costs (AC)     Total     value
                                                                  Rm          Rm        Rm        Rm
                                                     2018
     Financial liabilities
     Non-current interest-bearing borrowings                       -      (6,038)   (6,038)   (6,038)
     Obligations due under finance leases                          -        (100)     (100)     (100)
     Current interest-bearing borrowings                           -        (129)     (129)     (129)
     Obligations due under finance leases within one year                    (17)      (17)      (17)
     Trade and other payables*                                (9,703)     (5,944)  (15,647)  (15,647)
     Other financial liabilities                                (940)       (461)   (1,401)   (1,401)
                                                             (10,643)    (12,689)  (23,332)  (23,332)
                                                     2017
     Financial liabilities
     Non-current interest-bearing borrowings                       -      (9,362)   (9,362)   (9,362)
     Obligations due under finance leases                          -         (98)      (98)      (98)
     Current interest-bearing borrowings                           -      (1,713)   (1,713)   (1,713)
     Obligations due under finance leases within one year                    (17)      (17)      (17)
     Trade and other payables*                                (6,753)     (4,751)  (11,504)  (11,504)
     Other financial liabilities                                (547)       (308)     (855)     (855)
                                                              (7,300)    (16,249)  (23,549)  (23,549)

Fair value disclosures
The following is an analysis of the financial instruments that are measured subsequent to initial recognition at fair value. They are grouped into Levels 1 to 3 based on the extent to
which the fair value is observable.

The levels are classified as follows:
Level 1 - fair value is based on quoted prices in active markets for identical financial assets or liabilities
Level 2 - fair value is determined using directly observable inputs other than Level 1 inputs
Level 3 - fair value is determined on inputs not based on observable market data

                                                                                   Fair value measurement
                                                                      31 December     at 31 December 2018
                                                                             2018                 Level 1  Level 2  Level 3
                                                         Description           Rm                      Rm       Rm       Rm
     Financial assets through profit or loss
     Investments held by environmental trusts                               1,183                   1,183        -        -
     Other financial assets                                                 3,701                       -       11    3,690
     Equity investments irrevocably designated at FVTOCI
     Other financial assets                                                   316                     119        -      197
     Total                                                                  5,200                   1,302       11    3,887
     Financial liabilities through profit and loss
     Trade and other payables*                                             (9,703)                      -   (9,703)       -
     Other financial liabilities                                             (940)                      -       (2)    (938)
     Non-financial liabilities at fair value through profit or loss
     Liabilities for return of metal                                         (211)                      -     (211)       -
     Total                                                                (10,854)                      -   (9,916)    (938)
     * Represents payables under purchase of concentrate agreements.

16.  FINANCIAL INSTRUMENTS continued
     Categories of financial instruments continued
     Fair value disclosures continued
                                                                                   Fair value measurement
                                                                      31 December     at 31 December 2017
                                                                             2017                 Level 1  Level 2  Level 3
                                                         Description           Rm                      Rm       Rm       Rm
     Financial assets through profit or loss
     Investments held by environmental trusts                               1,109                   1,109        -        -
     Other financial assets                                                 1,848                       -        7    1,841
     Other financial assets                                                 1,230                     741        -      489
     Total                                                                  4,187                   1,850        7    2,330
     Financial liabilities through profit or loss
     Trade and other payables*                                             (6,753)                      -   (6,753)       -
     Other current financial liabilities                                     (547)                      -       (4)    (543)
     Non-financial liabilities at fair value through profit or loss
     Liabilities for return of metal                                         (134)                      -     (134)       -
     Total                                                                 (7,434)                      -   (6,891)    (543)

* Represents payables under purchase of concentrate agreements.

There were no transfers between the levels during the year.

Valuation techniques used to derive Level 2 fair values
Level 2 fair values for other financial liabilities relate specifically to forward foreign exchange contracts and fixed price commodity contracts.

The valuation of forward foreign exchange contracts is a function of the ZAR:USD exchange rate at balance sheet date and the forward exchange rate that was fixed as per the forward
foreign exchange rate contract. Fixed price commodity contracts are valued with reference to relevant quoted commodity prices at period end.

Level 2 fair values for trade and other payables relate specifically to purchase of concentrate trade creditors which are priced in US dollar. The settlement of these purchase of
concentrate trade creditors takes place on average three to four months after the purchase has taken place. The fair value is a function of the expected ZAR:USD exchange rate and the metal
prices at the time of settlement. The Level 2 fair value of liabilities for the return of metal is determined by multiplying the quantities of metal under open leases by the relevant
commodity prices and ZAR:USD exchange rates.

Level 3 fair value measurement of financial assets and financial liabilities at fair value
The Level 3 fair value of other financial assets comprises investment in unlisted companies Ballard Power Systems and Primus Power. These investments are irrevocably designated as at fair
value through other comprehensive income per IFRS 9 Financial Instruments and, the deferred consideration on the disposal of the Rustenburg Mine, Pandora Joint Venture and BRPM which are
classified as financial assets at fair value through profit or loss. The fair values are based on unobservable market data, and estimated with reference to recent third-party transactions
in the instruments of the company, or based on the underlying discounted cash flows expected.

The Level 3 fair value of other financial liabilities comprises the components of the deferred consideration on the acquisition of control in Mototolo business, which is classified as
financial liabilities at fair value through profit or loss. The fair value is based on the underlying discounted cash flows expected.

16. FINANCIAL INSTRUMENTS continued
    Reconciliation of Level 3 fair value measurements of financial assets and liabilities at fair value
                                                                                                            2018       2017         2018         2017
                                                                                                           Other      Other        Other        Other
                                                                                                       financial  financial    financial    financial
                                                                                                          assets     assets  liabilities  liabilities
                                                                                                              Rm         Rm           Rm           Rm
  Opening balance                                                                                          2,330      1,725         (543)        (501)
  BRPM deferred consideration                                                                              1,529          -            -            -
  Disposal of Pandora and acquisition of investment                                                                     115            -            -
  Acquisition of control in Mototolo Joint Operations                                                          -          -         (925)           -
  Investment in Primus Power convertible notes                                                                 6          -            -            -
  Reclassification of United Hydrogen Group Inc.                                                               -         30            -            -
  Acquisition of investment in United Hydrogen Group Inc.                                                     15          -            -            -
  Investment in Hyet Holding B.V                                                                              33          -            -            -
  Remeasurements of deferred considerations through profit or loss*                                          421        115          474          (42)
  Payment (received)/made                                                                                   (101)       (31)          56            -
  Total (losses)/gains included in other comprehensive income                                               (150)       393            -            -
  Disposal of PGMIP investments                                                                             (338)         -            -            -
  Transfer to retained earning on disposal of investments at FVTOCI                                           57          -            -            -
  Foreign exchange translation                                                                                85        (17)           -            -
  Closing balance                                                                                          3,887      2,330         (938)        (543)
* These are included in fair value remeasurements of other financial assets in statement of comprehensive income. 

Level 3 fair value sensitivities
Assumed expected cash flows, discount rates and market prices of peer groups have a significant impact on the amounts recognised in the statement of comprehensive income. A 10% change in
expected cash flows and a 0.5% change in the discount rates would have the following impact:

                                             Financial asset  Financial liability
                                                        2018                 2017  2018  2017
                                                          Rm                   Rm    Rm    Rm
  10% change in expected cash flows
  Reduction to profit or loss                             39                   23     8    54
  Increase to profit or loss                              39                   23     8    54
  0.5% change in discount rates
  Reduction to profit or loss                             40                   54    12     2
  Increase to profit or loss                              41                   56    12     2
  10% change in market price of peer groups
  Reduction to OCI                                        23                   46     -     -
  Increase to OCI                                         23                   46     -     -
17. CHANGES IN ACCOUNTING ESTIMATES
Inventory
During the current period, the Group changed its estimate of the quantities of inventory based on the outcome of a physical count of in-process metals. The Group runs a theoretical metal
inventory system based on inputs, the results of previous counts and outputs. Due to the nature of in-process inventories being contained in weirs, pipes and other vessels, physical counts
only take place once per annum, except in the Precious Metal Refinery, where the physical count is usually conducted every three years. The Precious Metals Refinery physical count was
conducted by exception again in 2016 and is due to be performed again in 2019.

This change in estimate had the effect of decreasing the value of inventory disclosed in the financial statements by R485 million (31 December 2017: increase of R942 million). This
results in the recognition of an after tax loss of R349 million (31 December 2017: after-tax gain of R678 million).

Rustenburg deferred consideration
The Group's sale of the Rustenburg Mine was completed on 1 November 2016. The present value of the deferred consideration was recognised as a level 3 financial asset at fair value through
profit or loss. Remeasurements arising from changes in estimates of cash flows as well as the unwinding of the discount are included in interest income and expense. The estimated cash
flows were revised in December 2018 after the finalisation of relevant financial information by the purchaser, Sibanye-Stillwater. This has given rise to a post-tax increase of R729
million (31 December 2017: nil) in the present value of the deferred consideration, and the recognition of a gain in profit or loss which is included in headline earnings.

18. CHANGES IN ACCOUNTING POLICIES
The Group adopted IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers on 1 January 2018.

IFRS 9
The new classification and measurement, and impairment principles in IFRS 9 were adopted with no material impact. The Group continues to apply the hedge accounting principles in IAS 39
Financial Instruments per paragraph 7.2.21 of IFRS 9. The impact was on classification of investments that were reclassified from amortised cost with a value of R30 million on 1 January
2018, which was disposed of during the year, and from available-for-sale assets to fair value through other comprehensive income (FVTOCI) irrevocably designated. Fair value changes on the
investments previously classified as available for sale were not reclassified as they are already in equity, and will never be reclassified to profit or loss but retained earnings. Prior
years were reclassified with no material impact.

IFRS 15
The only impact on adoption of this standard was on classification of prepayment from customers from deferred income liabilities to contract liabilities. Prior years were reclassified
with no material impact.

19. DISPOSAL TRANSACTIONS
Union Mine and Masa Chrome
The Group concluded a binding sale agreement for its 85% ownership interest in Union Mine and its 50.1% ownership interest in Masa Chrome Proprietary Limited to Siyanda Resources. The
agreement was signed on 14 February 2017 and most of the critical conditions precedent were met on 1 December 2017. As of this date it was highly probable that the sale would be concluded
within 12 months, such that the criteria for reclassification as held for sale, in terms of IFRS 5 Non-current assets held for sale, were met. An attributable, post-tax impairment loss of
R996 million was recognised for the year ended 31 December 2017. A further attributable post-tax impairment loss of R12 million was recognised in January 2018, presented in scrapping of
assets and partly in the loss on disposal in the statement of comprehensive income.

The sale was effective as of 1 February 2018, at which date R414 million (R573 million proceeds less R159 million cash and cash equivalents disposed) consideration was received. A post-
tax loss on disposal of R0.8 billion was recognised, and is excluded from headline earnings. This brought the total loss, including previously recognised impairments to R1.8 billion.

19. DISPOSAL TRANSACTIONS continued
                                                             Rm
  Assets over which control is lost on 1 February 2018
  Non-current assets                                         216
  Environmental assets                                       140
  Deferred taxation                                           76
  Current assets                                             175
  Trade and other receivables                                  9
  Taxation                                                     7
  Cash and cash equivalents                                  159

  Total assets                                               391
  Liabilities over which control is lost on 1 February 2018
  Non-current liabilities                                    201
  Environmental obligations                                  201
  Current liabilities                                        366
  Trade and other payables                                   203
  Other liabilities                                          163

  Total liabilities                                          567

Bafokeng Rasimone Platinum Mine (BRPM)
Background
On 4 July 2018 AAP signed a binding agreement to dispose of its 33% interest in the unincorporated Bafokeng Rasimone Platinum Mine (BRPM) joint venture to Royal Bafokeng Platinum (RB
Plat) structured in two phases, which will be completed independently.

