RBP,RBPCB : Trading statement for the year ended 31 December 2019

ROYAL BAFOKENG PLATINUM LIMITED (Incorporated in the Republic of South Africa) (Registration number 2008/015696/06)

JSE share code: RBP ISIN: ZAE000149936

JSE bond code: RBPCB ISIN: ZAE000243853 ("RBPlat" or the "Company")

Trading statement for the year ended 31 December 2019

In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, a listed company is required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported upon next will differ by at least 20% from those of the previous corresponding period and can with a reasonable degree of certainty provide an estimated range with a maximum variance of 20%.

RBPlat is in the process of finalising its financial results for the year ended 31 December 2019 ("the period").

The continued ramp-up of Styldrift supported a 9% increase in our total 4E ounce production. Styldrift's 57% growth in 4E ounces was partly offset by a 9% decrease in BRPM 4E ounces which was impacted by the shift in production at South shaft from Merensky to UG2 ore, lower Merensky grades achieved at North shaft Phase III and Eskom power curtailments.

The growth in our business and improved market conditions supported significant growth in revenue and operating profit, especially reflected in the second half of 2019 performance, with revenue increasing by more than 100% and an EBITDA increase of nearly 250%.

Other factors that impacted earnings, include:

• a decrease in non-controlling interest following the acquisition of the remaining 33% share in our business from Rustenburg Platinum Mines Limited ("RPM"), a subsidiary of Anglo American Platinum Limited
• interest charges relating to the RPM deferred consideration
• borrowing costs previously capitalised, which were expensed during the period
• scrapping and impairment of non-financial assets relating to our housing development
• high cash costs and high levels of depreciation due to the Styldrift ramp-up.

The Company advises security holders that it anticipates basic earnings per share ("EPS") for the period of between 20 cents and 30 cents (a decline of between 74.4% and 61.6%), compared to basic EPS of 78.1 cents for the year ended 31 December 2018 ("previous corresponding period"). Headline earnings per share ("HEPS") of between 45 cents and 55 cents is expected (an increase of between 80% and 120%), compared to HEPS of 25 cents for the previous corresponding period.

As per the announcement published on 3 February 2020, the deferred consideration owing to RPM, has been fully extinguished by the proceeds from the recent gold streaming agreement. This eliminates the prospect of RBPlat issuing any shares in order to meet its obligations to RPM relating to the purchase by RBPlat of the remaining 33% of its assets for a purchase price of R1.863 billion. The repayment of the deferred consideration will reduce the Company's overall finance costs, thus freeing up cash to support its strategy of delivering high quality growth, UG2 mining flexibility and it underpins the prospect of paying dividends in the future.

The information set out in this announcement has not yet been reviewed and reported on by the Company's external auditors.

RBPlat expects to release its results for the period on or about 3 March 2020.

Johannesburg

25 February 2020

JSE Sponsor

Merrill Lynch South Africa (Pty) Ltd

For further information, please contact:

Lindiwe Montshiwagae

Executive: Investor Relations

Tel: [phone]

Email:[e-mail]