Phase 1 is for the sale of AAP's 33% interest in BRPM. Shareholder and lender approvals were obtained and the capital raise by RB Plat was completed on 26 September 2018. Phase 2 is for
the transfer of AAP's 33% interest in the mining rights, and requires section 11 DMR approval.

Salient features
The purchase consideration totals R1.86 billion (excluding cash calls) plus the amount of funding provided by AAP to BRPM from signature to effective date. An upfront payment of R568
million (including, proceeds from the capital raise of R253 million to settle part of purchase consideration and repayment of cash calls made by BRPM on AAP to 11 December 2018 of R315
million) was received by AAP on 11 December 2018, being the effective date for the transaction.

The balance of the R1.86 billion, less the capital raise will be settled on a deferred basis. One-third will be settled after each of 1.5 years, 2.5 years and 3.5 years. The deferred
consideration escalates at RB Plat's borrowing rate plus a premium of 2% (c.12.36%) and will be subordinated in favour of RB Plat's third-party debt.

Each deferred consideration tranche may be settled in cash or RB Plat shares, at the option of RB Plat. If settled in shares, RB Plat will first offer the shares to the RB Plat
shareholders at the 30-day VWAP, then determined, discounted by no more than 5%.

Accounting impact
A post-tax impairment loss of R879 million was recognised based on the transaction price, excluded from headline earnings.
Classification as held-for-sale for BRPM commenced on 1 October 2018 as all conditions precedent were met on 26 September 2018. Thereafter, the investment was recognised at fair value
less costs to sell, which was lower than the equity-accounted value.

The deferred consideration was measured at fair value upfront and takes into account the possibility of a lower receipt in the event RB Plat issues shares, which are taken up by the RB
Plat shareholders at a discount. Remeasurements of the deferred consideration, including the unwind of discount, are subsequently recognised in profit/loss and included headline earnings.
Hydrogenious Technologies GmbH

On 20 September 2018, AAP sold its equity-accounted investment in Hydrogenious to AP Ventures. The difference between the proceeds of R353 million and the equity-accounted carrying amount
of R129 million resulted in a profit on disposal of R224 million which was recognised in profit or loss and excluded from headline earnings.

20. IMPAIRMENT OF ASSETS AND INVESTMENTS
Equity investments in Atlatsa and Bokoni Holdco and associated loans
AAP has a 22.76% shareholding in Atlatsa as well as a 49% shareholding in Bokoni Holdco, which is equity accounted as an associate.

On 21 July 2017 Atlatsa Resources announced the placement of Bokoni Platinum Mine on care and maintenance, which was effected on 1 October 2017. AAP committed to support Bokoni while on
care and maintenance until the end of December 2019. A total of R211 million was advanced during the year ended 31 December 2018, with a further R159 million expected to be advanced for
care and maintenance costs in 2019.

All funding advanced has been impaired to the extent that it comprises a loan to Atlatsa for its 51% share of the funding requirements. The 49% effective shareholder contribution to
Bokoni was capitalised to the investment. Equity-accounted losses were applied thereto.

Bokoni
R101 million (49%) of the care and maintenance funding was capitalised to the investment in Bokoni and equity-accounted losses to the same value were applied against this amount. The
equity-accounted losses impact headline earnings.

Atlatsa
R110 million (51%) of the care and maintenance funding for 2018 was capitalised as a loan to Atlatsa. The full value hereof was impaired leaving a carrying value of R224 million which is
expected to be recovered through the acquisition of the Kwanda North and Central Block prospecting rights for R350 million.

21. UNKI PLATINUM MINE INDIGENISATION PLAN
The Zimbabwean Indigenisation and Economic Empowerment Act was promulgated in March 2008 and seeks to ensure that at least 51% of the shares of every company is owned by indigenous
Zimbabweans. The Company has sought to secure compliance with this legislation through the implementation of two previous transactions. Both these transactions were not executed to
finality as the government of Zimbabwe has been refining its position on indigenisation.

In his budget speech in December 2017, the Zimbabwean minister of finance, honourable PA Chinamasa, proposed further changes to the Indigenisation and Economic Empowerment Act. The
proposed changes will result in the 51/49 indigenisation requirement being only applicable to diamond and platinum miners, with all other sectors free from the indigenisation requirements.

While generally a positive development for most foreign investors in Zimbabwe, we will continue to engage the Zimbabwean government regarding Unki's indigenisation.

Stakeholders will be kept informed of any material developments in this regard.

22. POST-BALANCE SHEET EVENTS
A final dividend of R2,0 billion (R7.51 per share) for the year ended 31 December 2018 was declared after year end, payable on Monday, 11 March 2019 to shareholders recorded in the
register at the close of business on Friday, 8 March 2019.

23. BUSINESS COMBINATION
AAP has signed a binding SPA to acquire Glencore's 40% in the unincorporated Mototolo Mine joint venture (JV) which will increase its interest to 90%, structured in two phases, which can
be completed independently of one another. AAP held an existing interest of 50% in the JV.

Phase 1 for the acquisition of 40% of the business was subject to competition commission approval, which was granted and therefore, became unconditional on 1 November 2018. Phase 2 for
the transfer of Glencore's Thorncliff mining right requires DMR section 102 approval.

Phase 1 of the transaction was completed on 1 November 2018, acquisition date, from which date AAP obtained control of the Mototolo Mine and was therefore consolidated for two months
ended 31 December 2018. On the acquisition date Kagiso, Glencore's BEE partner in Mototolo mine, sold its 10% interest in Mototolo Mine to AAP thereby granting AAP 100% ownership of the
Mototolo Mine.

Mototolo Mine is engaged in mining operations and was acquired to continue the expansion of the Group's operations in mining.


23. BUSINESS COMBINATION continued
                                                                    Rm
  Consideration transferred
  Upfront cash payment                                           1,278
  Glencore's 40% interest                                        1,011
  Kagiso's 10% interest                                            267
  Existing purchase of concentrate (POC) liability derecognised   (486)
  Contingent deferred consideration                                925
                                                                 1,717

The consideration is made up of upfront payment of R1,278 million (R267 million for Kagiso and R1,011 million for Glencore's interest) which was paid on 1 November 2018 and the remaining
balance would be paid monthly on a deferred basis over a period of 72 months at equal instalments of R12.6 million. The contingent deferred consideration is remeasured based on the actual
PGM 4E prices realised from the effective date of the transaction to 31 December 2024, with resulting changes recognised in profit or loss and included in headline earnings. The maximum
amount payable is limited to R22 billion, however, this is unlikely to be reached as the PGM 4E prices will have to increase significantly. Refer to note 16 for sensitivity analysis of
financial liabilities. 

Acquisition-related costs to the value of R13 million were incurred, excluded from consideration transferred and recognised as an expense in profit or loss. 

The purchase of concentrate liability, that was payable to Glencore for concentrate delivered to AAP, will not be required to be made and therefore comprise a purchase price adjustment. 

                                                                                  Rm
  Assets acquired and liabilities assumed on 1 November 2018
  Non-current assets                                                           2,889
  Property, plant and equipment1                                               1,803
  Mining right                                                                   122
  Environmental trust assets                                                      72
  Capital work in progress                                                       892
  Current assets                                                                 130
  Trade and other receivables2                                                     7
  Inventory                                                                      123
  Cash and cash equivalents                                                        -

  Total assets                                                                 3,019
  Non-current liabilities                                                        136
  Environmental obligations                                                      136
  Current liabilities                                                            301
  Trade and other payables                                                       239
  Other liabilities                                                               62

  Total liabilities                                                              437
  Net asset                                                                    2,582
  Property plant and equipment is made up as follows:
  Mining infrastructure and development (including intangible asset/goodwill)  1,192
  Plant and equipment (including chrome plant)                                   484
  Land and buildings                                                              12
  Decommissioning asset                                                            5
                                                                               1,693

1 Property, plant and equipment acquired includes the chrome plant with a fair value of R61 million purchased from Glencore. This is included in the business combination accounting
because it was negotiated as part of the acquisition of the acquiree's business. The chrome plant will continue to be operated by Glencore at its own costs to obtain the chrome concentrate
that was part of an existing chrome supply contract. A new chrome supply agreement was entered into on the same commercial terms until 31 December 2024, at the end of the life of the
mining right related to the chrome business. The fair value of the mining right related to the chrome business has therefore taken into account the fact that the chrome business is not
transferred to AAP.

2 The receivables acquired (which primarily comprised trade receivables) in this transaction with a fair value of R7 million had a gross contractual amounts of R7 million. The best
estimate at acquisition date of the contractual cash flows not expected to be collected are Rnil.
23. BUSINESS COMBINATION continued
                                                                                    Rm
  Fair value of the existing 50% interest in the JV
  Carrying value (50% of the net asset value before acquisition)                   924
  Fair value                                                                     1,260
  Gain on existing shareholding recognised in profit or loss                       336
  Excess of consideration transferred over net asset acquired
  Consideration transferred                                                      1,717
  Plus: Fair value of the existing shareholding                                  1,260
                                                                                 2,977
  Less: Fair value of the identifiable assets and liabilities                   (2,624)
  Intangible asset/Goodwill3                                                       353
  Net cash flows on acquisition of Mototolo Mine
  Consideration paid in cash                                                     1,717
  Less: cash and cash equivalents acquired                                           -
                                                                                 1,717
  Impact of acquisition on the results of the Group post acquisition4
  Profit                                                                           128
  Impact of acquisition on results of Group as if acquired at 1 January 20184
  Profit                                                                           632

The following transaction is recognised separately from the business combination accounting:

AAP and Glencore had an existing chrome supply agreement that continues post the business combination on the same commercial terms to the end of December 2024. This is treated separately
from the business combination accounting because it is not settled as part of the business combination. This transaction is accounted for in terms of IFRS 15 Revenue from Contracts with
Customers with revenue recognised and presented in the statement of comprehensive income.

3 The fair value of the existing shareholding in Mototolo JV was based on the existing footprint. This business combination accounting is provisional and may be restated in 2019 when it
is finalised as AAP finalises its valuation of its existing shareholding and the fair values of property, plant and equipment, with any adjustments recognised against the intangible asset.
Goodwill, if any, represents synergies/improvements arising from the utilisation of the acquired Mototolo infrastructure to mine and process Der Brochen and other adjacent properties.
4 AAP was already selling off all of the PGM output of Mototolo JV under a POC agreement with Glencore/Kagiso partnership. The business combination therefore has no impact on the Group's
revenue.

24. AUDIT BY COMPANY'S AUDITORS
The consolidated financial statements from which the summarised consolidated financial statements have been extracted have been audited by the Company's auditors, Deloitte & Touche and
are consistent in all material respects with the consolidated financial statements. The audit of the summarised consolidated financial statements was performed in accordance with ISA 810
(Revised), Engagement to Report on Summary Financial Statements. The auditor's report does not necessarily report on all the information contained in this announcement. Shareholders are
therefore advised that, in order to obtain a full understanding of the nature of the auditors' engagement, they should obtain a copy of the auditor's report together with the accompanying
financial information from the Company's registered office. The consolidated financial statements, their unmodified report on the consolidated financial statements and the summarised
consolidated financial statements are available for inspection at the Company's registered office and on the Company's website. Any reference to future financial performance, included in
this announcement, has not been reviewed or reported on by the Company's auditors.

GROUP PERFORMANCE DATA
for the year ended 31 December 2018

SALIENT FEATURES
                                                                                       2018      2017      2016      2015      2014
Average market prices achieved
Platinum                                                             USD/oz             871       947       993     1,051     1,386
Palladium                                                            USD/oz           1,029       876       610       703       803
Rhodium                                                              USD/oz           2,204     1,094       680       958     1,147
Iridium                                                              USD/oz           1,207       864       563       526       528
Ruthenium                                                            USD/oz             238        72        40        46        61
Gold                                                                 USD/oz           1,260     1,253     1,244     1,156     1,259
Nickel                                                               USD/tonne       12,972    10,314     9,611    11,726    17,034
Copper                                                               USD/tonne        6,424     6,221     4,761     5,180     6,912
Chrome                                                               USD/tonne          178       177       141        99       116
% contribution of net revenue
PGMs                                                                 %                 89.9      88.9      89.7      90.6      87.2
Platinum                                                             %                 39.2      48.1      56.7      55.4      57.1
Palladium                                                            %                 30.3      28.0      22.0      23.8      19.7
Rhodium                                                              %                 12.6       6.5       4.9       6.3       5.2
Iridium                                                              %                  2.0       2.1       2.3       1.9       2.1
Ruthenium                                                            %                  3.3       1.2       0.5       0.4       0.7
Gold                                                                 %                  2.5       3.0       3.3       2.8       2.4
Nickel                                                               %                  5.6       5.4       6.1       6.1       9.2
Copper                                                               %                  1.7       2.0       1.6       1.9       2.4
Chrome                                                               %                  2.5       3.3       2.3       1.1       0.8
Other metals                                                         %                  0.3       0.4       0.3       0.3       0.4
Exchange rates
Average achieved on sales                                            ZAR/USD          13.33     13.33     14.63     12.71     10.87
Closing exchange rate at end of period                               ZAR/USD          14.38     12.31     13.73     15.47     11.57
Basket prices achieved - excluding trading
Platinum - Dollar basket price                                       USD/Pt oz        2,219     1,966     1,753     1,905     2,413
PGM - Dollar basket price                                            USD/PGM oz       1,030       915       837       918     1,139
PGM - Dollar basket price - Mined volume                             USD/PGM oz       1,097       972       857       931     1,156
PGM - Dollar basket price - Purchased volume                         USD/PGM oz         948       835       781       879     1,107
Platinum - Rand basket price                                         Rand/Pt oz      29,601    26,213    25,649    24,203    26,219
PGM - Rand basket price                                              Rand/PGM oz     13,734    12,198    12,249    11,667    12,378
PGM - Rand basket price - Mined volume                               Rand/PGM oz     14,622    12,965    12,541    11,831    12,563
PGM - Rand basket price - Purchased volume                           Rand/PGM oz     12,639    11,139    11,432    11,168    12,032
Total PGM ounces sold - excluding trading                                           5,224.9   5,382.2   5,058.1   5,126.7   4,479.4
Platinum                                                             000 ounces     2,424.2   2,504.6   2,415.7   2,471.4   2,114.8
Palladium                                                            000 ounces     1,513.1   1,571.7   1,532.1   1,597.6   1,256.9
Other PGMs+Gold                                                      000 ounces     1,287.6   1,305.9   1,110.3   1,057.7   1,107.7
Total PGM ounces sold - trading                                                       223.1         -         -         -         -
Platinum                                                             000 ounces        94.0         -         -         -         -
Palladium                                                            000 ounces       124.5         -         -         -         -
Gold                                                                 000 ounces         4.6         -         -         -         -


                                                                                       2018      2017      2016      2015      2014
Financials - excluding trading
Net sales revenue                                                    R million       71,789    65,670    61,960    59,815    55,612
from platinum                                                        R million       28,108    31,590    35,156    33,116    31,762
from palladium                                                       R million       20,934    18,421    13,644    14,222    10,966
from rhodium                                                         R million        9,401     4,242     3,062     3,772     2,902
from other PGMs and gold                                             R million        5,757     4,089     3,781     3,072     2,885
from base and other metals                                           R million        5,734     5,171     4,898     4,960     6,659
from chrome                                                          R million        1,855     2,157     1,419       673       438
Total operating costs                                                R million      (57,293)  (53,685)  (52,864)  (51,174)  (49,805)
EBITDA                                                               R million       14,496    11,985     9,096     8,641     5,807
EBITDA margin                                                        %                 20.2      18.3      14.7      14.4      10.4
EBIT                                                                 R million       10,327     7,892     4,429     3,360       822
ROCE                                                                 %                 23.6      17.6       8.9       5.8       1.3
Attributable economic free cash flow                                 R million        4,736     5,095     5,385     5,972     4,198
Attributable net cash flow                                           R million        3,856     4,471     4,785     4,774     2,342
Costs and unit costs
Cash operating costs                                                 R million       27,377    26,427    33,744    33,697    28,484
Cash on-mine cost per tonne milled                                   R/tonne            807       742       729       751       770
Cash operating cost per PGM oz produced  (mined volume)              R/PGM oz         9,458     8,871     9,298     9,202    10,654
Cash operating cost per PGM oz produced  (mined volume)              USD/PGM oz         714       666       633       720       982
Stay-in-business capital                                             R million        4,189     3,336     2,750     2,535     3,790
Capitalised waste stripping                                          R million        1,548       784     1,297       999       561
All-in sustaining costs net of metal revenue credits 
other than Pt                                                        USD million      1,768     2,000     2,002     2,054     2,467
All-in sustaining costs per platinum ounce sold                      USD/Pt oz          756       826       860       887     1,240
Cash operating cost per platinum ounce produced (mined volume)       R/Pt oz         20,684    19,203    19,545    19,266    22,574
Cash operating cost per platinum ounce produced (mined volume)       USD/Pt oz        1,561     1,443     1,330     1,508     2,081
Reconciling items for AISC and free cash flow
Allocated marketing and market development costs                     USD/Pt oz sold      24        24        19        25        36
Abnormal income/(expense) included in operating and net cash flow
- Disposal of treasury bills                                         R million          218       228         -         -         -
Head count (as at period ended)
Total employees (AAP own and contractors
excluding JVs)                                                                       24,789    28,692    28,250    45,520    49,295
Own enrolled                                                                         22,845    26,453    26,062    42,773    46,048
Contractors                                                                           1,944     2,239     2,188     2,747     3,247
Productivity
PGM ounces produced per employee                                     per annum        108.1      93.9      80.8      73.7      53.3


REFINED PRODUCTION
                                                                                       2018      2017      2016      2015      2014
Total operations
Refined production from mining operations
Total PGMs                                                           000 oz         2,696.1   2,975.5   3,482.9   3,766.2   2,715.9
Platinum                                                             000 oz         1,292.4   1,419.5   1,688.4   1,836.9   1,323.8
Palladium                                                            000 oz           950.9   1,035.3   1,090.6   1,238.2     921.1
Rhodium                                                              000 oz           151.9     179.8     227.0     225.8     154.1
Other PGMs                                                           000 oz           227.7     261.9     391.1     373.8     242.9
Gold                                                                 000 oz            73.2      79.0      85.8      91.5      74.0
Nickel                                                               000 tonnes        16.7      18.9      21.0      21.9      23.9
Copper                                                               000 tonnes        11.1      12.1      11.9      14.9      15.6
Chrome tonnes (100%)                                                 000 tonnes       859.0     978.8     751.6     566.5     289.2
Refined production from purchases
Total PGMs                                                           000 oz         2,088.8   2,140.7   1,304.3   1,215.2   1,114.5
Platinum                                                             000 oz         1,110.0   1,092.4     646.3     621.9     565.7
Palladium                                                            000 oz           550.9     633.1     373.6     356.7     304.3
Rhodium                                                              000 oz           140.9     143.4      90.4      79.4      75.3
Other PGMs                                                           000 oz           254.7     235.4     171.6     135.7     147.6
Gold                                                                 000 oz            32.3      36.4      22.4      21.5      21.6
Nickel                                                               000 tonnes         6.4       7.2       4.4       3.9       4.3
Copper                                                               000 tonnes         3.2       3.7       2.2       2.2       3.1
Chrome tonnes (100%)                                                 000 tonnes           -         -         -         -         -

Total refined production (including toll refined metal)
Total PGMs                                                           000 oz         4,784.9   5,116.2   4,787.2   4,981.4   3,830.4
Platinum                                                             000 oz         2,402.4   2,511.9   2,334.7   2,458.8   1,889.5
Palladium                                                            000 oz         1,501.8   1,668.4   1,464.2   1,594.9   1,225.4
Rhodium                                                              000 oz           292.8     323.2     317.4     305.2     229.4
Other PGMs                                                           000 oz           482.4     497.3     562.7     509.5     390.5
Gold                                                                 000 oz           105.5     115.4     108.2     113.0      95.6
Nickel                                                               000 tonnes        23.1      26.1      25.4      25.8      28.2
Copper                                                               000 tonnes        14.3      15.8      14.1      17.1      18.7
Chrome tonnes (100%)                                                 000 tonnes       859.0     978.8     751.6     566.5     289.2

SPLIT OF TOTAL REFINED PRODUCTION
Platinum                                                                                 50        49        49        49        49
Palladium                                                            %                   31        33        31        32        32
Rhodium                                                              %                    6         6         7         6         6
Other PGMs                                                           %                   11        10        11        11        11
Gold                                                                 %                    2         2         2         2         2
Base Metals
Nickel                                                               %                   61        61        63        59        59
Copper                                                               %                   38        37        35        39        39
Other Base Metals                                                    %                    1         2         2         2         2

PLATINUM PIPELINE CALCULATION
Own mined volume                                                     000 oz         1,035.3   1,130.9   1,473.7   1,507.7   1,015.2
JV mined volume                                                      000 oz           288.3     245.3     252.8     241.3     241.2
Projects mined volume                                                000 oz               -         -       3.4      13.0      11.6
Purchase of concentrate                                              000 oz         1,161.1   1,021.2     651.9     575.2     601.9
M&C platinum production                                              000 oz         2,484.7   2,397.5   2,381.9   2,337.3   1,869.9
Pipeline stock adjustment                                            000 oz            26.3      77.2      59.9     133.3      26.9
Pipeline movement                                                    000 oz          (108.6)     20.4    (111.7)    (11.9)     (9.6)
Refined platinum production (excl. toll refined metal)               000 oz         2,402.4   2,495.0   2,330.1   2,458.7   1,887.2

2018 ANNUAL RESULTS COMMENTARY

KEY MESSAGES
Tragic deaths of two colleagues in 2018
Increased returns to shareholders
dividend pay-out ratio raised to 40% of headline earnings
cash dividend of R2.0 billion or R7.51 per share for H2 2018 resulting in total dividend for the year of R11.25 per share
Quality earnings, with EBITDA up 21% to R14.5 billion
Headline earnings per share up 95% to R28.93 per share
Free cash flow from operations increased by 60% to R5.6 billion
Strong balance sheet - net cash position of R2.9 billion
Return on capital employed (ROCE) increased to 24%
Total PGM production up 4% - record production from Mogalakwena, Unki and Kroondal
Upgrading the portfolio: sale of Union, BRPM and holding in Royal Bafokeng Platinum Limited; acquisition of joint venture (JV) interest in Mototolo mine
Clear and defined strategy for the next phase of value delivery
Total shareholder return of 55% in 2018 - a top performance on the JSE

Chris Griffith, CEO of Anglo American Platinum commented:
"Anglo American Platinum delivered another strong operational and financial performance in 2018. However, losing two of our colleagues is simply unacceptable and deeply distressing. We
again express our sincere condolences to the family, friends and colleagues of Mr Johannes Maimela and Mr Emmanuel Segale. These tragic incidents have re-emphasised how critical it is for
us to eliminate fatalities across our business - we must create a safe working environment.

In another year of strong production from our operations, total Platinum Group Metal (PGM) production increased by 4%, with another record production performance from Mogalakwena, as well
as record production from Unki and Kroondal. The turnaround plan at Amandelbult is progressing, but a combination of factors negatively impacted Q4 production.

Refined production was, however, lower than mined production due to the temporary build-up of work-in-progress inventory. Planned maintenance, as well as the Mortimer smelter rebuild in
Q2, the partial rebuild of the Polokwane smelter in Q3, and the commissioning of the Unki smelter in Q3, resulted in the inventory build - which we expect will be fully processed in 2019.
Despite this, cash flow from operations rose by 60% to R5.6 billion, and net debt reduced by R4.7 billion to move us to a net cash position of R2.9 billion. I am pleased to report that as
a result, Anglo American Platinum led the JSE All Share Index in 2018 with a total shareholder return of 55%.

We have had a busy year. As part of the upgrading of our portfolio, we sold Union Mine to Siyanda Resources, sold our equity holding in Royal Bafokeng Platinum, and sold our 33% interest
in BRPM to our joint-venture (JV) partner. We have completed the acquisition of Glencore and Kagiso Platinum Venture stakes in the Mototolo JV, to make it a wholly owned operation. In
support of our strategic objective of growing demand for PGMs, we supported the launch of AP Ventures LLC, together with the PIC committing USD200 million. Finally, we continue to advance
project studies to evaluate the optimal expansion plan at Mogalakwena and assess the potential for synergies at Mototolo and Der Brochen.

We have evolved our strategy to deliver the next phase of value to the business, which focuses on three components: firstly, to realise the full value of our operations through our people
and innovation, by operating beyond current world benchmark levels of performance; secondly, to invest in our portfolio through fast-payback projects, investing in technology and
innovation at our mines, as well as developing studies for expansion projects, particularly at Mogalakwena; and thirdly, to facilitate the development of global markets for PGMs. I expect
this series of strategic actions will create considerable additional value from our business, increasing cashflows and returns and reinforcing the sustainability of the Company for the
benefit of all our stakeholders.

Given our strong balance sheet and greater confidence in the underlying cash-generating capability of the business, we are increasing our dividend pay-out ratio from 30% to 40% of headline
earnings. This equates to a H2 2018 declared cash dividend of R2.0 billion or R7.51/share. Anglo American Platinum is in a strong position and I thank all our employees and business
partners for their hard work. We are now looking forward to unlocking our full potential."

STRATEGIC OVERVIEW
Anglo American Platinum strives for continuous improvement and capitalising on value-enhancing opportunities to position itself as the leading PGM producer. The restructured and
simplified, high-quality portfolio is at the centre of an attractive investment proposition and provides competitive returns and value to shareholders. The next phase of the strategy
focuses on driving further value from the operations and is built around three key areas.

1. Extracting the full potential from our operations through our people and innovation
This is a process to drive improvement in operational performance from current levels, through greater stabilisation and process optimisation, towards best in class in the industry, known
as P100. The next step is to operate our assets and equipment at levels beyond what is currently thought to be possible in the industry, known as P101.

Examples of areas of improvement include increasing the rope shovel performance at Mogalakwena from 26Mtpa to over 45Mtpa; increasing throughput at the concentrators by over 10%;
increasing operating time of concentrators to over 94%; increasing recoveries of concentrators to over 83%; and increasing the operating factor at processing facilities (defined as
availability multiplied by utilisation).

Beyond P101, a number of step-change technologies are being developed and deployed, including coarse particle flotation which can reduce energy intensity by over 30%; advanced
fragmentation and shock-break technology at concentrators which has the potential to also reduce energy intensity by 30%; and fine recovery of chrome and PGMs, in conjunction with bulk
sorting, which can lead to a 10% increase in feed grade and recoveries.

To unlock this additional value through P101 and a number of FutureSmart Mining technologies and digitalisation, additional investment in a number of fast payback, value enhancing
projects is required. This is expected to deliver EBITDA margin uplift of 5-8% on a mine-to-market basis, within a three to five year time horizon, before the benefit of any expansion
projects using 2018 prices and exchange rates. Capital guidance, including for these fast-payback and P101 investment projects will be in the region of R1.5-1.8 billion in 2019, and c.
R2.0 billion for each of 2020 and 2021.

2. Investing in our core portfolio that delivers industry-leading cash flows and returns
The Company has identified specific opportunities to invest in value-enhancing projects in our portfolio to deliver attractive cash flows and returns. The capital profile is aligned to
both the strategy and disciplined capital-allocation framework:

Stay-in-business capital will temporarily increase by once-off spend on environmental upgrades to the smelters, through sulphur dioxide (S02) abatement
Project capital remains focused on low-capex, fast-payback projects including chrome plant expansions, debottlenecking and replacement projects
Project studies are progressing on expansion opportunities at Mogalakwena and Der Brochen.

3. Facilitating the development of the market for PGMs to increase demand
Growing the market for PGMs is a long-standing strategic priority. Its importance was re-emphasised in 2018 as a key aspect of the strategy. Market development is undertaken globally
through a mix of marketing efforts in existing or near-term demand segments, such as jewellery through the Platinum Guild International (PGI); investment through the World Platinum
Investment Council (WPIC); and targeted market development in longer-term growth areas, such as fuel cells, hydrogen and clean energy, in part through the launch of the new venture capital
vehicle, AP Ventures. South African beneficiation objectives form part of broader market development activities.

SAFETY, HEALTH, ENVIRONMENT AND SOCIAL INVESTMENT
Safety
Tragically, there were two fatalities in work-related incidents in 2018, both at the Amandelbult complex. Mr Johannes Maimela, a 42-year-old tyre fitter, lost his life on 12 February 2018
after being attacked by a swarm of bees at the open-pit operations, and Mr Emmanuel Segale died in a fall-of-ground at Dishaba mine on 18 October 2018. Independent and comprehensive
investigations were conducted to understand the circumstances and to incorporate learnings to create a safer work environment for all.

Despite the improved trend in our other safety indicators and reduction in the number of fatalities in recent years (2017: 6), our loss-of-life performance is disappointing. Our total
recordable case injury-frequency rate (TRCFR) improved 34% to 3.00, and the lost-time injury-frequency rate (LTIFR) dropped 42% to 2.10. This resulted from a revised safety, health and
environmental strategy which was co-created in 2017 with management, unions and employees, to turn around the poor fatality performance. This guided our management approach to safety in
2018 and will continue to do so in conjunction with comprehensive safety turnaround plans for targeted operations.

Health
Continued focus on the health and wellness of our employees has delivered results by reducing the amount of equipment emitting noise above 85 decibels at our operations. In addition, a
strategy to reduce and ultimately eliminate particulate matter (dust) exposure is underway and will be fully implemented by 2020.

Anglo American Platinum is committed to achieving the 90:90:90 targets on HIV set by UNAIDS. The UNAIDS target includes 90% of employees knowing their status and 90% of HIV-positive
employees taking antiretroviral therapy, with 90% under viral suppression. In 2018, 98% of employees were counselled leading to 88% of those knowing their status; 90% of those registering
for antiretroviral therapy; and 80% of those in viral suppression.

The Company continued to intensify the proactive management of tuberculosis (TB) and roll-out of isoniazid prophylaxis. The combined HIV and TB initiatives contributed to reducing the TB
incidence from 1,020 per 100,000 people in 2014 to 325 in 2018, significantly below the national average of 781.

Environment
We have maintained our record of no major or material environmental incidents (categorised as level three to five) since 2013.
We continue to reduce both our fresh water and energy consumption as well as improving water and energy intensities. Due to our reduced energy consumption, we are also reducing our
greenhouse gas emissions through our focused carbon management programme.

We have made considerable progress in the management of our hazardous and non-hazardous waste to landfill with programmes and projects are in place to achieve a zero waste to landfill
ambition by 2020.

Our most material air quality issue relates to sulphur dioxide (SO2) emissions from our three smelters in South Africa. Polokwane smelter started constructing its SO2 abatement project in
2018, which will use an innovative technology to capture SO2 gas from the furnace and convert it to sulphuric acid. The technology will ultimately reduce SO2 emissions by an estimated 96%
to comply with global best practice limits. On completion of the SO2 abatement project at Polokwane in 2020, Mortimer will commence its abatement project, together at a capital investment
of R2.5 billion (in real terms). Waterval smelter, through the Anglo Converter Plant (ACP) already has an SO2 abatement solution in place which operates at global best practice levels.

Managing tailings storage facilities (TSF) is critically important and remains a top ten priority major risk event. Risk management for major risk events has enforced very stringent
management controls to prevent any failures. Focus remains on using the latest technology for early detection and ongoing monitoring and inspection of all the TSFs of both owned mines and
managed JV mines. Anglo American Platinum continues to implement technical measures that indicate stability and integrity of the dams and ensure that the correct management structures and
employed expertise are in place.

Social and community investment
The Company's social license to operate is dependent on the ability to demonstrate value-creation to host communities and thus make a positive impact on society.

In 2018, R609 million was spent on social investment, community development and empowerment. Included in this amount was R467 million of Community Social Investment (CSI), Social and
Labour Plan (SLPs) spend and payments into Community Trusts, as well as R142 million paid out in dividends for community shareholdings in Atomatic, MASA and Alchemy.

Anglo American Platinum has an embedded plan to achieve its 2016-2020 SLPs. Stakeholders are engaged and more involved in the delivery of each SLP and each project is monitored and
evaluated to gauge its impact. Overall, our flagship projects have created over 1,000 jobs. More than 8,000 learners benefited from our education support programme from early childhood
development to grade 12 levels. The SLPs, regional socio-economic development or SED, Alchemy (community shareholding trust) and Zimele (an Anglo American initiative) strategy all form
part of a broader SED strategy aimed at delivering lasting benefits for host communities around our assets.

OPERATIONAL PERFORMANCE
Total production
Total production (M&C)       2018       2017  %
PGMs                    5,186,500  5,007,700  4
Platinum                2,484,700  2,397,500  4
Palladium               1,610,800  1,557,300  3

Improving operational efficiencies and higher productivity across the majority of the portfolio has enabled an increase in total PGM production in line with upgraded PGM production
guidance of 5.1 to 5.2 million PGM ounces.
Total PGM production (comprising platinum, palladium, rhodium, gold, iridium and ruthenium metal in concentrate) was up 4% to 5,186,500 ounces. Excluding Bokoni, which was placed on care
and maintenance in 2017, total PGM production was up 6% on a like-for-like basis.

Mogalakwena
Production (M&C)       2018       2017  %
PGMs              1,170,000  1,098,500  7
Platinum            495,100    463,800  7
Palladium           540,900    508,900  6

Mogalakwena produced another record year of production of 1,170,000 PGM ounces, up 7%. Production increased through mining a targeted higher-grade area in the North pit in the first half
of the year, and also due to optimisation of the primary mill at North concentrator plant leading to improved throughput and metal recovery.

Due to an optimised mine plan, which was implemented at the beginning of 2018, the pit walls of the central pit were steepened. This, together with improved truck and shovel performance,
enabled an opportunity to move more waste tonnes in the period. By mining additional waste tonnes this period, more ore tonnes were exposed, allowing for more consistent mining of ore
tonnes over the short to medium term, reducing the need to drawdown on ore stockpiles from 2021. In addition, improvements in concentrator performance allowed more ore to be processed and,
as a result, less ore was stockpiled.

The consequent impact on Mogalakwena's unit cost was an 18% increase to R18,522 per platinum ounce. Excluding the impact of the lower ore capitalisation and increased waste stripping, unit
cost increases 9%, benefitting from higher production but offset by above inflationary cost increases e.g. diesel and labour. Cash operating costs per PGM ounce (metal in concentrate) was
R7,838 against R6,628 per ounce in 2017.

Mogalakwena delivered R4.0 billion of economic free cash flow (defined as operating free cash flow from consolidated activities less/add economic interest in the asset). The mine had an
EBITDA margin of 46% and a ROCE of 31%.

All-in sustaining costs (AISC) (includes operating costs as defined above, all sustaining capital expenditure, capitalised waste stripping and allocated marketing and market development
costs net of by product revenue) per platinum ounce sold was USD286 per ounce, down from USD340 in the previous year mainly due to the benefit of increased by-product revenue. AISC, if all
produced metal was sold would have been USD222 per platinum ounce sold.

Amandelbult
Production (M&C)     2018     2017  %
PGMs              868,800  858,000  1
Platinum          442,700  438,000  1
Palladium         205,100  202,500  1

As announced on 24 July 2017, Amandelbult has developed a strategy to improve the profitability of the mine by reducing the AISC. The key steps include: operational turn around of the
asset by increasing immediately stopeable ore reserves (IMS) at Dishaba and implementing productivity improvements; developing the Dishaba UG2 project to mine the UG2 reef by utilising
existing Merensky infrastructure at minimal capital investment; extracting the full value of metals mined and expanding chrome production; and assessing capital light replacement projects
at Dishaba. The combination of these measures should enable Amandelbult to sustain production with no significant project capital expenditure in the medium term and reduce the AISC per
platinum ounce sold to USD820 at H1 2017 achieved prices and exchange rates by 2022.

Total PGM production at Amandelbult increased by 1% to 868,800 ounces, due to increased underground production delivered to the concentrator, primarily from Dishaba. Dishaba mine
development led to a 7% increase in immediately available ore reserves compared with the prior year, highlighting the progress made in developing Dishaba Lower at a low capital cost of
R0.5 billion. This was against previous thinking that a new shaft at much higher capital investment was the only replacement option. As part of the overall improvement plan, Dishaba No2.
Vertical shaft has been successfully upgraded from 160ktpm to 230ktpm hoisting capacity by the end of 2018.

However, production was significantly impacted in the final quarter, with lower underground production delivered to the concentrator primarily due to the section 54 stoppage following the
fatal incident on 18 October 2018 and subsequent extensive retraining of employees, some impact from Eskom load shedding, and persistent high absenteeism in the final quarter.

Chrome production at Amandelbult increased 27% to 831,900 tonnes (on a 100% basis) from 654,400 tonnes in 2017. A chrome interstage project was implemented in Q3 2018 at a capital cost of
R10 million which increased the yield from 13.5% to 16.6%.

Amandelbult delivered economic free cash flow of R0.6 billion and the mine had an EBITDA margin of 15% and a ROCE of 17%.

AISC per platinum ounce sold was USD794 per ounce, down from USD955 in the previous year due to improvements in the rand basket price, including a greater contribution from chrome. AISC if all
produced metal was sold would be USD840 per platinum ounce sold.

Unki
Production (M&C)     2018     2017   %
PGMs              192,800  165,900  16
Platinum           85,900   74,600  15
Palladium          75,500   64,400  17

Unki mine in Zimbabwe produced a record 192,800 PGM ounces, an increase of 16%. Production increased due to an increase in tonnes milled, up 10% due to improved underground productivity,
while the 4E built-up head grade increased to 3.51g/t (2017: 3.47g/t) due to improved mining reef cut and reducing waste tonnes mined.

Unki delivered R0.5 billion of economic free cash flow and an EBITDA margin of 29% and ROCE of 9%. If adjusted for the sale of treasury bills and real time gross settlement (RTGS) forex
loss, the EBITDA margin would be 27% and ROCE would be 8%.

AISC (excluding the receipts of treasury bills) per platinum ounce sold was USD616 per ounce, marginally up from USD612, due to the benefit from increased by-product revenue offset by the RTGS
forex loss. The equivalent AISC would be USD449 if all material produced had been sold. Excluding the impact of the RTGS forex loss the AISC was USD472 per ounce and USD311 per ounce if all
material produced had been sold.

The Unki smelter was completed in 2018, on schedule and on budget (capital investment of R0.7 billion) with commissioning completed in Q3 2018.

Mototolo (100% basis)
Production (M&C)     2018     2017   %
PGMs              287,700  184,800  56
Platinum          132,400   85,300  55
Palladium          82,900   52,500  58

Mototolo had an improved performance in 2018 increasing production by 56% to 287,700 PGM ounces (2017: 184,800 ounces). The mine returned to normal production levels in 2018, prior to the
impact of the four-month concentrator shut down in 2017 for remedial work to restore the Helena tailings storage facility. Additional production of 20,800 PGM ounces was toll treated at
Bokoni Mine (2017: 11,900 PGM ounces) from ore stockpiled during the concentrator plant shut down.

Mototolo delivered economic free cash flow of R0.1 billion, due to the loss of cash flow for four months following the concentrator disruptions at the end of 2017. This will normalise in
2019. The mine had an EBITDA margin of 25% and a ROCE of 34% based on the mine as a wholly-owned mine. The AISC of Mototolo for the period was USD823 per platinum ounce sold (weighted as own
mine and purchase of concentrate).

The acquisition of Glencore and Kagiso Platinum Venture shares of the Mototolo JV was completed on 1 November 2018. From this date, production was treated as own-mine production, and was
previously treated as 50% JV mined production and 50% purchase of concentrate.

Union
PGM production from Union on an own-mine basis contributed 23,100 ounces including 11,600 platinum ounces and 5,200 palladium ounces. On completion of the sale of Union on 1 February 2018,
production was treated as purchase of concentrate from third parties.

Joint ventures
JV mined production (M&C)     2018     2017  %
PGMs                       477,000  455,600  5
Platinum                   213,300  202,600  5
Palladium                  140,000  135,200  4

Joint venture production is 50% mined production.
Kroondal achieved record PGM production up 7% to 312,200 PGM ounces due to improved underground efficiencies, and improved concentrator recoveries.
Modikwa marginally increased production by 1% to 164,700 PGM ounces, benefiting from ore purchases from Mototolo which contributed 12,300 PGM ounces compared to 9,700 in 2017. The
underlying mine performance was impacted by a slow start to the year due to community unrest that affected work attendance in March and a bus-arson incident in April which tragically
resulted in the death of six Modikwa employees.

Purchase of concentrate
Production (M&C)       2018       2017   %
PGMs              2,291,900  2,028,600  13
Platinum          1,161,100  1,021,200  14
Palladium           597,300    548,600   9

Total PGM purchase of concentrate (POC), including 50% of the joint ventures' production and purchase of concentrate from third parties, increased 13% to 2,291,900 ounces. The increase in
POC is primarily due to the inclusion of concentrate from Union following the sale to Siyanda on 1 February 2018 and was partially offset by the removal of unprofitable ounces of Bokoni
which was placed on care and maintenance in 2017 (which contributed 117,000 PGM ounces in 2017).
4E material from Sibanye-Stillwater will be under a tolling contract from 1 January 2019, and therefore will not be categorised under purchase of concentrate from third parties.

Refined production, sales volumes and stock
Refined production       2018       2017     %
PGMs                4,784,900  5,116,200    (6)
Platinum            2,402,400  2,511,900    (4)
Palladium           1,501,800  1,668,400   (10)

Sales volumes            2018       2017     %
PGMs                5,224,900  5,382,200    (3)
Platinum            2,424,200  2,504,600    (3)
Palladium           1,513,100  1,571,700    (4)

Refined PGM production decreased 6% to 4,784,900 PGM ounces. The reduction was primarily attributable to the planned rebuilds of Mortimer and Polokwane smelters, the commissioning of the
Unki smelter, and maintenance work on other processing assets, all of which resulted in a build-up of work-in-progress inventory.

In addition, there was a particularly strong refined production performance in 2017 due to the stock-count gain (106,000 PGM ounces) and the build-up in additional work in progress
inventory following the Waterval smelter run-out in 2016 (114,000 PGM ounces). Refined production and sales volumes should increase in 2019 as the backlog of work-in-progress-inventory
from 2018 is processed in full.

PGM sales volumes (excluding marketing activities) decreased 3% to 5,224,900 PGM ounces. The decrease resulted from lower refined production, compensated in part by a drawdown in refined
inventory levels. Market activities generated further sales volumes of 223,100 PGM ounces.

Platinum and palladium work-in-progress inventory has risen from around 467,000 ounces and 379,000 ounces respectively at the end of 2017 to 548,000 ounces and 447,000 ounces respectively
at the end of 2018. Work-in-progress stock levels are expected to normalise in 2019.

FINANCIAL PERFORMANCE
2018 overview
Anglo American Platinum delivered another strong financial performance in 2018, with enhanced margins and operating cash flows, benefiting from the strategy to reposition the portfolio,
removing loss-making ounces and an increased focus on operational efficiencies.

EBITDA rose 21% to R14.5 billion with a group EBITDA margin of 20% (excluding marketing activities). Headline earnings increased 95% to R7.6 billion (2017: R3.9 billion), with headline
earnings per share (HEPS) of 2,893 cents (2017: 1,482 cents). Higher earnings reflect a higher dollar basket compared to 2017 and operating improvements.

The Company further strengthened its balance sheet to end the year with net cash of R2.9 billion, a R4.7 billion improvement from net debt of R1.8 billion at 31 December 2017.

Disposals and acquisitions
Further significant progress was made during the year in upgrading the Anglo American Platinum portfolio.

On 1 February 2018, the sale of our 85% interest in Union Mine and 50.1% interest in MASA Chrome to Siyanda Resources became effective. The company realised an attributable, after-tax loss
on disposal of R0.8 billion which, together with prior impairments recognised, brings the total attributable, after-tax loss on divesting from this operation to R1.8 billion. This is
excluded from headline earnings. Anglo American Platinum expects to extract value in future from the continuing purchase of concentrate/toll refining contracts with Siyanda, utilising
capacity in the group's processing operations.

On 24 April 2018, the Company disposed of 17.3 million shares in Royal Bafokeng Platinum Limited (RB Plat) for R0.4 billion. The sale of the Company's residual shareholding in RB Plat was
completed on 7 August 2018, realising net proceeds of R0.1 billion.

On 4 July 2018, the Company entered into a binding sale-and-purchase agreement with RB Plat to dispose of its 33% interest in the BRPM JV. The sale was effective from 1 December 2018 (for
accounting purposes). The total upfront consideration of R0.6 billion comprises an upfront payment of R0.3 billion for part of purchase consideration, plus the repayment of funding
provided to BRPM from signature to effective date (R0.3 billion). The balance of the purchase consideration of R1.6 billion will be settled on a deferred basis and settled in three equal
tranches after 1.5 years, 2.5 years and 3.5 years from the completion date, and escalated at over the settlement period at RB Plat's borrowing rate plus a premium of 2%. The deferred
consideration may be settled in cash or in equivalent value of RB Plat shares. The sale has given rise to a post-tax impairment loss of R0.9 billion, excluded from headline earnings.

On 17 July 2018, the Company announced that its subsidiary, Anglo Platinum Marketing Limited had subscribed for interests in two UK based venture capital funds, with an aggregate
commitment of USD100 million. Our commitment to the funds is matched by a USD100 million commitment from South Africa's Public Investment Corporation (PIC). In December 2018, Mitsubishi
Corporation became the third Limited Partner of AP Ventures, further endorsing the funds mandate. The investments in Altergy Systems, Hydrogenious Technologies, Food Freshness Technology,
Greyrock Energy, United Hydrogen and HyET Holding were sold to AP Ventures on 20 September 2018 with a carrying amount of R0.4 billion. The total fair value of the investments at the date
of sale was R0.7 billion. A profit of R0.2 billion was recognised on disposing of the equity-accounted investment in Hydrogenious Technologies, which is excluded from headline earnings.

On 1 November 2018, the Company acquired Glencore's 40.2% and Kagiso's 9.8% interests in the Mototolo joint venture. The consideration comprises an upfront payment of R1.3 billion and
deferred consideration payments of R12.6 million per month from November 2018 for 72 months to Glencore. Top-up payments (depending on the PGM price) and additional tax gross-up payments
will be paid to Glencore in January each year until 2024, with a final top-up payment in November 2024. The deferred consideration is carried at fair value through profit or loss and
included in headline earnings.

Sales revenue
Net sales revenue rose 14% to R74.6 billion from R65.7 billion in 2017 on the back of a 13% higher US dollar basket price of USD2,219 per platinum ounce sold (compared to USD1,966 in
2017). The average US dollar sales price achieved on all metals improved, except for platinum which was USD871 per ounce compared to USD947 in 2017. The average rand/dollar exchange rate
was unchanged from 2017 and as a result the rand basket price also improved by 13% to R29,601 per platinum ounce sold (2017: R26,213). Sales volumes of PGMS declined 3% from the prior year
due to lower refined production resulting from the Mortimer and Polokwane smelter rebuilds and other maintenance at the processing assets. The prior year also had the benefit of additional
sales volumes, due to the stock count gain and the additional refined material following the build-up of work-in-progress inventory following the Waterval smelter run-out in 2016.

Cost of sales
Cost of sales rose by 12% from R56.6 billion in 2017 to R63.3 billion due to increased production volumes, lower ore stockpile capitalisation and input cost inflation. Following the sale
of the Union operations in February 2018, Anglo American Platinum has higher purchase-of-concentrate costs and lower on-mine costs due to purchasing concentrate from Siyanda.

On-mine costs (mines and concentrators) reduced by R0.8 billion to R26.1 billion due to the exit of Union, partly offset by input cost inflation and increased volumes at retained
operations. Processing costs rose by 10% in 2018 on higher input costs, such as labour, diesel, electricity and coal as well as commissioning the Unki smelter.

Costs associated with the purchase of concentrate and trading activities increased to R29.2 billion from R20.8 billion in 2017 due to higher volumes purchased as a result of concentrate
purchased from Siyanda in respect of Union Mine, increased output from BRPM and purchases of third-party refined metal, and due to a higher purchase price due to the 13% higher rand basket
price than 2017. This was partly offset by lower purchases for Bokoni after the mine was placed on care and maintenance in the second half of 2017 and lower output from the Sibanye
Rustenburg mine. Inventory movements increased due to work-in-progress build-up because of maintenance of process operations and the ore stockpile capitalised was lower than the prior
year. Other costs rose 2% from R3.4 billion in 2017, primarily due to higher transport of metal costs given higher costs for transporting chrome, and increased royalties on higher revenue.

Improved truck and shovel performance at Mogalakwena enabled the Company to move more waste creating the potential to expose more ore in future periods and improvements in concentrator
performance resulted in building up less ore stockpiles than previously guided. As a result, unit cost rose 8% compared to 2017 to R20,684 per platinum ounce. Excluding the accounting
impact of the lower ore capitalisation and increased waste stripping, unit cost was up 5% year-on-year. Unit cost benefited from increased mined production (after adjusting for Union) but
was more than offset by above inflation increases in processing costs, labour and fuel cost, as well as environmental rehabilitation cost credits in 2017, not recurring in 2018.

The all-in sustaining cost of production was USD756 per platinum ounce against an achieved platinum price of USD871 per ounce.

Earnings before interest, taxation, depreciation and amortisation (EBITDA)
EBITDA rose 21% from R12.0 billion in 2017 to R14.5 billion. Uncontrollable items comprising CPI inflation, US dollar metal prices and the rand/US dollar exchange rate, increased earnings
by a net R4.2 billion, with stronger metal prices contributing R5.4 billion and foreign exchange gains adding R0.3 billion, partially offset by CPI of R1.5 billion.

Earnings were reduced by the lower increase in the measured value of ore stock piles (R1.3 billion) and the stock count loss in 2018 of R0.5 billion compared to the stock count gain in
2017 of R0.9 billion (net impact of a decrease of R1.4 billion). This was partially offset by improved costs which increased earnings by R0.6 billion, as well as the benefit of Bokoni
being placed on care and maintenance, resulting in lower losses incurred for associates (R0.3 billion).

The EBITDA margin achieved was 20% (2017:18%), made up of own mining operations of 32% (2017: 32%), JV operations of 27% (2017:20%) and purchase of concentrate of 10% (2017: 9%).

Capital expenditure
Disciplined capital expenditure remains a priority, aimed at maintaining asset integrity and adding value, not volume.

Capital expenditure for 2018, excluding capitalised interest and capitalised waste stripping, increased 18% to R4.7 billion (net of insurance receipts) from R4.0 billion in 2017.

Stay-in-business (SIB) capex was flat on 2017 at R3.3 billion. The SIB governance process is rigorous, ensuring that this capital is sustainable and focused on safety, enhancing business
continuity and regulatory compliance. SIB capital spend in 2019 is expected to be R3.4-R3.7 billion.

As previously guided, the SO2 abatement project for Polokwane smelter began in 2018 (capital spend to date of R0.4 billion) and this will continue in 2019 - 2020. Mortimer SO2 abatement
project will begin in 2021.

Our focus is to invest in low-capex, fast-payback, value-accretive projects. Project capital was R1 billion in 2018 and related to Amandelbult chrome plant modules 3 and 4, Unki smelter
and closing out Mogalakwena North concentrator optimisation. Project capital in 2019 is expected to be R1.5-R1.8 billion for low-capital, fast-payback projects (such as 15E at Amandelbult,
Unki debottlenecking and chrome recovery plants at Amandelbult and Modikwa, and chrome interstage at Mototolo) and projects to achieve and then exceed operating benchmark performance.

Waste tonnes mined increased from 69 million tonnes in 2017 to 71 million tonnes in 2018 and the cost of mining 36 million tonnes was capitalised as compared to 20 million tonnes in 2017.
Capitalised waste stripping was marginally above guidance at R1.5 billion as improved truck and shovel performance at Mogalakwena enabled the Company to move more waste, creating the
potential to expose more ore in future periods. Guidance on 2019 capitalised waste stripping is R2.0-R2.2 billion.

Working capital
The company continued to focus on optimising its working capital levels. Trade working capital at 31 December 2018 was R4.9 billion, equivalent to 15 days, compared to R6.2 billion at 31
December 2017 (26 days). The decrease reflects higher trade creditors (R3.3 billion) due to higher payables for the purchase of concentrate (on higher volumes, including production
purchased from Siyanda, as well as higher rand metal prices), an increase in the customer prepayment of R1.5 billion (due to a weaker closing exchange rate than 2017 and higher prices) and
lower trade debtors of R0.6 billion (2 days in 2018 compared to 5 days in 2017). This was partially offset by a build-up in work-in-progress metal inventories totalling R3.5 billion
because of planned maintenance at the processing assets, and measured ore stockpiles increasing R0.5 billion.

In 2018, the Company had a stock count loss of R0.5 billion (2017: stock count gain of R0.9 billion), with stock count losses of 16,000 ounces palladium, 19,000 ounces rhodium and 3,000
tonnes of nickel, partially offset by the benefit of 26,000 ounces platinum stock-count gain.

Stock counts of work-in-progress are performed annually at smelters and the base metal refinery, and every three years at the precious metals refinery. Due to the different physical nature
of the stock at each point in the processing cycle, detailed methods have been developed to determine the physical contents. The process is complex, and results are available circa four
months later at the end of the processing cycle. These values are then compared to the theoretical stock. The variance of each metal (either positive or negative) must be within an
allowable variance, otherwise this would trigger an additional physical stock count. Each metal variance is then valued using the standard stock valuation methodology and the net sum of
the platinum, palladium, rhodium and nickel variances reported as the financial stocktake adjustment.

Net debt and liquidity
The Company has a strong balance sheet. It ended the year with net cash of R2.9 billion compared to net debt of R1.8 billion at the end of 2017. This was supported by operations generating
cash of R14.2 billion, R1.5 billion from the customer prepayment and net proceeds from disposals and acquisitions of R0.1 billion. These cash flows were used to fund capital expenditure
and capitalised waste stripping of R6.2 billion; pay taxation of R1.8 billion; settle interest of R0.6 billion to our debt providers; fund associates and minor investments of R0.6 billion
and pay a dividend to shareholders of R1.9 billion.

Excluding the impact of the customer prepayment of R6.1 billion, the Company is in a net debt position of R3.2 billion (2017: R6.5 billion), with net debt to EBITDA of 0.2x (2017: 0.5x).
Liquidity headroom is at R23.4 billion, comprising both undrawn committed facilities of R14.2 billion and cash of R9.2 billion. The Company is comfortably within its debt covenants.

Dividend
The Board has increased the dividend pay-out ratio policy from 30% to 40% of headline earnings, reaffirming Anglo Platinum's confidence in the future of the business and commitment to
disciplined and balanced capital allocation.

A second half cash dividend of R2.0 billion or R7.51 per share has been declared to our shareholders. The dividend applies to all shareholders on the register on 8 March 2019 and is
payable on 11 March 2019. This brings the aggregate 2018 dividend to R3.0 billion or R11.25 per share, equivalent to a 40% pay-out on full year 2018 headline earnings.

PGM MARKET REVIEW
Anglo American Platinum produces all PGMs which include platinum, palladium, rhodium, ruthenium and iridium, as well as by-products including gold, nickel, copper and chrome.
Prices
In USD terms, the achieved basket price was up 13% year on year to USD2,219 per platinum ounce (2017: USD1,966). The rand was unchanged, leading to the rand basket price also increasing by
13% at R29,601 per platinum ounce (2017: R26,213). The dollar platinum price ended the year at USD794, down 15% from the beginning of the year, while the average price over the year
declined by 7.3% to USD880 (2017: USD949). The palladium price climbed 18% to USD1,029 per ounce on average (2017: USD869) and the rhodium price doubled to an average USD2,221 per ounce
(2017: USD1,108).

Platinum
Platinum showed the weakest price performance amongst the PGMs due to a combination of negative sentiment on the light duty diesel engine segment in Europe, continuing softness of Chinese
jewellery demand and global macroeconomic factors. Primary supply from mine production was essentially unchanged from the previous year but recycling of end-of-life catalytic converters
from the automotive industry grew strongly, while gross demand declined by 2.5%. Consequently, platinum was in a moderate fundamental surplus in 2018.

Palladium
The palladium price climbed strongly in 2018, particularly in the second half, driven by an excess of demand over combined primary and secondary supply. As a result, palladium was in
deficit again, although the size of the deficit was limited by very heavy net disinvestment. This performance is reflected in palladium hitting a series of nominal highs in the final
quarter, peaking at USD1,277 in December, with an average price of USD1,029, 18% above prior-year levels (2017: USD869). Indeed, palladium traded at a premium to platinum almost throughout
2018, with its premium rising to a record USD476 an ounce in December, providing strong support for the PGM basket price. Demand for this metal remains concentrated in the automotive
industry, where gross demand climbed 2.7% in 2018, while industrial demand rose 1.4%. This picture would have seen palladium in a much more substantial deficit without over 500,000 ounces
of net redemptions from physically backed exchange-traded funds during the year which contributed to an overall 574,000 ounces of net disinvestment.

Rhodium
The rhodium price was particularly strong in 2018, with the average price doubling to USD2,221 (2017: USD1,108). The peak price of USD2,600 was the highest since 2010. As with palladium,
this meant that rhodium contributed more significantly to revenue than in recent years. This price rise was partly due to a fundamental market deficit of 92,000 ounces, and a tighter
leasing market driving some additional purchasing and speculators showing interest. Underlying demand in fact weakened slightly, dropping 3.8%: gross automotive demand climbed 2.6% to
863,000 ounces, aided by tighter emissions regulations in China and in Europe, but the chemical and glass industries both bought less metal than a year earlier.

Minor metals
The prices of both ruthenium and iridium increased in 2018 with ruthenium climbing to an of average of USD241 per ounce (2017: USD75) and iridium achieving an average of USD1,284 per
ounce (2017: USD898). Demand for both metals is strong from both the chemical industry, through demand for clean catalysis in the chlor-alkali sector in China, and the electrical industry,
for its use in hard disks and chip resistors.

Automotive
The global light-duty vehicle sector declined marginally last year, with sales falling 0.4% from 2017 at 95 million units (source: LMC automotive global light vehicle sales update). The
European automotive market was the main high point, with sales growing in both Eastern and Western Europe. North American vehicle sales were unchanged but there was some marked weakness in
China, where light-duty vehicle sales fell 3.0%, driven by higher purchase taxes and slowing growth.

Gross automotive demand for platinum declined by 167,000 ounces or 5.4% year on year. Diesel's share of the light-duty vehicle market in Western Europe continues to drop, from 49.5% in
2016 to 44.5% in 2017 and 36.0% in 2018, contributing to a fall of over 200,000 ounces in gross platinum demand from the European automotive sector. A number of factors have combined to
send diesel car sales lower, from the increased cost of fitting advanced after treatment, the perception of poor in-use tailpipe emissions and proposals to limit the use of older diesel
vehicles in some urban areas around Europe.

The outlook for the diesel engine in the light-duty vehicle sector is somewhat unclear. Lower sales have made it less economically feasible for some manufacturers to develop a new family
of diesel engines and diesel's share can be expected to fall further in the next few years. However, diesel vehicles are expected to maintain a reasonable share of sales of commercial
vehicles and larger passenger cars in Western Europe over the next five years. With its relatively low CO2 emissions, diesel is still extremely important for light and heavy-duty vehicle
manufacturers and their ability to meet the stretching EU CO2 emission targets in 2021 and 2030. Diesels are likely to remain the primary engine technology in heavy-duty vehicles in
particular, while tighter emissions legislation in China and India will generate additional platinum demand to offset some of the demand lost in the light-duty vehicle sector.

Globally, gross demand for palladium from the automotive sector rose 2.7% while demand for rhodium climbed 2.6%. Both metals benefited from tightening emission standards in China and
Europe in particular, with demand growing despite static vehicle sales volumes.

With palladium moving to a record premium over platinum in late 2018, there has been more interest in the concept of replacing palladium in some gasoline catalytic converters with
platinum. Although this is not a trivial process, we believe it is already technically possible to replace some proportion of palladium currently used, while research may make this
approach more widely applicable. However, there is little evidence yet that automotive manufacturers have started this substitution process. It is therefore unlikely that there will be any
meaningful progress in replacing palladium with platinum in gasoline autocatalytic converters in 2019, although it is highly likely that this will occur at some point.

Industrial
Industrial demand for platinum was strong in 2018, rising 14% or 294,000 ounces, and a greater growth rate than global economic growth. China remained a key purchaser for capacity
expansion in the chemical and, particularly, the glass sectors. Platinum demand from the fuel cell sector remains small in absolute terms, but this sector reflects a growing share of
demand, supported by official support for this technology in China.

Industrial demand for palladium increased again in 2018, by 20,000 ounces. Rising demand from the chemical sector was the key positive change, just as for platinum. Industrial demand for
rhodium declined by roughly 60,000 ounces from the previous year's high levels.

Jewellery
Gross global jewellery demand declined marginally in 2018, falling 1.5% or 37,000 ounces to 2.36 million platinum ounces. In China, the largest single market, gross platinum demand from
the jewellery sector shrank 4.8% or 70,000 ounces to some 1.4 million ounces. Decreased footfall in jewellery stores in China has led retailers to move from a volume strategy (where
jewellery is priced by weight) to a margin strategy, where profitability per piece is the focus. This has been challenging for both 24ct gold and plain platinum jewellery, which has
historically been sold by weight. The jewellery sector in China is changing its approach and some positive signs are evident, but this process will take some time to complete as
manufacturers develop new products and designs.

Indian jewellery demand grew strongly again in 2018, rising some 15%. The Platinum Guild International continues to position platinum as an attractive and modern jewellery metal for
consumers in India, as well as supporting the jewellery trade to manufacture, price and market platinum successfully in what remains a gold-led marketplace.

Demand was relatively stable in Europe, Japan and North America. In all three markets, platinum retains a strong brand and attraction to consumers, supporting ongoing demand.

Investment
Net investment demand for platinum was again positive in 2018 but lower than the exceptionally strong 2016 and 2017. Net demand was 66,000 ounces, compared to 356,000 ounces in 2017.
Despite obvious price weakness in US dollar terms, there was net disinvestment from physically-backed exchange-traded funds. Investment from Japan was lower than the previous two years:
lower volatility in yen prices and a persistent discount for platinum against gold failed to provide as many buying opportunities in 2018. Physical investment in platinum outside Japan
strengthened, aided by the World Platinum Investment Council's work on improving the availability of investment products in key markets.

Palladium suffered another year of disinvestment, with over 500,000 ounces of net disinvestment from exchange-traded funds as investors looked to realise profits from their holdings or, in
some cases, take physical metal instead to benefit from high palladium lease rates.

Long-dated demand from fuel cells
Although platinum demand from fuel cells remains limited in scale, interest in this technology is gaining traction. Some recent commercial successes for hydrogen fuel cell technology, in
both stationary and mobile applications, include uses as diverse as garbage trucks, heavy-duty trucks and forklift trucks. Hyundai released a new fuel cell car, the Nexo, while Mercedes
produced its first fuel cell hybrid, the GLC, in 2018.

OEMs (original equipment manufacturers) and governments have set a range of targets for fuel cell electric vehicle use. If infrastructure requirements are also met, there is the potential
for several million fuel cell electric vehicles to be on the road by 2030. At least as importantly, China continues to devote considerable effort to commercialising fuel cell and hydrogen
technology. The potential for these efforts in China and elsewhere could lead to annual demand of several hundred-thousand ounces by the end of the next decade.

MARKET DEVELOPMENT
Jewellery
Development of the global platinum jewellery market is carried out by Platinum Guild International (PGI) and focused on four major platinum jewellery markets (China, Japan, USA, India).
Initiatives in China, Japan and the USA are funded by Anglo American Platinum and other primary PGM producers, while the work in India is funded exclusively by the Company.

The next three years will be critical for platinum jewellery development in China to stimulate long-term demand growth. The market is undergoing a structural change due to changing
consumer preferences, with millennials who prefer branded jewellery collections over generic designs. The PGI is developing marketing programmes that safeguard platinum's strong equity in
bridal jewellery and target love occasions, which together represent a total potential market of 3.5 million ounces. This is a large segment for future growth - especially in China's
fast-growing lower-tier markets. In 2019, PGI will also lead further innovation in jewellery by driving a bigger variety of product designs through its partnerships with platinum jewellery
manufacturers.
The PGI launched platinum in India, and its core marketing programmes and product offerings contribute to the growth in this market. Retail sales among PGI's strategic partners (which
represent 54% of the platinum market under the PGI programme) continued to grow in 2018, despite challenging market conditions after government introduced new taxes and regulations for the
jewellery industry. PGI is currently working through partners to develop branded offerings for platinum jewellery for men, which has recently become one of the fastest-growing categories.
Existing marketing programmes such as Platinum Day of Love and Evara branded franchises continue to perform. At current growth rates, PGI projects the market to deliver over 500,000 ounces
of platinum jewellery in India by 2023.

This is the most-mature platinum jewellery market in the world, with the highest per-capita consumption and share of market. PGI Japan has identified the opportunity to develop a new
platinum jewellery category targeted at mature consumers, who hold a third of all Japanese financial assets. In 2018, PGI developed a series of Legacy collections aimed at older consumers
with a preference for platinum to buy products that allow them to pass on their wealth to the next generation.

Platinum sales continue to rise on the back of a strong economy and historically low platinum prices in the US. PGI's Platinum Crown initiative has boosted sales of platinum prongs by over
10% among participating partners.

Investment demand
Developing investment demand for platinum is led by the World Platinum Investment Council (WPIC), an industry body funded by several producers including Anglo American Platinum. In 2018,
WPIC continued to make progress against its mission and strategy despite adverse market conditions, which included a falling platinum price. WPIC works to stimulate investor demand for
physical platinum by providing actionable insights, engaging prospective investors and giving them the information to support informed decisions on platinum, and working with financial
institutions and market participants to develop products and channels that investors need.

WPIC concluded 2018 with ten active, ounce-producing product partnership projects, including three at a very early stage in China. An incremental 160,000 ounces of investment in platinum
are anticipated for the year. North American retail sales were particularly strong and will be a focus for WPIC in future.

In 2018, WPIC continued its strategic investment in China's significant potential, by engaging with multiple prospective investors. In addition, it has positioned itself as an important
provider of platinum market information in the Chinese language and attracted key media partners including Wall Street CN, Gold Topnews and Puoke Financial in disseminating relevant
research and content for Chinese investors.

In early December, WPIC concluded an agreement with Bank of China, one of the world's largest banks, to collaborate across China to increase platinum investment. The bank plans to grow its
platinum investment products and the partnership will capitalise on WPIC's expertise in existing and new product development. WPIC will provide platinum training to the bank's sales team
in Beijing and Shanghai in 2019 and expand this across major branches in China over the year.

Industrial market development
On the industrial front, Anglo American Platinum continues to support the development of PGM technologies through several means. These include investing in primary research and
development; investing in early-stage companies commercialising PGM technologies; and working towards a favourable policy environment for these technologies.

In 2018, Anglo American Platinum successfully spun off its internal PGM investment programme, announcing the establishment of independent fund manager AP Ventures LLP. The second founding
partner is the Public Investment Corporation (PIC) which manages the South African state pension fund. Each founding partner committed USD100 million to the initiative. AP Ventures will
continue with the original intention of the PGM investment programme, investing in high-growth companies developing patentable technologies that use PGMs to address some of society's
biggest challenges. In December 2018, Mitsubishi Corporation became the third limited partner of AP Ventures, further endorsing the funds' mandate.

Advocacy activities support development of a conducive policy environment for hydrogen and fuel cell technologies in the major early-adopter markets of China, the European Union, United
Kingdom and United States. This work is complemented by participating in demonstration projects, where appropriate, such as co-funding hydrogen refuelling infrastructure in key locations.
Further, our advocacy work involves actively participating in several industry associations including the global Hydrogen Council and Chinese International Fuel Cell and Hydrogen
Association, with Anglo American Platinum being a founding member of both bodies. The Company is also a member of Brussels-based Hydrogen Europe, the London-based UK Hydrogen and Fuel Cell
Association, the Washington DC-based Fuel Cell and Hydrogen Energy Association, and the California-based California Fuel Cell Partnership. Each organisation provides a platform to engage
relevant industry and government partners.

Importantly, where possible, the company aims to integrate demand stimulation with developing skills and building capacity in South Africa. In 2018, we held the 19th annual PlatAfrica
jewellery design and manufacturing awards in partnership with PGI India and Metal Concentrators. This reflects our strategy to actively grow the market for platinum jewellery in South
Africa and our successful partnership with Metal Concentrators, which manages our metal financing scheme that provides platinum to local jewellery manufacturers on favourable financial
terms.

GOVERNMENT AND INDUSTRY POLICY
Mining Charter 2018
Anglo American Platinum welcomes the gazetting of the mining charter 2018 by the Minister of Mineral Resources on 27 September 2018. The final version is a significant improvement on the
draft 2017 and 2018 mining charters and deals more constructively with numerous issues that had proven challenging under the 2010 charter. The Company appreciates the extensive efforts
made by the minister and his team to engage with and consider the feedback of numerous stakeholder groups in finalising this charter.

In its submission to the Department of Mineral Resources (DMR) on 27 August 2018, Anglo American (including Anglo American Platinum, collectively known as the "Group") presented several
proposals that the Group believed would support greater competitiveness, investment and growth for the mining industry.

While the process of reviewing and fully assessing the implications of the new charter is still under way, the Group welcomes certain improvements and points of clarity. However, a few
significant concerns remain, which the group believes may continue to affect the sustainability of the mining industry in South Africa. These include:

Continued regulatory uncertainty arising from the recent favourable decision of the High Court on the Minerals Council of South Africa's application for a declaratory order on various
issues in the mining charter
Application of the charter (designed for mining) to licences granted under the Precious Metals Act and Diamonds Act, some of which must be renewed annually
Provisions suggesting that new and further BEE ownership transactions will need to be concluded on renewing a mining right.

In addition, the Group is concerned that Mining Charter 2018 will, in certain respects, be difficult to implement legally and practically, and may have unintended adverse consequences for
the industry.

Currently, Anglo American Platinum is not applying for any new mining rights, and all current mining rights have at least 20 years until renewal is required.

A further amendment to the mining charter of 2018 was gazetted in December 2018. This amendment has clarified that our first reports on progress with initiatives under the new mining
charter will be due in March 2020. This is a welcome development.

Mineral and Petroleum Resources Development Act (MPRDA)
The Minister of Mineral Resources has announced that he is withdrawing the MPRDA Amendment Bill. As the MPRDA Amendment Bill was never signed into law by the President, the Bill falls away
in its entirety and the MPRDA stands unamended.

MINERAL RESERVES AND RESOURCES STATEMENT
Reserves
The combined South African and Zimbabwean Ore Reserves have decreased by 8.7% from 166.2 4E Moz to 151.6 4E Moz in the review period. The reduction was primarily due to a change in
economic assumptions at Mogalakwena Mine, the disposal of the interest In Union Mine to Siyanda Resources and depletion due to production. The reduction of Ore Reserves has been partially
offset by an increase in Ore Reserves at Tumela, Unki and Modikwa mines due to the conversion of Mineral Resources to Ore Reserves.

Resources
The combined South African and Zimbabwean Mineral Resources, inclusive of Ore Reserves, decreased by 5.1% from 801.1 4E Moz to 760.5 4E Moz in the review period. This was primarily the
result of disposing of the interest in Union Mine to Siyanda (-39.2 4E Moz for Merensky and UG2 Reef and -0.6 4E Moz for the tailings dams).

The full reserves and resources statement will be available on 13 March 2019.

BOARD CHANGES
As announced on 23 October, Mr Andile Sangqu, Executive Head of Anglo American South Africa Limited stepped down as non-executive director and Mr Norman Mbazima was appointed as a non-
executive director.

Mr Ian Botha, the Finance Director (FD) has tended his resignation and will therefore step down from the board on 28 February 2019. Mr Craig Miller, who is currently the Anglo American plc
Financial Controller, will assume the role of Finance Director on 1 April 2019. Mr Simon Kruger, the Company Financial Controller will serve as the Acting FD for the period 1 March 2019 to
31 March 2019.

The Chairman, Mr Valli Moosa, who has served as a director for the past 10 years, will retire from the board at the AGM to be held on 17 April 2019. Mr Norman Mbazima will assume the role
as Chairman going forward.

Mr Peter Mageza, who has been a member of the board for the past five years, has been appointed as the Lead Independent Director.

EXECUTIVE COMMITTEE CHANGES
Mr Vishnu Pillay, Executive Head of Joint Ventures and Exit Operations, retired from his role on 31 December 2018. The joint venture portfolio was incorporated into mining under the
leadership of Mr Dean Pelser, Executive Head of Mining.

Mr Indresen Pillay, Executive Head of Projects and Safety, Health and Environment, resigned from his role as of August 2018. Mr Prakashim Moodliar has been appointed by the Executive
Committee and will start on 1 March 2019 as Executive Head of Projects. Mr Moodliar joins from ABInBev Africa as the Africa Zone Projects Manager, responsible for leading a large, multi-
disciplinary team which focused on project development and execution in Africa.

The Safety, Health and Environment portfolio will continue under the leadership of Mr Gordon Smith, Executive Head of Technical.

OUTLOOK
Market outlook
The three major PGMs - platinum, palladium and rhodium - should again be in a combined deficit in 2019. Primary mine supply should remain flat, while tightening emissions regulations are
likely to boost demand for palladium and rhodium in the light duty and platinum in the heavy-duty sectors.

Platinum is expected to be in a modest surplus once again in 2019. The outlook for gross global automotive demand is more positive in 2019, with some growth possible. While the diesel
engine's share of the European light vehicle market is expected to decline further, additional demand from the heavy-duty sector in China and India, due to stricter emissions regulations,
could drive combined automotive demand higher. Industrial demand is likely to remain strong, but lower than 2018 as global economic growth moderates. The jewellery demand outlook remains
mixed. There are some positive signs in China that jewellers could drive higher platinum sales but 2019 could still see a modest decline in demand before the market finally stabilises. In
contrast, Indian demand should increase further, and we expect a robust performance in other key jewellery markets. Investment demand depends on price movements and volatility but should
be positive, aided by continuing market development work from the World Platinum Investment Council. Primary supply should change little year on year, but recycling flows will increase
marginally, all contributing to the modest surplus forecast for 2019.

Palladium should once again be in a strong and widening deficit in 2019. Automotive demand seems set to increase, even with little or no growth in vehicle sales, as average vehicle size
increases and emissions rules tighten. Although palladium is trading at a substantial premium to platinum, there is little evidence of intensive efforts to replace palladium with platinum
in any gasoline catalytic converters. Even if this R&D process were to start in earnest in 2019, gross automotive palladium demand would be likely to rise over the coming year. Mine
production should be relatively flat year-on-year, but more palladium will be recovered from recycling. Over 500,000 ounces of net disinvestment from Exchange Traded Funds took place in
2018, without which palladium would have been in a very large deficit. Even if similar levels of disinvestment occur in 2019 which is unlikely given the current volume of ETFs available,
palladium is still expected to remain in a deficit once again.

Rhodium demand should be steady in 2019. Although vehicle sales are unlikely to grow this year, tighter emissions rules and rising vehicle sizes should translate to incremental automotive
demand. Industrial demand could fall back due to some price sensitivity in the glass sector. Primary supplies are expected to remain relatively flat but the volume of metal recycled should
climb in 2019, with rhodium likely to remain in a small fundamental surplus.

Operational outlook
PGM production guidance (metal-in-concentrate) is 4.2-4.5 million PGM ounces for 2019, including platinum outlook of 2.0-2.1 million ounces and palladium outlook of 1.3-1.4 million ounces.
Lower production versus 2018 reflects the Sibanye-Stillwater material changing to a tolling contract from 1 January 2019, and therefore refined metal is returned to Sibanye-Stillwater.
Refined production will be higher at 4.6-4.9 million PGM ounces for 2019, including platinum of 2.2-2.3 million ounces and palladium of 1.4-1.5 million ounces. Refined production is higher
than M&C due to the build-up of work-in-progress inventory after planned maintenance on Mortimer and Polokwane smelters in 2018, which will be processed in 2019. Sales volumes will be in
line with refined production.

Financial outlook
Unit cost guidance is between R21,000 and R22,000 per produced platinum ounce (metal-in-concentrate).

The Company is committed to maintaining a strong balance sheet through the cycle, only focussing on high-returning and quick pay back projects. Total capital expenditure guidance for 2019,
excluding capitalised waste stripping is R5.7 billion to R6.3 billion. Capitalised waste stripping guidance is R2.0-R2.2 billion.

The Board has committed to paying a sustainable dividend based on a pay-out ratio of 40% of normalised headline earnings.

The financial information on which the guidance is based on has not been reviewed or reported on by the Company's auditors.
Johannesburg, South Africa
14 February 2019

ADMINISTRATION
EXECUTIVE DIRECTORS
CI Griffith (Chief executive officer)
I Botha (Finance director)

INDEPENDENT NON-EXECUTIVE DIRECTORS
MV Moosa (Independent non-executive chairman)
RMW Dunne (British)
NP Mageza
NT Moholi
D Naidoo
JM Vice

NON-EXECUTIVE DIRECTORS
M Cutifani (Australian)
S Pearce (Australian)
AM O'Neill (Australian)
N Mbazima

Alternate director
PG Whitcutt (Alternate director to S Pearce)

COMPANY SECRETARY
Elizna Viljoen
elizna.viljoen@angloamerican.com
Telephone        +27 (0) 11 638 3425
Facsimile        +27 (0) 11 373 5111

FINANCIAL, ADMINISTRATIVE, TECHNICAL ADVISERS
Anglo Operations Proprietary Limited

CORPORATE AND DIVISIONAL OFFICE, 
REGISTERED OFFICE AND BUSINESS 
AND POSTAL ADDRESSES OF THE COMPANY SECRETARY 
AND ADMINISTRATIVE ADVISERS
55 Marshall Street, Johannesburg 2001
PO Box 62179, Marshalltown 2107
Telephone        +27 (0) 11 373 6111
Facsimile        +27 (0) 11 373 5111
+27 (0) 11 834 2379

SPONSOR
Merrill Lynch South Africa (Pty) Ltd
The Place, 1 Sandton Drive, Sandton 2196

REGISTRARS
Computershare Investor Services Proprietary Limited
Rosebank Towers, 51 Bierman Avenue
Rosebank 2196
PO Box 61051
Marshalltown 2107
Telephone        +27 (0) 11 370 5000
Facsimile        +27 (0) 11 688 5200

AUDITORS
Deloitte & Touche
Buildings 1 and 2, Deloitte Place
The Woodlands, Woodlands Drive
Woodmead
Sandton 2196

INVESTOR RELATIONS
Emma Chapman
emma.chapman@angloamerican.com
Telephone +27 (0) 11 373 6239

LEAD COMPETENT PERSON
Gordon Smith
gordon.smith@angloamerican.com
Telephone +27 (0) 11 373 6334

FRAUD LINE - SPEAKUP
Anonymous whistleblower facility
0800 230 570 (South Africa)
angloplat@anglospeakup.com

18 February 2019

DISCLAIMER
Certain elements made in this annual report constitute forward looking statements. Forward looking statements are typically identified by the use of forward looking terminology such as
'believes', 'expects', 'may', 'will', 'could', 'should', 'intends', 'estimates', 'plans', 'assumes', or 'anticipates' or the negative thereof or other variations thereon or comparable
terminology, or by discussions of, e.g. future plans, present or future events, or strategy that involve risks and uncertainties. Such forward looking statements are subject to a number of
risks and uncertainties, many of which are beyond the company's control and all of which are based on the company's current beliefs and expectations about future events. Such statements
are based on current expectations and, by their current nature, are subject to a number of risks and uncertainties that could cause actual results and performance to differ materially from
any expected future results or performance, expressed or implied, by the forward looking statement. No assurance can be given that such future results will be achieved; actual events or
results may differ materially as a result of risks and uncertainties facing the company and its subsidiaries.


Date: 18/02/2019 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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